Yapı ve Kredi Bankası (Yapı Kredi) announced the signing of a share purchase agreement with AZ International Holdings SA (AZ Holdings), a subsidiary of Italian asset and wealth management company Azimut Group, for the transfer of shares in Yapı Kredi Portföy Yönetimi A.Ş. (Yapı Kredi Portföy). Under the agreement, Yapı Kredi Yatırım Menkul Değerler A.Ş. will transfer its 87.32 percent stake, together with Yapı Kredi's direct 12.65 percent holding and shares held by other minority shareholders, to AZ Holdings for a total consideration of TRY 16.392 billion (USD 346 million), subject to customary closing adjustments.
Alongside the share transfer, the parties entered into a 15-year strategic distribution protocol, granting Yapı Kredi exclusive distribution rights for Yapı Kredi Portföy's investment products across its extensive banking distribution network in Türkiye, subject to customary exceptions.
Commenting on the agreement, Yapı Kredi CEO Gökhan Erün highlighted that the transaction represents a key milestone in the bank's long-term growth trajectory and leadership in the asset management market. “This strategic partnership, the first of its kind in Türkiye's asset management landscape, combines Yapı Kredi's robust service model and extensive distribution reach with Azimut's international investment expertise to deliver unprecedented value for our clients and reinforce our pioneering market position," Erün stated.
Azimut Holding CEO Giorgio Medda emphasized Türkiye's economic resilience and underscored Azimut's position as a premier asset management partner for leading financial institutions. “This alliance marks our second major strategic joint venture with a market-leading Turkish bank, supported by a long-term distribution network. It stands as a strong testament to the exceptional quality of our global product capabilities and our deep commitment to the Turkish financial ecosystem," Medda noted.
The transaction reinforces the strength and dynamism of Türkiye's financial sector, demonstrating robust cross-border institutional capital flows while expanding product diversity and asset management capacity across the domestic capital markets.