Turkey has a total of 53 banks, 34 of which operate as deposit banks, 13 are development and investment banks, 3 are state-owned and nine are private banks.
Among all the Turkish banks, there is a central bank established in 1930, with the responsibilities of achieving price stability, sustaining the stability of Turkey’s financial system, prints banknotes, circulate money, establish and oversee payment systems, and manages the countries’ international reserves. The 10 top banks in Turkey include:
1. Ziraat Bank
Established in 1863 with headquarters in Ankara, this is the largest bank in Turkey in terms of assets. It provides various banking products and services to retail, small and medium businesses, and corporate customers within the borders of Turkey and even outside.
Interestingly, the bank was founded in Serbia which was then part of the Ottoman Empire. However, now, it has 1,864 branches with over 24,000 employees and has a presence in 18 different countries other than Turkey and its focus has mainly been in real estate and meeting the banking needs of individuals. As at the end of 2018, its assets totaled to $91.60 billion while its net profit stood at $1.69 billion.
Established in 1924, this has been the first public bank established by the Turkish Republic. The bank offers corporate and commercial banking services to large corporations, SME’s and other small and big trading companies.
On top of that, it provides retail banking services, as well as other banking services including private banking services. Mobile, as well as mobile banking, are also in plenty. İşbank was even ranked 96th in a survey of “The World’s Biggest 1000 Banks.
The bank has 1,351 branches in Turkey and 23 branches in other countries with 55,000 employees. As at the end of 2018, the total assets of the bank stood at $79.8 billion and a net profit of $1.21 billion.
3. Garanti Bank
Established in 1946, and with headquarters in Istanbul, the bank offers various financial products and services such as SME banking, and commercial/corporate banking products and services, personal banking.
In Turkey, Garanti operates 937 branches as well as 8 branches outside Turkey and three overseas representative offices. The bank has approximately 22,000 employees serving approximately 14 million customers. At the end of 2018, the bank reported a total of $80 billion in assets and $1.301 billion. 49.85% of Garanti’s stakes are owned by the Spanish bank Banco Bilbao Vizcaya Argentaria.
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Established in 1948 with headquarters in Istanbul, this Turkish bank now operates 800 branches in Turkey and one branch internationally with 14.3 million clients. The bank offers consumer banking, commercial banking, SME banking, corporate-investment, private banking, and treasury. credit cards, consumer banking, corporate banking, investment banking, mortgage loans, and private banking.
It has been ranked as “The Most Valuable Banking Brand in Turkey” seven times in a row and 126th most valuable banking institution. The bank’s large operation has accounted for 4,550 ATM’s and 510,000 POS terminals across the country. It operates through a number of subsidiaries, including international ones in Germany and Malta.
Its principal subsidiaries include:
- Ak Asset Management
- Ak Asset Management
- Ak Lease
- Ak Investment
- Akbank AG
The bank currently has 14,200 staff and at the end of 2018, its total assets stood at $76 billion with a net loss of $1.245 billion.
5. Yapi Kredi Bank
Established in 1944, this is the 5th largest bank in Turkey in terms of assets. It also serves clientele from Netherlands, Azerbaijan, Russia, and Malta. It offers services related to retail banking, corporate and commercial banking, private banking, and wealth management segments.
Yapı Kredi was one of the first commercial banks in Turkey.
The bank is owned as a joint venture by two Fortune Global 500 companies, namely, Koc Holding and UniCredit. With 19,000 employees it has headquarters in Istanbul city. The bank offers its services through 935 branches in Turkey, and one overseas branch, with 4,348 ATMs, four call centers, and 544 thousand POS terminals. As at the end of 2018, the total assets of the bank stood at $69 million and the net profit was at $740 million.
The bank operates through several subsidiaries which include the following and many others,
- Yapı Kredi Bank Moscow
- Yapı Kredi Bank Nederland N.V.
- Yapı Kredi Bank Azerbaijan
A large private banking firm founded in Istanbul, 1938 as a state-owned bank to fund the development of the Turkish maritime sector but has since been acquired first by a Belgian finance firm called Dexia, then by the Russian Sberbank. Today, the bank offers a wide range of financial services including retail, Private, Business, Agricultural, Corporate Banking, Commercial Banking, and Public finance.
Headquartered in Şişli and Istanbul, the bank has 740 branches across Turkey and employs an estimated number of 14,136 personnel. As of 2017, a total of 5,612 ATMs of the bank are found in the country.
The total asset by a 2018 report is valued at 137.66 billion TRL and a net income of 2,182.52 million TRL.
Founded in 1987 by Turkish billionaire Hüsnü Özyeğin headquartered in Levent, Istanbul. It has a total of 518 branches employing 11,943 workers as of 2020 with Finans Emeklilik, Finans Faktoring, Finans Invest, Finans Leasing, Finans Portföy, Finans Tüketici, Finansmanı, IBTech and eFinans as its subsidiaries with revenue valued at ₺10.3 billion and total asset value at ₺181.7 billion as per a 2019 report.
One of the biggest banks in Turkey offers Investment Products, Cards, Loans, Deposit Products, Payments, Cash management, corporate banking, commercial banking, and foreign Trade as services.
Headquartered in Büyükdere Avenue, Levent, and Istanbul, It was for a time recognized as the Turkish bank with the largest network of foreign branches. The bank is estimated to have over 500 branches with about 13,000 employees.
Founded in 1954, Vakifbank is recognized as the fifth-largest bank in Turkey with 610 domestic branches across Turkey. It offers Financial Services, credit cards, consumer banking, corporate banking, investment banking, mortgage loans, private banking, and others.
The bank’s daily operations are carried out domestically and internationally through its branches and subsidiaries which is controlled by the Turkish Prime Ministry’s Directorate General of Foundations which holds 58.5% stake in the bank.
Its subsidiaries include,
- VakifBank International Wien AG.
- VakifBank International Wien AG.
- Vakıf Portfolio Management
- Vakif Investment Corporation
Total assets of the bank are valued at ₺419.4 billion, generating ₺17.0 billion revenue and ₺3.6 billion operating income via a 2019 report, employing 16,835 workers.
This Turkish bank is a state-owned bank founded in 1938 currently owned by the Turkey Wealth Fund. It operated as a credit union between 1938 and 1950 offering favorable financial loan services to tradesmen and artisans to promote economic growth in the country. It began establishing branches across the country in 1950 to grant loans to customers and in 1990 it absorbed Töbank, Sümerbank, Etibank, and Emlakbank, small-sized failed state banks in Turkey. The bank has two headquarters in Ataşehir, Istanbul respectively.
It has a total of 1,006 branches and employs 18,967 workers as of 2019. It offers a wide range of services that include deposits, cash issuance, non-cash loans, cash receipt operations, cash, and deposit reimbursements, fund transfers, correspondent banking transactions, cheques, bank bills, credit cards, cash cards, travelers’ cheques and performing as a portfolio management agency valued at ₺457.0 billion in total assets and generates a net income of ₺1.7 billion as of 2019.
10. Türk Ekonomi Bankası
One of the largest banks in Turkey, also known as TEB was founded in 1927 making it one of the oldest Turkish financial firms and since grown into a large network with over 503 branches as of 2018, accounting for ₺97.0 billion in total assets, ₺5.5 billion in revenue and ₺1.3 billion operating income. Its services include corporate, commercial, and private banking over into the fields of retail banking, small business banking, and SME banking.
The bank is headquartered in Istanbul with products such as foreign trade financing, cash management, project finance, investment banking, factoring, lease financing, insurance, mutual funds, credit cards, treasury, asset management, and precious metals trading services and employs a vast number of employees estimated to be over 9,000.