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INTRODUCTION
14
HISTORY AND
OWNERSHIP STRUCTURE
THE BANK’S HISTORICAL DEVELOPMENT AND
HIGHLIGHTS FROM THE REPORTING 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 founding, 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.
RICH ARRAY OF FINANCIAL PRODUCTS
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 core
banking 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 year-end 2014, VakıfBank conducted its operations
through a robust and widespread distribution network
of 893 branches (890 domestic and 3 overseas) and
a workforce of 14,920 employees. One of the most
important milestones in VakıfBank’s development was its
initial public offering. The Bank was taken public by selling
the new shares issued via a capital increase; these shares
were sold to domestic and international investors.
The public offering raised more than US$ 1.2 billion in
fresh capital for the Bank and the Turkish economy.
COMPREHENSIVE DEVELOPMENT AND
IMPROVEMENT PROCESS
With the Change and Restructuring Program implemented
in 2005, VakıfBank underwent a comprehensive
transformation and development process. After conducting
a comprehensive review of its business, VakıfBank
centralized almost all of its operational procedures, which
helped to increase the service quality at branch level
by enabling branch employees to focus on sales and
marketing.
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 slogan “This is your place”, which accompanied the
Bank’s promotional campaigns starting in 2009.
Representing a well-established tradition in the Turkish
banking system, VakıfBank is one of the most profitable
banks in the country.
RELOCATION OF THE HEAD OFFICE TO TURKEY’S
FINANCIAL HUB
The relocation of VakıfBank’s Head Office 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, Turkey’s finance hub, pursuant
to a resolution of its General Assembly of Shareholders.
The relocation of its Head Office was one of the most
important steps the Bank has taken to support its long-
term growth strategies.
In order to further differentiate VakıfBank within the
sector, gain a competitive edge, and adapt to changing
market conditions, the Bank implemented VIT, the
VakıfBank Innovative Transformation. This initiative
encompasses the transformation of the Company’s main
banking applications as well as the entire banking IT
infrastructure.
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.
14,920
EMPLOYEES
VakıfBank, which
operates through a
robust and extensive
distribution network,
has 14,920 employees.