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VAKIFBANK
ANNUAL REPORT 2014
63
Along with its modern banking services, VakıfBank
contributes to the Turkish economy through the activities
of its subsidiaries in various sectors. The number of
subsidiaries and affiliates remained at 23 in 2014,
unchanged from 2013.
Fourteen of VakıfBank’s subsidiaries operate in the
financial services sector (five in banking, two in insurance
and seven in other financial lines of business) while
nine are non-financial subsidiaries (one in energy,
two in tourism, one in manufacturing and five in other
commercial companies).
The value of the Bank’s subsidiary and affiliate portfolio
increased to TL 1,737 million in 2014, up from TL 1,611
million in 2013.
VAKIFBANK FINANCIAL SERVICES GROUP
VAKIFBANK INTERNATIONAL AG
VakıfBank International AG was established in 1999 to
grow VakıfBank’s international operations in line with its
strategy to expand abroad. VakıfBank controls a 90% stake
in the company’s capital of
€
70 million.
WORLD IN LIQUIDATION VAKIF UBB LTD.
Founded in the Turkish Republic of Northern Cyprus with
capital of US$500,000 to serve as an international banking
unit, an 82% stake amounting to US$410,000 in World
Vakıf UBB Ltd. belongs to VakıfBank. The company is
currently in liquidation.
KIBRIS VAKIFLAR BANKASI LTD.
Established in 1982 in the Turkish Republic of Northern
Cyprus by the Cyprus Administration for Foundations, it
became a subsidiary in 1989. VakıfBank owns a 15%
stake in Kıbrıs Vakıflar Bankası Ltd., which has capital of
TL 40 million.
Along with its modern banking services, VakıfBank contributes to the
Turkish economy through the activities of its subsidiaries in various
sectors. The number of subsidiaries and affiliates remained at 23 in 2014,
unchanged from 2013.
AFFILIATES AND
SUBSIDIARIES
TÜRKİYE SINAİ KALKINMA BANKASI 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
1,500 million.
TAKASBANK-İSTANBUL TAKAS VE
SAKLAMA BANKASI 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 4.37%
stake in the bank’s share capital of TL 600 million.
GÜNEŞ SİGORTA 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.
VAKIF EMEKLİLİK 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.
VAKIF FİNANSAL KİRALAMA A.Ş.
Vakıf Finansal Kiralama A.Ş. was founded in 1988 to
provide a comprehensive range of leasing services.
VakıfBank owns a 58.71% stake in the company’s share
capital of TL 65 million.
7.8%
As of December 2014,
the value of the Bank’s
subsidiary and affiliate
portfolio increased by
7.8% year on year,
reaching TL 1,737
million, up from TL
1,611 million in 2013.