HSBC Bank (Turkey)
Turkey , known officially as the Republic of Turkey , is a Eurasian country located in Western Asia and in East Thrace in Southeastern Europe...
subsidiary of the HSBC Group, is a bank with its head office in 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...
HSBC Bank A.Ş. was established as Midland Bank A.Ş. in 1990. It was the subsidiary
A subsidiary company, subsidiary, or daughter company is a company that is completely or partly owned and wholly controlled by another company that owns more than half of the subsidiary's stock. The subsidiary can be a company, corporation, or limited liability company. In some cases it is a...
of Midland Bank
Midland Bank Plc was one of the Big Four banking groups in the United Kingdom for most of the 20th century. It is now part of HSBC. The bank was founded as the Birmingham and Midland Bank in Union Street, Birmingham, England in August 1836...
and was renamed HSBC Bank A.Ş. in 1999. In October 2001, HSBC Bank A.Ş. acquired Demirbank T.A.Ş.
Demirbank T.A.Ş. is a bank purchased on October 30, 2001 by HSBC from the Turkish Banking Regulator for £248 million.Demirbank was merged with the bank’s existing subsidiary in Turkey, HSBC Bank A.Ş. on December 14, 2001, creating a combined business with a balance sheet of £1.4 billion and capital...
, the fifth largest private bank in Turkey from the Turkish financial regulator after it was rescued during the financial crisis.