Ozaydinli noted that their aim is not buying firms indirectly and that they are not interested in Yapi Kredi Bank’s businesses other than of those in the finance sector. He said, “We do not have the aim to exploit Cukurova Group’s difficult situation and utilize these companies. The option that we granted to Cukurova will be valid after the point that we buy the bank,”
Ozaydinli expressed that apart from finance group; telecom, automotive and retail sales are the fields that they could earn instantly and that each of those are the projects that could make Koc Group jump forward a few steps from where it stands today.
Ozaydinli said:
“We have a detailed work process in front of us about the acquirement of YKB (Yapi Kredi Bank). After the completion of this process, with the process finalized, the company’s acquirement will be realized in the proper sense. Through out the acquirement process YKB’s management must behave in alignment with the dominant partner’s demands. The dominant partner is Cukurova Group, and TMSF and BDDK (government departments associated with the management of the company) have overtaken this duty. After the transfer of the shares, it will be considered whether to merge Kocbank with Yapi Kredi Bank or not.”
Ozaydinli underlined that, after a period of severe agitations since 2000, Turkey has achieved the aims including political stability, economic stability and the beginning of membership negotiations with the EU, which were the issues that they have been stressing for a long time.
Ozaydinli announced that according to their strategic plan, while they are going to work to grow in the fields that they are assertive, at the same time they are also going to continue their work to enter new sectors that are convenient with their strategy.
Ozaydinli told that, they believe that the chance of Turkey being Europe’s technology center today, is more possible than being the production center, and that Koc Group companies will be within those which would utilize this opportunity.
The Connection of Turkcell – Digiturk and SuperOnline with the YKB Operation
Yapi Kredi Bank and Pamukbank – Cukurova Group’s other bank – in the period of bank crises in 2001 and forth, came to a harsh situation especially because of the amount of loans that Pamukbank had landed and according to the agreements made with TMSF and BDDK, Pamukbank was handed over to be merged with Halkbank and a number of agreements were made inorder to have Yapi Kredi Bank’s financial situation recover.
After the development of certain conditions, the deadline for the sale of Yapi Kredi Bank by Cukurova Group was determined to be January 31th 2005.
Yapi Kredi Bank has shares in varying ratios in Turkcell, Digiturk and SuperOnline companies – especially over 90% in Digiturk and SuperOnline -. So, the status of these shares comes under spotlight in the case of the acquirement of the bank.
The announcement that Bulend Ozaydinli made today, states that Koc Holding is only interested in the financial institutions, and while they are also assertive in telecom sector, within a goodwill frame they grant an option to Cukurova Group for Turkcell, Digiturk and SuperOnline shares. While stating that this option is valid only after the completion of the sale process of YKB that has already started, Ozaydinli, did not make it clear what happens if the option is not used.
Meanwhile, the speculations show that after the sale of Yapi Kredi Bank, Cukurova Group is going to go to a Turkcell centered structuring. Two valuable companies of the group, Digiturk and SuperOnline are also under risky situation. But apart from these, newly or established before, domestic or abroad, with different companies, the group will be competitive in the telecom sector.
