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VAKIFBANK ANNUAL REPORT 2013
VakıfBank Financial Services Group
VakıfBank International AG
VakıfBank International AG was established
in 1999 to increase 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.
World In Liquidation Vakıf UBB Ltd.
Founded in 1993 in the Turkish Republic of
Northern Cyprus with capital of USD 500,000
and serves as an international banking unit.
VakıfBank owns an 82% stake in World Vakıf
UBB Ltd. The Company is in liquidation.
Kıbrıs Vakıflar Bankası Ltd.
VakıfBank participated in Kıbrıs Vakıflar
Bankası Ltd. to promote the use of Visa and
MasterCard/Eurocard credit cards issued by
the Bank and to increase foreign currency
revenues. VakıfBank owns a 15% stake in
Kıbrıs Vakıflar Bankası Ltd., which has a 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 1,300 million.
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 4.86%
stake in the Bank’s share capital of TL 420
million.
Güneş Sigorta A.Ş.
Güneş Sigorta is a general (nonlife) 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.
In addition to modern banking services,
VakıfBank contributes to the national economy
through operations of its subsidiaries in
various industries. By the end of 2013, the
Bank had 23 subsidiaries and affiliates.
Fourteen of VakıfBank’s subsidiaries operate
in the financial services sector (5 in banking,
2 in insurance and 7 in other financial lines
of business) while nine are non-financial
companies (1 in energy, 2 in tourism, 1 in
manufacturing and 5 in other commercial
businesses).
The value of the Bank’s subsidiary and affiliate
portfolio increased 23% and totaled TL 1,661
million in 2013, up from TL 1,310 million in
2012.
affılıates and SUBSIDIARIES
The value of the Bank’s subsidiary and
affiliate portfolio increased 23% and totaled
TL 1,611 million in 2013, up from TL 1,310 million
in 2012.