Group Structure

Delfin Holding

(Operational since Aug 2014)

Delfin Holding: acquires assets and financial subsidiaries of international institutions (banks, funds, etc.)
(example: Smart Leasing acquisition from a leading UK bank)

  • Trapped cash / tax asymmetries
  • Managing NPLs / distressed assets
  • Managing cost of operations / restructuring / legal complexities / shareholder issues
  • Turnaround and reposition for growth / strategic sale / development

100%

Yunus Asset Management

(Operational since July 2016)

Yunus Asset Management (regulated by the Turkish Banking Regulator): acquires and recovers real estate backed SME NPLs from other regulated financial institutions in Turkey

  • At judicial sales, our tax cost due to our license is 15% versus 38% for other players (we don’t pay 18% VAT, 4% title deed fees (tapu harcı), 1% stamp duty (damga vergisi)
  • As needed, we develop real estate to enhance value

Group Structure

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