Yapı Kredi has agreed to sell Yapı Kredi Portföy Yönetimi A.Ş. to AZ International Holdings S.A., part of the Azimut Group, a leading international asset management group.
The transaction is expected to create a first-of-its-kind strategic partnership in Türkiye’s asset management sector, combining the sale of an established local asset manager with a long term exclusive distribution alliance.
As part of the transaction, Yapı Kredi intends to enter into a 15-year exclusive distribution agreement with Azimut, reinforcing its position as a leading gateway for savings and investment products in Türkiye.
The total estimated value of the transaction is ~$425 million implying an adjusted P/E 2025A multiple of 11x1. The long-term alliance between Yapi Kredi and Azimut offers further upside to the value generated through successful scale-up of the combined platform.
The transaction is expected to strengthen Yapı Kredi’s capital position by ~70 basis points in the CET 1 ratio2.
This landmark transaction is designed to establish a pioneering model for asset management distribution in Türkiye. By combining the sale of Yapı Kredi Portföy with a long term exclusive distribution partnership, Yapı Kredi aims to strengthen its customer proposition in savings and investment products while enabling Yapı Kredi Portföy to benefit from Azimut’s international asset management platform. The contemplated 15-year distribution agreement reflects the strategic importance of the partnership and Yapı Kredi’s long-term commitment to delivering high-quality investment solutions to its customers.
This partnership underscores Yapı Kredi’s unwavering ambition to pioneer the asset management sector on the top of organic growth potential. It is aimed to establish new benchmarks for quality and service in the market. Yapı Kredi customers will continue to benefit from Yapi Kredi Portföy’s existing products and gain access to an innovative range of asset management solutions developed with Azimut’s global investment capabilities.
Through this partnership, Yapı Kredi expects to bring together its trusted brand, extensive customer relationships and strong nationwide distribution capabilities with Azimut’s international investment know-how, product innovation and global asset management resources. This combination is expected to support a broader, more sophisticated and more competitive investment offering for Yapı Kredi’s retail, private banking, SME, corporate and institutional customers across Türkiye.
The partnership is also expected to create a gateway between Turkish and international markets. By leveraging Azimut’s global network, Turkish investment products managed by the combined platform could be introduced to foreign investors, showcasing Türkiye’s asset management expertise to a broader international investor base and helping channel global capital towards Turkish investment opportunities.
For Yapı Kredi customers, the transaction is expected to ensure continuity of the existing asset management product offering while opening access to an enhanced and enlarged range of investment solutions over time. Through this structure, Yapı Kredi aims to further enhance its position as a leading provider of financial solutions and a trusted partner for customers seeking to grow and manage their wealth.
Under the contemplated distribution agreement, Yapı Kredi will distribute the relevant asset management products as its primary and preferred asset management offering across its extensive distribution network of 730+ branches and over 5 thousand dedicated relationship managers in Türkiye as well as Yapi Kredi’s strong digital franchise, subject to agreed exceptions and applicable regulatory requirements.
The transaction remains subject to receipt of the relevant regulatory approvals and satisfaction of the other conditions precedent. J.P. Morgan acted as sole financial advisor and ASC Law acted as legal advisor to Yapi Kredi on the transaction.
About Yapi Kredi Portföy
Yapı Kredi Portföy is a leading asset manager in Türkiye controlling 8.3% market share3, managing an AuM of US$26bn4 across mutual funds (70%), pension funds (23%) and discretionary portfolios (7%), while also providing investment advisory services.
About Azimut
Azimut is an independent, global group specializing in asset management across public and private markets, wealth management, investment banking, and fintech, serving private and corporate clients. Listed on the Milan Stock Exchange (AZM.IM), the Group is a leading player in Italy and operates in 20 countries worldwide, with a focus on emerging markets. The shareholder structure includes approximately 2,000 managers, employees, and financial advisors bound by a shareholders’ agreement that controls around 21% of the company. The Group comprises a network of companies active in the management, distribution, and promotion of financial and insurance products, with offices in Italy, Australia, Brazil, Chile, China and Hong Kong SAR, Chinese Taipei, Egypt, Ireland, Luxembourg, Morocco, Mexico, Monaco, Portugal, Saudi Arabia, Singapore, Switzerland, Türkiye, the United Arab Emirates and the United States.
1. Based on 2025A net income adjusted for the exclusion of net interest income and hyperinflation accounting impact, assuming the transaction closes on December 31, 2026
2. Impact estimated at signing date based on consolidated financials as of March 31, 2026
3. As of June 30, 2026
4. As of June 30, 2026, converted with US$/TL rate of 46.7
İstanbul, 29 July 2026
Enquiries:
Yapı Kredi Investor Relations
Investor Relations: yapikredi_investorrelations@yapikredi.com.tr