Akbank
Encyclopedia
Akbank is Turkey-based bank and was founded in Adana
, Turkey
on January 1948, originally to provide financing for the cotton producers in the Çukurova
region. Growing and developing over time, the Bank opened its first branch in Istanbul
in the district of Sirkeci
on July 14, 1950, moving its Headquarters to Istanbul
in 1954. Rapidly increasing the number of its branches, Akbank automated all banking operations in 1963.
Akbank established Ak Securities in 1996, Ak Investment Fund in 1998, Ak Asset Management Company and its Private Banking Department in 2000. Akbank established Ak Pension Fund in 2003 and incorporated Ak Leasing in 2005. In February 2006, Ak Pension Fund was sold to the Aksigorta insurance company.
As of the end of 2008, Akbank ranked as Turkey's most valuable bank having the most profitable banking operations among privately owned banks in Turkey. In addition, with its extensive branch network, Akbank is one of the largest banks in Turkey in terms of loan volume.
Together with its core banking activities, Akbank offers a wide range of retail, commercial, corporate, private banking and international trade finance services. Non-banking financial services, as well as capital market and investment services, are provided by the Bank's subsidiaries.
With its domestic distribution network that includes over 912 branches and more than 15,300 employees, Akbank operates from its headquarters in Istanbul and 20 regional directorates around Turkey. Akbank provides services not only through its branches, which include "Credit Express" consumer loan only branches and "Big Red House" mortgage loan only branches, but also through Retail and Corporate Internet Branches, the Telephone Banking Center, 3,127 ATM's, over 267,000 POS terminals as well as the latest technology channels such as cell phones, and loan machines. Additionally, Free Banking Areas have been set up inside branches in which customers have access to Internet and telephone banking services. Akbank N.V. in the Netherlands
and Akbank AG in Germany
, Akbank Dubai Limited in UAE, as well as a branch in Malta
, carry out Akbank's overseas operations.
On January 9, 2007, Akbank and Citigroup have completed the strategic partnership agreement according to which Citigroup acquired a 20% equity stake in Akbank for approximately US$ 3.1 billion (TRL 0.095 per share).
In 2008 Akbank in collaboration with Boyner Holding introduced “Fish”, a credit card which offers an array of different services and products. In 2008, apart from Boyner, Akbank also signed a partnership agreement with CarrefourSA. Additionally, Akbank introduced new services such as Wings Business Card, Citi Axess, ATMCredit and Multimedia POS to its customers.
As of 31 December 2010, Akbank reported a consolidated net profit of TRY 3,010 million (US$ 1,958 million) and total consolidated assets of TRY 120,070 million (US$ 78,089 million). The consolidated capital adequacy ratio of Akbank, standing at approx 20% is among the highest ratios achieved in the sector.
In 2010, Akbank continued to raise funds from international markets with the total of such resources reaching US$ 8,0 million by the end of the year.
Akbank is listed on the Istanbul Stock Exchange (ISE) where approx. 25% of its shares are publicly traded meanwhile, Level 1 Depositary Receipts of the Bank are traded on the OTC market in the US. Akbank shares constitute 8% of the total ISE market capitalization and 20% of the total market capitalization of banks listed on ISE as of September,2010.
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Board of Directors
Executive Management
Name
Since
Position
Name
Since
Position
Suzan Sabancı Dinçer
2008
Chairman and Executive Board Member
Ziya Akkurt
2009
CEO and Board Member
Erol Sabancı
2008
Honorary Chairman and Consultant to the Board - Board Member
Hakan Binbaşgil
2008
Deputy CEO - Consumer Banking and Corporate Communications
Hayri Çulhacı
2010
Vice Chairman & Executive Board Member
Kerim Rota
2010
Executive Vice President - Treasury
Bülent Adanır
2007
Executive Board Member
K. Atıl Özus
2007
Executive Vice President - CFO
Hikmet Bayar
1996
Board Member
Zeki Tuncay
2008
Executive Vice President - Credit Follow Up and Support Services
Emre Derman
2010
Board Member
Mehmet Sindel
2008
Executive Vice President - Payment Systems
Yaman Törüner
1998
Board Member
Saltuk Galatalı
2011
Executive Vice President - Private Banking
William J. Mills
2008
Board Member
Sevilay Özsöz
2002
Executive Vice President - Operations
Ziya Akkurt
2009
Board Member
Kaan Gür
2011
Executive Vice President - SME Banking
Eyüp Engin
2007
Head of Internal Audit
Ahmet Fuat Ayla
2077
Executive Vice President - Credits
Hülya Kefeli
2007
Executive Vice President - International Banking
A. Galip Tözge
2007
Executive Vice President – Consumer Banking
Alper Hakan Yüksel
2011
Executive Vice President - Corporate Banking
Tunç Akyurt
2010
Executive Vice President - Strategy, CRM and Product & Channel Development
Bade Sipahioglu Işık
2010
Executive Vice President - Human Resources
and Akbank announced that, following receipt of all required regulatory approvals, the parties have completed the acquisition by Citigroup of a 20% stake in Akbank. Under the terms of their agreement announced on October 17, 2006, Citigroup has acquired a 20% equity stake in Akbank for approximately $3.1 billion, at a price of 9.50 Yeni Kurus (YKr) per share.
Citigroup obtained its shares in Akbank through (a) the purchase of shares equal to approximately 11.67% of the fully diluted capital of Akbank from Sabanci family
members and Sabanci Holding
subsidiaries at 9.50 YKr per share and (b) the issuance of new Akbank shares, equal to 8.33% of Akbank’s fully paid up capital, at the same price through a reserved capital increase in favor of Citigroup. The parties’ rights of first refusal or first offer under the agreements become effective at the closing.
In addition, pursuant to the terms of their agreement, Citigroup
’s nominee, Mr. William J. Mills , has been appointed to Akbank’s Board of Directors, and Mr. Ege Çağlar, Sabanci Holding’s nominee, has been appointed to the Board of Directors of Citigroup
's Turkish banking subsidiary, Citibank A.S.
The agreement establishes a strategic collaboration between Citigroup and Akbank to pursue new commercial activities, referral arrangements and to share expertise and technology.
Akbank established Ak Securities in 1996, Ak Investment Fund in 1998, Ak Asset Management Company and its Private Banking Department in 2000. Akbank established Ak Pension Fund in 2003 and incorporated Ak Lease in 2005. In February 2006, Ak Pension Fund was sold to the Aksigorta insurance company.
Akbank has been conducting overseas activities through its subsidiaries in Germany (Akbank A.G.) and the Netherlands (Akbank N.V.), Dubai (Akbank Dubai Limited) and a branch in Malta.
In 2010, Akbank will finance the Ilisu Dam
.
AkLease
Ak Securities
Akbank N.V.
Akbank AG
Akbank Dubai Limited
revealed that Akbank is the only bank to be in top position with regard to transparency
and disclosure
2010 & 2011
Adana
Adana is a city in southern Turkey and a major agricultural and commercial center. The city is situated on the Seyhan River, 30 kilometres inland from the Mediterranean, in south-central Anatolia...
, Turkey
Turkey
Turkey , known officially as the Republic of Turkey , is a Eurasian country located in Western Asia and in East Thrace in Southeastern Europe...
on January 1948, originally to provide financing for the cotton producers in the Çukurova
Çukurova
Çukurova , historically known as Cilicia, is a geographic, economic and cultural region in south-central Turkey, covering the provinces of Mersin, Adana, Osmaniye and Hatay...
region. Growing and developing over time, the Bank opened its first branch in Istanbul
Istanbul
Istanbul , historically known as Byzantium and Constantinople , is the largest city of Turkey. Istanbul metropolitan province had 13.26 million people living in it as of December, 2010, which is 18% of Turkey's population and the 3rd largest metropolitan area in Europe after London and...
in the district of Sirkeci
Sirkeci
Sirkeci is an area in the Eminönü neighborhood of the Fatih district of the city of Istanbul, Turkey. It has evolved as the place name of the area in Eminönü surrounding Sirkeci Station, the Southeastern long distance passenger train terminus in Europe for the Orient Express.The neighborhood...
on July 14, 1950, moving its Headquarters to Istanbul
Istanbul
Istanbul , historically known as Byzantium and Constantinople , is the largest city of Turkey. Istanbul metropolitan province had 13.26 million people living in it as of December, 2010, which is 18% of Turkey's population and the 3rd largest metropolitan area in Europe after London and...
in 1954. Rapidly increasing the number of its branches, Akbank automated all banking operations in 1963.
Akbank established Ak Securities in 1996, Ak Investment Fund in 1998, Ak Asset Management Company and its Private Banking Department in 2000. Akbank established Ak Pension Fund in 2003 and incorporated Ak Leasing in 2005. In February 2006, Ak Pension Fund was sold to the Aksigorta insurance company.
As of the end of 2008, Akbank ranked as Turkey's most valuable bank having the most profitable banking operations among privately owned banks in Turkey. In addition, with its extensive branch network, Akbank is one of the largest banks in Turkey in terms of loan volume.
Together with its core banking activities, Akbank offers a wide range of retail, commercial, corporate, private banking and international trade finance services. Non-banking financial services, as well as capital market and investment services, are provided by the Bank's subsidiaries.
With its domestic distribution network that includes over 912 branches and more than 15,300 employees, Akbank operates from its headquarters in Istanbul and 20 regional directorates around Turkey. Akbank provides services not only through its branches, which include "Credit Express" consumer loan only branches and "Big Red House" mortgage loan only branches, but also through Retail and Corporate Internet Branches, the Telephone Banking Center, 3,127 ATM's, over 267,000 POS terminals as well as the latest technology channels such as cell phones, and loan machines. Additionally, Free Banking Areas have been set up inside branches in which customers have access to Internet and telephone banking services. Akbank N.V. in the Netherlands
Netherlands
The Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
and Akbank AG in Germany
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
, Akbank Dubai Limited in UAE, as well as a branch in Malta
Malta
Malta , officially known as the Republic of Malta , is a Southern European country consisting of an archipelago situated in the centre of the Mediterranean, south of Sicily, east of Tunisia and north of Libya, with Gibraltar to the west and Alexandria to the east.Malta covers just over in...
, carry out Akbank's overseas operations.
On January 9, 2007, Akbank and Citigroup have completed the strategic partnership agreement according to which Citigroup acquired a 20% equity stake in Akbank for approximately US$ 3.1 billion (TRL 0.095 per share).
In 2008 Akbank in collaboration with Boyner Holding introduced “Fish”, a credit card which offers an array of different services and products. In 2008, apart from Boyner, Akbank also signed a partnership agreement with CarrefourSA. Additionally, Akbank introduced new services such as Wings Business Card, Citi Axess, ATMCredit and Multimedia POS to its customers.
As of 31 December 2010, Akbank reported a consolidated net profit of TRY 3,010 million (US$ 1,958 million) and total consolidated assets of TRY 120,070 million (US$ 78,089 million). The consolidated capital adequacy ratio of Akbank, standing at approx 20% is among the highest ratios achieved in the sector.
In 2010, Akbank continued to raise funds from international markets with the total of such resources reaching US$ 8,0 million by the end of the year.
Akbank is listed on the Istanbul Stock Exchange (ISE) where approx. 25% of its shares are publicly traded meanwhile, Level 1 Depositary Receipts of the Bank are traded on the OTC market in the US. Akbank shares constitute 8% of the total ISE market capitalization and 20% of the total market capitalization of banks listed on ISE as of September,2010.
Management Board & Group Executive Committee
{Erol Sabanci
Erol Sabancı , a member of the renowned Sabancı family in second generation, is a billionaire Turkish banker.-Biography:Erol Sabancı is the Honorary Chairman of Akbank and the doyen of Turkish bankers...
Recent Strategic Alliances and Acquisitions
CitigroupCitigroup
Citigroup Inc. or Citi is an American multinational financial services corporation headquartered in Manhattan, New York City, New York, United States. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate...
and Akbank announced that, following receipt of all required regulatory approvals, the parties have completed the acquisition by Citigroup of a 20% stake in Akbank. Under the terms of their agreement announced on October 17, 2006, Citigroup has acquired a 20% equity stake in Akbank for approximately $3.1 billion, at a price of 9.50 Yeni Kurus (YKr) per share.
Citigroup obtained its shares in Akbank through (a) the purchase of shares equal to approximately 11.67% of the fully diluted capital of Akbank from Sabanci family
Sabanci family
The Sabancı family is a dynasty of Turkish businesspeople founded by Hacı Ömer Sabancı, a self-made wealthy trader. Some second and third generation members of the family control today Turkey’s largest and prestigious group of companies, established mostly by the efforts of his son Sakıp Sabancı...
members and Sabanci Holding
Sabanci Holding
Hacı Ömer Sabancı Holding A.Ş., abbreviated as Sabancı Holding, is the largest industrial and financial conglomerate in Turkey by profit. The holding is owned at about 75% by the Sabancı family, one of Turkey's wealthiest. 3% is owned by the Sabancı University and the Sabancı Foundation. The...
subsidiaries at 9.50 YKr per share and (b) the issuance of new Akbank shares, equal to 8.33% of Akbank’s fully paid up capital, at the same price through a reserved capital increase in favor of Citigroup. The parties’ rights of first refusal or first offer under the agreements become effective at the closing.
In addition, pursuant to the terms of their agreement, Citigroup
Citigroup
Citigroup Inc. or Citi is an American multinational financial services corporation headquartered in Manhattan, New York City, New York, United States. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate...
’s nominee, Mr. William J. Mills , has been appointed to Akbank’s Board of Directors, and Mr. Ege Çağlar, Sabanci Holding’s nominee, has been appointed to the Board of Directors of Citigroup
Citigroup
Citigroup Inc. or Citi is an American multinational financial services corporation headquartered in Manhattan, New York City, New York, United States. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate...
's Turkish banking subsidiary, Citibank A.S.
The agreement establishes a strategic collaboration between Citigroup and Akbank to pursue new commercial activities, referral arrangements and to share expertise and technology.
Milestones
Akbank, was founded in Adana in January 1948, originally to provide financing for the cotton producers in the region. Growing and developing over time, the Bank opened its first branch in Istanbul in the Sirkeci district on July 14, 1950; in 1954, it relocated its Headquarters to Istanbul. Rapidly increasing the number of its branches, Akbank automated all banking operations in 1963.Akbank established Ak Securities in 1996, Ak Investment Fund in 1998, Ak Asset Management Company and its Private Banking Department in 2000. Akbank established Ak Pension Fund in 2003 and incorporated Ak Lease in 2005. In February 2006, Ak Pension Fund was sold to the Aksigorta insurance company.
Akbank has been conducting overseas activities through its subsidiaries in Germany (Akbank A.G.) and the Netherlands (Akbank N.V.), Dubai (Akbank Dubai Limited) and a branch in Malta.
In 2010, Akbank will finance the Ilisu Dam
Ilisu Dam
The Ilisu Dam is an embankment dam under construction on the Tigris River near the village of Ilisu and along the border of Mardin and Sirnak Provinces in Turkey. It is one of the 22 dams of the Southeastern Anatolia Project and its purpose is hydroelectric power production, flood control and...
.
Principal Subsidiaries
Ak Asset ManagementAkLease
Ak Securities
Akbank N.V.
Akbank AG
Akbank Dubai Limited
International Awards
- The BankerThe BankerThe Banker is an English-language monthly international financial affairs publication owned by The Financial Times Ltd. and edited in London...
: Best Bank of the Year in Turkey (2006)
- Euromoney: Best Private Banking in Turkey (2006)
- Akbank is highly commended in the Banker Technology Awards 2006 for Speedy - Cellular Credit
- The annual Standard and Poor’s Survey on Transparency and Disclosure once again
revealed that Akbank is the only bank to be in top position with regard to transparency
and disclosure
- BORYAD (Turkish Shareholders Association) named Akbank “The Most Investor-Friendly Company of 2006”, due to the priority Akbank attaches to corporate governance principles and for being the first bank that has bought back its founders’ shares.
- Akbank continues to have the highest credit ratings to be given to a bank in Turkey.
- In July 2009, it was announced that Euromoney magazine had chosen Akbank as Turkey's best bank within the scope of the "Awards of Excellence".
2010 & 2011
- Euromoney: Overall Best Private Bank of Turkey
- Global Finance: Best Bank in Turkey, Best Trade Finance Provider in Turkey, Best Foreign Exchange Provider in Turkey, Best Online Deposits Acquisition in Europe, Best European Bank in Social Media
- EMEA Finance: Best Bank in Turkey, Best Financial Institution Borrower, Akbank August 2010 Syndication Loan: Best Financial Institution Loan
- Euroweek: Akbank July 2010 Eurobond Issue: Best Financial Institution Deal of the Year
- FTSE Global Markets: Akbank ranked among the most successful institutions with its July 2010 Eurobond issue in the magazine’s “20/20 All Stars” list.
- Financial World Innovation Awards: Innovation in the Delivery of Financial Products - Banking Services Category
- Stevie Awards 2010: Distinguished Honoree in 5 Categories: “Run to The Red” ATM Campaign – Best Banking Ads & Campaign, Wings Card Ad. – Best Banking Ads & Campaign, Axess Card New Year Campaign – Best Banking Ads & Campaign, 29th International Istanbul Film Festival Announcement Ad. – Best Banking Ads & Campaign, 2009 Annual Report. – Best Annual Report - Online/Electronic
- Stevie Awards 2011: Winner in 1 Category & Distinguished Honoree in 2 Categories: Akbank Children’s Theater: Winner in Banking – Campaign, Akbank 2010 for you campaign: Distinguished Honoree in Banking – Campaign, Akbank 2010 Annual Report: Distinguished Honoree in Best Annual Report – Print
- Gartner: CRM Excellence- Integrated Marketing
- Palladium Group: 2011 Balanced Scorecard Hall of Fame for Executing Strategy - “The Most Successful Organization of EMEA region” and the first Turkish Bank that won the “Hall of Fame” award.
- LACP (League of American Communications Professionals): Akbank 2010 Annual Report - Best Annual Report in Americas & EMEA
External links
- Official website (in Turkish)
- Akbank ve Sanat (Akbank Art Center) (in Turkish, with Englist language available)
- Akbank N.V. (In Dutch)