The 10 Movers and Shakers in Turkey's Banking Sector

The 10 Movers and Shakers in Turkey's Banking Sector

In Turkey there are many sectors active and dynamic and the banking sector is one of them. The dynamism of the banking sector is a result of the lifting of certain restrictions that regulate it in the 1980s, as well as the liberalization of interest and foreign exchange and the entry of more foreign banks into the foray.

Around 80% of the country’s gross domestic product (GDP) is contributed by the banking sector.

There are 51 banks in Turkey, both private and state, which are the ten biggest players in the country’s banking industry? In no particular order, they are:

Akbank TAS

One of the most profitable banks of Turkey is Akbank TAS. Founded in 1948 and based in Istanbul, Akbank posted revenues of YTL2.525 million in 2007. Alone, it has 658 branches in Turkey which are managed by 13 regional directorates. The bank has a presence in Germany, in Malta and in the Netherlands. It works in close partnership with Citigroup.

Denizbank AS

In the past, Denizbank AS was once a state-owned bank that was established to support Turkey’s maritime industries. In 1997 Zorlu Holdings has acquired Denizbank and under the umbrella of Zorlu Holdings, it became one of the largest banks in Turkey, with 244 local branches and an international presence. Dexia bought Denizbank from Zorlu Holdings in 2006, and it has a total asset of USD18.647 billion as of 2007.

Finansbank AS

A bank that is mostly owned by the Finansbank is one of the banks in Turkey that has the biggest network of branches locally and internationally. Finansbank has approximately 400 branches in Turkey and in many countries it has offices such as Ireland, Switzerland, Belgium, Romania, Bahrain, Russia, the Netherlands, Germany and France. Outside of Turkey, Finansbank is known as the Credit Europe Bank.

Oyak Bank

Oyak Bank started out as the Turkish branch of the First National Bank of Boston in 1984. Shareholders has changed variously in the time, it eventually became the Oyak Bank sometime in 1994. Later Oyak Bank later merged with Sumerbank, and in 2007 ING Group bought Oyakbank. Oyakbank is another one of the big banks in Turkey and owns assets up to USD2.2 billion and has branches all over the world in addition to the 300 local branches in Turkey.

Sekerbank TAS

Sekerbank was founded for a different service: being a cooperative bank for sugar beet growers in Turkey before becoming a fully commercialized bank. In the sugar industry Sekerbank is still active and has expanded its interests to tourism, trade and mining. The 500 branches of the bank extend all over Turkey and the bank has a representative office in Germany.

Turkiye Cumhuriyeti Ziraat Bankasi

Ziraat Bankasi literally means Agriculture Bank in Turkish. Ziraat Bankasi is one of the oldest banks in Turkey established in the territory that is now the country of Serbia when it was still part of the Ottoman Empire in 1863 and it is a state-owned bank that was established to protect the interest of farmers against usurers who charge high interest for loans.

Turkiye Finans Katilim Bankasi AS

In 2005 Anadolu Finans Kurumu AS of the Boydak Group and the Family Finans Kurumu AS of the Ulker Group has merged and Turkiye Finans is the result of this merger. Both the Boydak Group and the Ulker Group are leading industrial companies in Turkey.

Turkiye Garanti Bankasi

One of the largest privately owned banks in Turkey is Turkiye Garanti Bankasi, or simply Garanti Bank. In 2006, Its assets amount to around USD36 billion. Garanti Bankasi specializes in foreign trade and financing, and has a network of 428 domestic branches as well as offices in Luxembourg, Geneva, Malta, Northern Cyprus, Dusseldorf, London and Moscow. Dogus Group owns Garanti Bankasi with General electric.

Turkish Bank

The Turkish Bank is one of oldest bank in Turkey. It began as a “savings box” in Nicosia, Cyprus at the turn of the 1900s before it became a full-fledged savings bank. In 1982, it first entered the banking sector of Turkey and soon became one of the most respected banks in Turkey.

Yapi Kredi Bankasi

The Yapi Kredi Bankasi is the one of the oldest private banks in Turkey. Before its merger with Kocbank AS in 2006, it was known as Yapi ve Kredi Bankasi AS and it was instrumental in the economic turnaround of Turkey in the early 2000s. In 2007, The Banker recognized the institution as the best bank in Turkey.

By Expert Author: Cane Williams
Article Source: http://www.articlesphere.com/