Türk Ekonomi Bankası (Turkish Economy Bank), abbreviated TEB, was founded in 1927 by private investors as a regional bank under the name of Kocaeli Bankası T.A.Ş. in İzmit, Turkey.
In 1981 the bank was purchased by the Çolakoğlu Group, which changed its name to Türk Ekonomi Bankası A.Ş. in 1982. The bank has enjoyed a reputation for prudent and successful management ever since becoming active in commercial and private banking.
In March 2005, TEB signed a joint venture agreement with the FrenchBNP Paribas SA, one of the largest financial services groups in the world. TEB has been aggressively expanding its retail network in Turkey ever since and had more than 240 branches as of 2Q 2007. Varol Civil is the CEO of the bank.
TEB has also two other subsidiaries outside Turkey: TEB NV (The Economy Bank) in the Netherlands, and TEB Sh.A. in Kosovo.