Basic HTML Version
8
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.
A robust and widespread distribution
network
As of end-2013, VakıfBank conducted its
operations through a robust and widespread
distribution network that includes 859
branches (856 domestic and 3 overseas) and
with a workforce of 14,943 employees.
One of the most important milestones in
VakıfBank’s development was its initial public
offering. The Bank’s IPO issued new shares
via a capital increase; these shares were then
sold to domestic and international investors.
As a result, the public offering generated
more than US$ 1.2 billion for both the Bank
and the Turkish economy.
With the Change and Restructuring Program
implemented in 2005, VakıfBank undertook
a comprehensive transformation and
development process. After conducting a
thorough review of its business, VakıfBank
collected all its operational procedures into
a single center; this served to increase the
service quality at branches, which became
primarily sales and marketing oriented.
The Bank’s Historical Development and
Highlights during the Accounting Period
VakıfBank was incorporated under a special
charter act, Law No. 6219 dated January 11,
1954, and commenced operations on April 13,
1954, with an initial capital of TL 50 million.
The Bank’s founding mission was to manage
and use the assets of foundations in the most
efficient manner, to contribute to Turkey’s
savings rate based on modern banking
principles, and to channel the deposits
collected toward the country’s economic
development. Since its inception, 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 basic banking
VakıfBank’s renewed corporate identity in
2008 reflected the great success of the Bank’s
radical transformation. A customer-oriented
banking philosophy was expressed in the
motto “This is your place” which accompanied
the Bank’s promotional campaigns starting in
2009.
A well-established tradition
Representing a well-established tradition in
the Turkish banking system, VakıfBank is one
of the most profitable banks in the country.
The relocation of VakıfBank headquarters to
Istanbul was one of the most significant steps
taken by the Bank in 2011. Subsequent to
finalizing the legal arrangements, the Bank
moved to Istanbul, the heart of Turkey’s
financial world, following the resolution
adopted by the Ordinary General Assembly
meeting. The relocation of the headquarters
is one of the most important steps the Bank
has taken to fortify its long-term growth
strategies.
In order to further differentiate VakıfBank
within the sector, gain a competitive
advantage and adjust to ever changing market
conditions, the Bank implemented VIT, the
VakıfBank Innovative Transformation. This
initiative includes the transformation of the
company’s main banking applications as well
as all the banking IT infrastructure.
A first among Turkish banks
In order to diversify funding sources, reduce
interest rate risk and generate additional
resources, VakıfBank, a first among Turkish
banks, established the Global Medium Term
Notes (GMTN) Program in April 3, 2013. This
program enables eurobond issues and similar
transactions in different currencies up to a
maximum equivalent to US$ 3 billion as per
the RegS/144 documentation aimed at both
American and European investors. In April
2013 and within the scope of this program,
a five-year US$ 600 million eurobond
HISTORY AND OWNERSHIP STRUCTURE
By the end of 2013, VakıfBank was conducting
operations through a robust and widespread distribution
network of 859 branches (856 domestic and three
overseas) and with a workforce of 14,943 employees.
NEW
BRANCHES
VakıfBank continues
to become closer to its
clients by opening new
branches. The Bank’s
activities extended
to new locations with
significant commercial,
industrial and foundation
activities. By the end of
the 1960s, the number
of branches increased
further. Beginning in 1969,
Şişli, Aydınlık Evler and
Alaşehir Branches are put
into service with special
lottery draws amounting to
TL 75,000, TL 40,000 and
TL 30,000 respectively.