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VAKIFBANK ANNUAL REPORT 2013
Including the revolving credit facility from
2013, the Bank issued 13 bank bonds with a
total nominal value of TL 5.1 billion; and, both
institutional and individual investors were
presented with an alternative investment
instrument.
Mutual funds
As one of the first institutions in Turkey
to launch investment funds, VakıfBank
established and currently manages 11 mutual
funds (two A-type and nine B-type) in
accordance with the diverse risk and return
preferences of investors. The mutual funds can
be traded without any volume limitation via
all branches and investment centers as well as
through alternative distribution channels.
In parallel with falling interest rates, the
profitability of fixed income investment
instruments has started to decline, which
has prompted investors to opt for alternative
channels like online banking, phone banking
and ATMs. In this environment, the principal
protected funds set up in recent periods have
become a much-preferred instrument of
investment.
In order to meet customer expectations and
acquire new customers, VakıfBank established
the Principal Protected Umbrella Fund. Two
additional sub-funds were set up under its
umbrella: Principal Protected Sub-Fund No. 3
(increase in price of gold) and Sub-Fund No.
6 (increase in the Gold exchange rate). Both
sub-funds were offered to the public in 2013.
VakıfBank holds a 6.23% market share in
mutual funds; the Bank expends great effort
to optimally manage its mutual funds in line
with the needs of its customers. The Bank
managed funds totaling TL 1,661 million at
year’s end 2013.
Precious metals
VakıfBank has been active in the area of gold
banking for 25 years, one of the first banks
to do so. VakıfBank issues gold bars (in 2-,
5-, 10-, 50-, and 100-gram weights); the
Bank also issues one-ounce GAP and Osmanlı
commemorative coins and 20-gram Sinan
commemorative coins in Switzerland and
provides these to its investors via its branches.
These gold products are available to investors
at all VakıfBank branches. VakıfBank’s gold
trading volume approached 58 tons and the
reserve volume exceeded 13.5 tons in 2013.
VakıfBank Gold Days and Golden Age
Account
VakıfBank which were Days, which began
in March 2013 and held every Wednesday,
Cumhuriyet gold coins in quarters, halves
and all carat gold jewelry such as bracelets,
rings, necklaces that customers have assessed
by Istanbul Gold Refinery experts and
corresponding amounts are deposited to their
Golden Age Accounts as grams of gold. Gold
Days were organized at 438 branches in 2013;
VakıfBank will continue to organize Gold Days
at more branches in 2014.
Shareholders relations
The Bank manages shareholders relations by
maintaining its records in a robust, secure
and up-to-date manner, and by ensuring that
written information requests of shareholders
that pertain to the Bank are fulfilled in
accordance with applicable legislation. The
Bank convenes and holds General Assembly
meetings as required, prepares documents
to be presented to shareholders at General
Assembly meetings, and ensures that meeting
minutes are recorded. Additionally, the
Bank closely observes and monitors that its
public disclosures are in accordance with all
legal requirements. VakıfBank also strives to
actively use electronic communications and
the Bank’s web site in all its shareholders
relations activities.