Protocol signed between BRSA and Cukurova Group
Banking Regulation and Supervision Agency (BRSA) has today announced that the negotiations between Cukurova Group and BRSA, to protect the rights of depositors of Pamukbank, to resolve the ownership of Yapi Kredi Bank and to ensure the stability of the financial system, have been concluded and a protocol including the below items has been signed.
The ownership rights, the management and supervision of Pamukbank will remain within Savings Deposit Insurance Fund (SDIF). Accordingly, the major shareholders of Pamukbank at June 18, 2002 have agreed and committed to withdraw from the lawsuit they have filed with the Council of State (that has been subject to the decision of suspension of execution dated November 22, 2002). SDIF will take over the receivables of Pamukbank from Cukurova Group. These receivables, together with the receivables of other SDIF banks from the same group, will be restructured after obtaining adequate collateral, within the framework in the protocol.
In accordance with the provisions of the Banks' Act, as Pamukbank has been transferred to the SDIF, the partnership rights except for dividend rights of the shareholders of Pamukbank at Yapi Kredi will continue to be exercised by SDIF. Cukurova Group has agreed and committed to sell a portion of such shares in three years by finding a strategic partner. In order to ensure the continuity of operations of Yapi Kredi in a sound financial structure, the management principles will be determined between the parties.
The final agreement will be signed until January 31, within the framework on the protocol. In this context, the implementation of the Financial Restructuring Agreement signed on December 31, 2002 between Cukurova Group and Yapi Kredi Bank will continue.
We will inform you on further details, including the impact on unaudited financial statements, following the signing of the final agreement.
Yapı Kredi / 27 Jan 2003