UniCredit grilled over Yapi as Turkey crisis deepens

UniCredit’s senior management team had to fend off a barrage of questions about the bank’s exposure to Turkish bank Yapi Kredi this week, as yields spiked on Turkish local currency debt and the lira slid further against the dollar. UniCredit’s equity stake is accounted at €2.5bn, but worth less than €1.2bn in today’s market.

  • By Owen Sanderson
  • 09 Aug 2018

A UniCredit joint venture with Koç Group owns 81.9% of Yapi Kredi, and consolidated at equity in UniCredit’s accounts. The regulatory exposure to Yapi Kredi’s risk-weighted assets (RWAs) is pro-rata, giving UniCredit €25.4bn equivalent in RWAs.

That ...

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