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PART III: FINANCIAL HIGHLIGHTS AND RISK MANAGEMENT
CONVENIENCE TRANSLATION OF PUBLICLY ANNOUNCED CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH, SEE IN NOTE I. OF SECTION THREE
TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI AND
ITS FINANCIAL SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT AND
FOR THE YEAR ENDED 31 DECEMBER 2015
(Amounts expressed in thousands of Turkish Lira (“TL”) unless otherwise stated.)
IV. INFORMATION ON THE PARENT BANK’S QUALIFIED SHAREHOLDERS
Shareholders
Nominal
Value of Shares
Share
Percentage
Paid Shares
(Nominal)
Unpaid
Shares
Registered foundations represented by the General Directorate of the Foundations (Group A)
1,075,058
43.00 1,075,058
-
Vakıfbank Memur ve Hizmetlileri Emekli ve Sağlık Yardım Sandığı Vakfı (Group C)
402,553
16.10
402,553
-
Registered foundations represented by the General Directorate of the Foundations (Group B)
386,225
15.45
386,225
-
The shareholder holding control over the Parent Bank is the General Directorate of the Foundations and Appendant foundations represented by the
General Directorate of the Foundations having 58.45% of the Bank’s outstanding shares. Another organization holding qualified share in the Bank is
Vakıfbank Memur ve Hizmetlileri Emekli ve Sağlık Yardım Sandığı Vakfı, having 16.10% of outstanding shares of the Bank.
V. INFORMATION ABOUT THE SERVICES AND NATURE OF ACTIVITIES OF THE PARENT BANK
The Parent Bank was established under the authorization of special law numbered 6219, called “The Law of Türkiye Vakıflar Bankası Türk Anonim
Ortaklığı”, on 11 January 1954 within the framework of the authority granted to The General Directorate of the Foundations. Operational activities of the
Bank as stated at its Articles of Association are as follows:
• Lending loans by granting securities and real estates as collateral,
• Establishing or participating in all kinds of insurance corporations already established,
• Trading real estates,
• Servicing all banking operations and services,
• Operating real estates and participating in industrial sectors for corporations handed over by foundations and General Directorate of the Foundations
in line with conditions stipulated by agreements if signed.
• The Bank is established to render banking services to the foundations and carry out cashier transactions of the General Directorate of Foundations in
compliance with the agreements signed by General Directorate of the Foundations.
The Parent Bank and its consolidated subsidiaries are called as “The Group” in the report.
As at 31 December 2015, The Parent Bank has 917 domestic, 3 foreign, in total 920 branches (31 December 2014: 890 domestic, 3 foreign, in total 893
branches). As at 31 December 2015, The Parent Bank has 15,410 employees (31 December 2014: 14,920 employees).
VI. DIFFERENCES BETWEEN THE COMMUNIQUE ON PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS OF BANKS AND TURKISH ACCOUNTING
STANDARDS AND SHORT EXPLANATION ABOUT THE INSTITUTIONS SUBJECT TO LINE-BY-LINE METHOD OR PROPORTIONAL CONSOLIDATION AND
INSTITUTIONS WHICH ARE DEDUCTED FROM EQUITY OR NOT INCLUDED IN THESE THREE METHODS
As at and for the year ended 31 December 2015, the financial statements of T. Vakıflar Bankası T.A.O., Vakıfbank International AG, Vakıf Finansal
Kiralama A.Ş., Güneş Sigorta A.Ş., Vakıf Emeklilik A.Ş., Vakıf Faktoring A.Ş., Vakıf Yatırım Menkul Değerler A.Ş., Vakıf Portföy Yönetimi A.Ş., Vakıf
Gayrimenkul Yatırım Ortaklığı A.Ş. and Vakıf Menkul Kıymet Yatırım Ortaklığı A.Ş. have been included in the consolidated financial statements of the
Group.
As at and for the year ended 31 December 2015, the financial statements of Kıbrıs Vakıflar Bankası Ltd. and Türkiye Sınai Kalkınma Bankası A.Ş. have
been consolidated per equity method in the consolidated financial statements of the Group.
İstanbul Takas ve Saklama Bankası A.Ş. and Kredi Garanti Fonu A.Ş. are excluded from the scope of consolidation according to the Communiqué on
Preparation of Consolidated Financial Statements. Since Bankalararası Kart Merkezi A.Ş., Kredi Kayıt Bürosu A.Ş., Roketsan Roket Sanayi ve Ticaret A.Ş.,
Güçbirliği Holding A.Ş. and İzmir Enternasyonel A.Ş. are not financial associates; these associates have not been consolidated. These associates have
been accounted for as per TAS-39 in the consolidated financial statements.
Vakıf Enerji ve Madencilik A.Ş., Taksim Otelcilik A.Ş., Vakıf Pazarlama Sanayi ve Ticaret A.Ş. and Vakıf Gayrimenkul Değerleme A.Ş. have not been
consolidated since they are not among the financial subsidiaries of the Bank. Therefore, the subsidiaries whose fair value can be reliably measured are
reflected in the consolidated financial statements at their fair values.
VII. CURRENT OR LIKELY ACTUAL OR LEGAL BARRIERS TO IMMEDIATE TRANSFER OF EQUITY OR REPAYMENT OF DEBTS BETWEEN THE PARENT BANK
AND ITS SUBSIDIARIES
None.
