Unicredito Buys 50% of Koc
Italy's Unicredito Italiano SpA on Monday bought 50%of Turkey's Koc Financial Services AS, which owns the private bank Kocbank, a brokerage house, a leasing company and a factoring firm.
Italy's Unicredito Italiano SpA on Monday bought 50%of Turkey's Koc Financial Services AS, which owns the private bank Kocbank, a brokerage house, a leasing company and a factoring firm.
The Turk Ekonomi Bankas group has released its consolidated balance sheet for the year ended 31 December 2001.
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$240 million.
Demir Factoring, the largest of Turkey’s 95 factors with 8.9% market share in 1999, is facing an uncertain future.
| Turkey’s Factoring Turnover (US$m) | 30/06/2000 | 30/06/2001 |
| Export | 360,086 |
The rumour-mill regarding the future of Demir bank, the owner of one of the Turkish factoring industry’s major players, is continuing to work overtime as a variety of potential buyers are mooted.
The international rating agency, Fitch, has assigned a senior unsecured foreign currency rating of ‘BB-’ (BB minus) to Aktif Finans Factoring and a senior unsecured local currency rating of ‘BB’.
The Turkish Factoring Association has released its half-yearly figures for 2000. They are as follows:
A report on 3 August 2000 has revealed that there has been a 2.2% increase in consumer price inflation for July.
The government has succeeded in reducing interest rates to between 25-35%, which means that factors are having to operate under very small margins.