VKF_FRAE_2018_uyg11

92 Section I: Introduction VakıfBank supports the Turkish economy with 12 subsidiaries and 11 affiliates operating in a number of industries. 12 of the Bank’s affiliates and subsidiaries operate in the financial services sector – four in banking, two in insurance and six in other financial lines of business. Meanwhile, 11 are non-financial subsidiaries – one in energy, two in tourism, one in manufacturing and seven in other commercial companies. On VakıfBank’s balance sheet, the affiliates and subsidiaries item is up from TL 2.6 billion in 2017 to TL 3.1 billion in 2018. FINANCIAL SERVICES GROUP VakıfBank International AG VakıfBank International AG was founded in Austria in 1999 to grow VakıfBank’s international operations in line with its strategy to enlarge abroad. VakıfBank controls a 90% share 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 holds a 15% share in Kıbrıs Vakıflar Bankası Ltd., which conducts banking activities with capital of TL 70 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 delivers corporate finance services. VakıfBank held an 8.38% share in Türkiye Sınai Kalkınma Bankası’s capital of TL 2.8 billion. Takasbank-Istanbul Takas ve Saklama Bankası A.Ş. Istanbul Takas ve Saklama Bankası A.Ş. (Takasbank) is engaged in clearing and custody services as well as investment banking services. VakıfBank holds a 4.37% share 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 holds a 48.02% share in the company’s capital of TL 270 million. Vakıf Emeklilik ve Hayat A.Ş. Vakıf Emeklilik ve Hayat was founded to provide individual or group private pension and life insurance services. VakıfBank holds a 53.90% share in the company’s 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 holds a 58.71% share in the company’s capital of TL 140 million. Vakıf Menkul Kıymetler Yatırım Ortaklığı A.Ş. Vakıf Menkul Kıymetler Yatırım Ortaklığı A.Ş. is an investment trust. The company was founded in 1991 as a publicly held concern to manage the assets of small and individual investors on Borsa Istanbul. Vakıf Menkul Kıymetler Yatırım Ortaklığı facilitates the trading of marketable securities and maximize the returns of its portfolio by closely monitoring foreign exchange, stock and money markets. VakıfBank holds a 18.47% share in the company’s capital of TL 20 million. Vakıf Gayrimenkul Yatırım Ortaklığı A.Ş. Vakıf Gayrimenkul Yatırım Ortaklığı A.Ş. was founded in 1996 under the leadership of VakıfBank as the first real estate investment trust in Turkey with issued capital of TL 250,000. The company was set up to establish and manage a portfolio of real estate properties and real estate backed capital markets instruments. VakıfBank holds a 38.70% share in the company’s capital of TL 225 million. Vakıf Factoring A.Ş. Vakıf Factoring A.Ş. was founded in 1998 to provide factoring services for domestic and international commercial transactions. VakıfBank holds a 78.39% share in the company’s capital of TL 70 million. AFFILIATES AND SUBSIDIARIES On VakıfBank’s balance sheet, the affiliates and subsidiaries item is up from TL 2.6 billion in 2017 to TL 3.1 billion in 2018. VakıfBank Finance Group is on your side by contributing to the national economy with its subsidiaries...