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PART I: INTRODUCTION
Along with its modern banking services,
VakıfBank contributes to the Turkish economy
through the activities of its subsidiaries and
affiliates in various sectors. The number of
subsidiaries and affiliates remained at 23 in
2015, unchanged from 2014.
Thirteen of VakıfBank’s affiliates and subsidiaries
operate in the financial services sector (four in
banking, two in insurance and seven in other
financial lines of business) while 10 are non-
financial subsidiaries (one in energy, two in
tourism, one in manufacturing and six in other
commercial companies).
The value of the Bank’s subsidiary and affiliate
portfolio increased to TL 1.9 billion as of
december 2015, up from TL 1.7 billion in 2014.
FINANCIAL SERVICES GROUP
VakıfBank International AG
VakıfBank International AG was established
in Australia in 1999 to grow VakıfBank’s
international operations in line with its strategy
to expand abroad. VakıfBank controls a 90%
stake in the Company’s capital of EUR 70 million.
Kıbrıs Vakıflar Bankası Ltd.
Established in the Turkish Republic of Northern
Cyprus by the Cyprus Administration for
Foundations, VakıfBank owns a 15% stake in
Kıbrıs Vakıflar Bankası Ltd., which runs banking
activities with the capital of TL 40 million.
Türkiye Sınai Kalkınma Bankası A.Ş.
Established in 1950, Türkiye Sınai Kalkınma
Bankası A.Ş. provides long-term funds for
medium and large-scale investment projects,
engages in investment banking activities, and
offers corporate finance services. VakıfBank
owns an 8.38% stake in the Bank’s share capital
of TL 1.75 billion.
Takasbank-İstanbul Takas ve Saklama
Bankası A.Ş.
İstanbul Takas ve Saklama Bankası A.Ş.
(Takasbank) is engaged in clearing and custody
services as well as investment banking services.
VakıfBank owns a 4.37% stake in the Bank’s
share capital of TL 600 million.
Güneş Sigorta A.Ş.
Güneş Sigorta is a general (non-life) insurer
originally established in 1957 under VakıfBank’s
direction. VakıfBank owns a 36.35% stake in the
Company’s share capital of TL 150 million.
Vakıf Emeklilik A.Ş.
Vakıf Emeklilik A.Ş. was established in 1991
as a life insurer. On August 1, 2003, the
company acquired a license to sell private
pensions pursuant to Private Pension Savings
and Investment System Law No. 4632; on
September 5, 2003, the company received
a license to establish private pension funds.
VakıfBank owns a 53.90% stake in the
Company’s share capital of TL 26.5 million.
Vakıf Finansal Kiralama A.Ş.
Vakıf Finansal Kiralama A.Ş. was founded in
1988 to provide a comprehensive range of
leasing services. VakıfBank owns a 58.71% stake
in the Company’s share capital of TL 65 million.
VakıfBank contributes to the national economy
with modern banking services, as well as
the
operations of its subsidiaries and affiliates
active in diverse sectors.
AFFILIATES AND SUBSIDIARIES
