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Turkey's Yapı ve Kredi selling NPL portfolio for 26.4M lira

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.