VKF_FRAE_2018_uyg11

VakıfBank Annual Report 2018 131 CONVENIENCE TRANSLATION OF PUBLICLY ANNOUNCED UNCONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH, SEE NOTE I. OF SECTION THREE TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI AND ITS FINANCIAL SUBSIDIARIES NOTES TO THE UNCONSOLIDATED FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED DECEMBER 31, 2018 (Amounts expressed in thousands of Turkish Lira (“TL”) unless otherwise stated.) V. INFORMATION ABOUT THE SERVICES AND NATURE OF ACTIVITIES OF THE BANK The Bank was established under the authorization of special law numbered 6219, called “The Law of Türkiye Vakıflar Bankası Türk Anonim Ortaklığı”, on January 11, 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. As at December 31, 2018, the Bank has 948 domestic, 3 foreign, in total 951 branches (December 31, 2017: 924 domestic, 3 foreign, in total 927 branches). As at December 31, 2018, the Bank has 16,767 employees (December 31, 2017: 16,097 employees). VI. CURRENT OR LIKELY ACTUAL OR LEGAL BARRIERS TO IMMEDIATE TRANSFER OF EQUITY OR REPAYMENT OF DEBTS BETWEEN BANK AND ITS SUBSIDIARIES None.