VakıfBank

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.

History

1950s to 1980s

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.