ECONOMY

Koc joins forces with UniCredito

INSTANBUL (Reuters) – Turkey’s Koc Holding announced yesterday it had signed a partnership deal in banking and financial services with UniCredito Italiano. Koc Holding said the 50-50 joint venture, the deal for which was signed yesterday in Milan, would operate under the umbrella of Koc Financial Services with a total equity value of some $480 million. «With this partnership, Koc Holding has given first notice that it will secure a strong position in the financial sector,» the company said in a statement. The deal would include Koc Bank as well as leasing, factoring and securities firms. It would also include Dutch and Azeri financial subsidiaries, Koc Holding said. Koc also makes electrical appliances, cars in partnership with Ford and Italy’s Fiat, as well as running Migros, a large supermarket chain.