Unicredito Italiano SpA said it has reached an agreement to buy a 50% stake in Koз Financial Services, a unit of the Turkish group Koз, for US$240 million.
The Koз Group, who own the factoring subsidiary Koз Factoring Hizmetleri A.Ю. based in Istanbul, has been the first Turkish company to sign a partnership agreement in the financial services industry following Turkey’s 2001 crisis. Forming a 50%-50% partnership with Europe’s strong financial institution Unicredito Italiano SPA, the Koз Group signals that it will further improve its position in the industry.