Allianz enters into a long-term partnership with Yapı Kredi in Turkey and acquires Yapı Kredi Sigorta
Mar 27, 2013
OTC Disclosure News Service
- 15-year exclusive bank distribution agreement with the 4th largest private bank in Turkey
- Acquisition of the non-life as well as life and pension businesses of Yapı Kredi in Turkey
- Allianz to become the number 1 insurance group in Turkey
- Total net consideration of TRY 1,602 million (EUR 684 million)(1)
- Transaction consistent with Allianz approach to access growth through strategic relationships in high-growth insurance markets
Allianz and Yapı Kredi have reached an agreement to enter into a 15-year exclusive distribution agreement and for Allianz to acquire Yapı Kredi Sigorta, the property and casualty insurer, including its subsidiary Yapı Kredi Emeklilik, the life and pension business.
Such deviations may arise due to, without limitation, (i) changes of the general economic conditions and competitive situation, particularly in the Allianz Group’s core business and core markets, (ii) performance of financial markets (particularly market volatility, liquidity and credit events) (iii) frequency and severity of insured loss events, including from natural catastrophes, and the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates including the Euro/U.S. Dollar exchange rate, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions, including related integration issues, and reorganization measures, and (xi) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences.
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