Koc, a holding company, completed the acquisition of a 9% stake in Yapi Kredi, a Turkish bank, from UniCredit, an Italian global banking and financial services company, for $316m. Under the deal Koc will buy UniCredit’s 50% stake in Koc Financial Services, the joint venture which controls Yapi Kredi, to become the JV’s sole owner. At the same time KFS will sell 31.93% of Yapi Kredi to UniCredit and 9.02% to Koc. KFS currently owns almost 82% of Yapi Kredi.