VAKIFBANK
ANNUAL REPORT 2015
10
HISTORY AND OWNERSHIP STRUCTURE
In addition to core banking products and services,
VakıfBank also runs investment banking and capital
markets operations. VakıfBank presents to its
customers
the widest possible range of financial
products
via cutting edge technologies.
THE BANK’S HISTORICAL DEVELOPMENT
VakıfBank was established under a special
charter act; Law No. 6219 dated January 11,
1954, so as to utilize foundations’ monies
in the most efficient manner, contribute to
Turkey’s savings rate based on modern banking
principles, and to channel the deposits collected
toward the country’s economic development.
VakıfBank commenced its operations on April
13, 1954, with an initial capital of TL 50 million.
Since its foundation, the Bank has been subject
to special legal provisions and has contributed
significantly to the growth and development of
the Turkish economy.
Representing a well-established tradition with
longstanding experience and know-how in
the Turkish banking system, VakıfBank has
not only succeeded in becoming one of the
most profitable banks in the sector, it has also
helped the Turkish economy to grow, develop
and integrate with the global economy. The
Bank also managed to execute a rapid and
sustainable growth strategy, quickly caught up
with large-scale banks, and strengthened its
leading position in the sector.
Today, VakıfBank provides a complete range of
modern banking products and services via its
corporate, commercial and SME banking, as well
as its retail and private banking business lines.
In addition to core banking products and
services, VakıfBank is also active in investment
banking and capital markets; the Bank provides
a wide range of financial services including
insurance, financial leasing and factoring
through its financial subsidiaries, using advanced
technological platforms and applications.
TURKEY’S PIONEER BANK
Always a pioneer in international banking in
Turkey, VakıfBank has remained the most active
Turkish bank in global markets in 2015, by
issuing the first ever Basel III-compliant Tier II
bond in Turkey, selling dedicated bonds as part
of its global medium-term note program, as
well as securing syndication loans, securitization
loans and long and medium-term financing
from diverse resources. Furthermore, the Bank
established the Residential Mortgage Covered
Bond Issuance Program in order to further
expand and diversify its funding base in the
coming period.
TURKEY’S FIRST OVERSEAS BASEL III-
COMPLIANT SUBORDINATED LOAN
(SUPPLEMENTARY CAPITAL) ISSUE
Having already become the first Turkish bank
to initiate a global medium-term note program,
VakıfBank made yet another ground-breaking
achievement in 2015 by issuing Turkey’s first
overseas Basel III-compliant subordinated loan
(supplementary capital) issue in february. The
USD 500 million issuance had a maturity date
of February 3, 2025, having a call option on
February 3, 2020, coupon rate of 6.875% and
issue yield of 6.95%.
THE VISIONARY BANK
ALWAYS WORKING TO BE “THE BEST”
