Yapi ve Kredi Bankasi AS will sell a fully provisioned portfolio of nonperforming loans to Istanbul Varlik Yönetimi and Hayat Varlik Yönetimi for a total consideration of 26.4 million Turkish lira.
The portfolio consists of loans to the retail and small and medium-sized enterprise sectors and has a principal amount of 503 million lira. Proceeds from the sale will have a positive pretax impact of 14 million lira on the Turkish lender's first-quarter results.
As of Feb. 26, US$1 was equivalent to 3.79 Turkish lira.
