VakıfBank
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| Bank | |
| Traded as | BİST: VAKBN |
| Industry | Finance and Insurance |
| Founded | April 13, 1954 |
| Headquarters | Levent, Beşiktaş, Istanbul |
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Number of locations
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677 offices |
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Area served
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Worldwide |
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Key people
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Ramazan Gündüz (Chairman) Halil Aydoğan (CEO) |
| Products | Financial Services, credit cards, consumer banking, corporate banking, investment banking, mortgage loans, private banking |
| Revenue |
 ₺6.695 billion (2011)
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₺1.680 billion (2011)
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₺1.6 billion (2013)
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| Total assets |
₺135.5 billion (2013)
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| Total equity |
₺9.598 billion (2011)
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Number of employees
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12,188 |
| Subsidiaries |
List
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| Website | www.VakıfBank.com |
VakıfBank is the fifth (5th) largest bank in Turkey with its $46 billion in assets as of December 31, 2009. The company offers some of the largest services in Turkey, and operates 610 branches domestically. VakifBank has two international offices located in New York and Bahrain and it also has participation in Austria named VakifBank International AG which has branches in Vienna, Cologne and Frankfurt.
VakıfBank was founded on April 13, 1954 under the special law Türkiye Vakıflar Bankası Türk Anonim Ortaklığı Kanunu. VakıfBank’s initial purpose was the management of the cash revenues and expenditures of the charitable foundations set up during the Ottoman Empire period. VakıfBank was established in Ankara and quickly began conducting banking activities with branch offices in Istanbul, Ankara and İzmir.
In 1956, after conducting extensive studies and surveys in the major economic centers across Turkey, VakıfBank continued its growth by opening an additional 10 branches. In 1957, VakıfBank made its first venture towards broadening its services with the establishment of Güneş Insurance. Over the next 20 years, VakıfBank continued to expand and widen its geographic presence in Turkey by opening new branches throughout Turkey, including in other important commercial and industrial regions. By 1977, VakıfBank had 206 branch offices.
During the 1980s, VakıfBank sought to keep pace with technological advances and placed special emphasis on improving its operations through investment in technology. VakıfBank improved automation and became fully integrated through a centralized mainframe computer system. In 1982, in an effort to conduct banking operations in a more dynamic manner and serve the particular needs of various regions, VakıfBank established regional directorates in Istanbul, the Aegean and the Çukurova regions.
In the early 1990s, VakıfBank increased the scope of its consumer lending and diversified its loan portfolio by broadening its lending practices to include equipment financing, enterprise loans, auto loans, housing loans as well as loans for marriage, vacation and education. It began to expand its credit card business by adopting principles of reputation credit and increasing its base of merchant customers, students and working class employees as well as by automating and centralizing its point of sale authorization system. VakıfBank also laid the groundwork to become a leader in alternative distribution channels by introducing self-service banking, telephone banking, and a mobile bank branch office – a full-service branch office on wheels Autobank. VakıfBank was the first in Turkey to offer payment services by credit card over the telephone. In 1993, VakıfBank obtained its first syndicated loan in an amount of US$ 38.5 million and established Vakıf Offshore in the Turkish Republic of Northern Cyprus.
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Wikipedia