Turkish bank expands into Germany with Bankhaus J. Faisst OHG acquisition

Turkish Yapi Kredi bank has completed its acquisition of Bankhaus J. Faisst OHG, marking a strategic entry into the German banking market.

Background: The decision to acquire Bankhaus J. Faisst OHG was initially announced on April 27, 2022. This move is part of Yapi Kredi's broader strategy to expand its international footprint.

Strategic Vision

Yapi Kredi’s acquisition of Bankhaus J. Faisst OHG reflects its strategic vision to broaden its international reach and enhance its global service offerings. By rebranding the acquired bank as Yapi Kredi Germany and infusing it with additional capital, the Turkish bank aims to leverage its 80 years of expertise to introduce innovative banking solutions in Germany.

Zoom in: Yapi Kredi has secured all necessary approvals from domestic and international regulatory authorities.

• The share transfer was finalized on July 23, 2024.
• A capital increase of €60 million has been announced, raising the total capital of Bankhaus J. Faisst OHG to €65,500,251.63 as of July 24, 2024.

Rebranding: The acquired bank will be rebranded as "Yapi Kredi Germany" in August.

• Abdullah Kutucu and Didem Oget have been appointed as co-general managers in this endeavour.
• The rebranding is intended to align the German operations with Yapi Kredi’s global brand and service standards.

What they're saying: Yapi Kredi CEO Gokhan Erun emphasized the bank's commitment to extending its pioneering services, developed over 80 years, to Germany. He highlighted the successful completion of regulatory approvals and the new opportunities the acquisition will provide, especially for companies involved in import and export between Germany and Türkiye.

The bottom line: The acquisition, finalized with an agreement valued at approximately €7.5 million, is a significant step for Yapi Kredi in expanding its services and presence in the European market.

July 23, 2024 10:07 PM GMT+03:00