Akbank

Akbank T.A.Ş.
Company type	Anonim şirket
Traded as	BİST: AKBNK
Industry	Banking, Financial services
Founded	1948, Adana, Turkey
Headquarters	Sabancı Center, Levent, Istanbul, Turkey
Area served	Worldwide
Key people	Suzan Sabancı Dinçer (Chairman); Hakan Binbaşgil (CEO)
Products	Financial Services, credit cards, consumer banking, corporate banking, investment banking, mortgage loans, private banking
Revenue	₺ 9.473 billion (2011)
Operating income	₺ 3.205 billion (2011)
Net income	₺ 2.535 billion (2011)
Total assets	₺ 139.907 billion (2011)
Total equity	₺ 18.131 billion (2011)
Number of employees	15,327
Subsidiaries	List Ak B Tipi Yatırım Ortaklığı A.Ş. (%70,04); Ak Portföy Yönetimi A.Ş. (%99,99); Ak Finansal Kiralama A.Ş. (%99,99); Ak Yatırım Menkul Değerler (%99,80); Akbank N.V. (%100); Akbank AG (%100); Akbank Dubai Limited (%100) ;
Website	www.akbank.com.tr

Akbank is a Turkish based bank and was founded in Adana, Turkey on January 1948, originally to provide financing for the cotton producers in the Çukurova region. As the majority of the bank founders Nuh Naci Yazgan, Nuri Has and Hacı Ömer Sabancı were born in Kayseri, the name "AK" is chosen since it is the acronym for "Adana'daki Kayserililer" (The Kayserians in Adana) in Turkish.^[5] Growing and developing over time, the Bank opened its first branch in Istanbul in the district of Sirkeci on July 14, 1950, moving its Headquarters to Istanbul in 1954. Rapidly increasing the number of its branches, Akbank automated all banking operations in 1963.

Akbank established Ak Securities in 1996, Ak Investment Fund in 1998, Ak Asset Management Company and its Private Banking Department in 2000. Akbank established Ak Pension Fund in 2003 and incorporated Ak Leasing in 2005. In February 2006, Ak Pension Fund was sold to the Aksigorta insurance company.

As of the end of 2008, Akbank ranked ^{[citation needed]} as Turkey's most valuable bank having the most profitable banking operations among privately owned banks in Turkey. In addition, with its extensive branch network, Akbank is one of the largest banks in Turkey in terms of loan volume.^{[citation needed]}

Together with its core banking activities, Akbank offers a wide range of retail, commercial, corporate, private banking and international trade finance services. Non-banking financial services, as well as capital market and investment services, are provided by the Bank's subsidiaries.

With its domestic distribution network that includes over 912 branches and more than 15,300 employees^[6], Akbank operates from its headquarters in Istanbul and 20 regional directorates around Turkey. Akbank provides services not only through its branches, which include "Credit Express" consumer loan only branches and "Big Red House" mortgage loan only branches, but also through Retail and Corporate Internet Branches, the Telephone Banking Center, 3,127 ATM's, over 267,000 POS terminals as well as the latest technology channels such as cell phones, and loan machines^{[clarification needed]}. Additionally, Free^{[clarification needed]} Banking Areas have been set up inside branches in which customers have access to Internet and telephone banking services. Akbank N.V. in the Netherlands and Akbank AG in Germany, Akbank Dubai Limited in UAE, as well as a branch in Malta, carry out Akbank's overseas operations.

On January 9, 2007, Akbank and Citigroup have completed the strategic partnership agreement according to which Citigroup acquired a 20% equity stake in Akbank for approximately US$ 3.1 billion (TRL 0.095 per share).

In 2008 Akbank in collaboration with Boyner Holding introduced “Fish”, a credit card which offers an array of different services and products^{[clarification needed]}. In 2008, apart from Boyner, Akbank also signed a partnership agreement^{[clarification needed]} with CarrefourSA. Additionally, Akbank introduced new services such as Wings Business Card^{[clarification needed]}, Citi Axess^{[clarification needed]}, ATMCredit^{[clarification needed]} and Multimedia POS to its customers.

As of 31 December 2010, Akbank reported a consolidated net profit of TRY 3,010 million (US$ 1,958 million) and total consolidated assets of TRY 120,070 million (US$ 78,089 million). The consolidated capital adequacy ratio of Akbank, standing at approx 20% is among the highest ratios achieved in the sector^{[citation needed]}.

In 2010, Akbank continued to raise funds from international markets with the total of such resources reaching US$ 8,0 million by the end of the year.

Akbank is listed on the Istanbul Stock Exchange (ISE) where approx. 25% of its shares are publicly traded meanwhile, Level 1 Depositary Receipts of the Bank are traded on the OTC market in the US. Akbank shares constitute 8% of the total ISE market capitalization and 20% of the total market capitalization of banks listed on ISE as of September,2010.

Management Board & Group Executive Committee

Board of Directors			Executive Management
Name	Since	Position	Name	Since	Position
Suzan Sabancı Dinçer	2008	Chairman and Executive Board Member	Hakan Binbaşgil	2012	CEO and Board Member
Erol Sabancı	2008	Honorary Chairman and Consultant to the Board - Board Member	Kerim Rota	2010	Executive Vice President - Treasury
Hayri Çulhacı	2010	Vice Chairman & Executive Board Member	K. Atıl Özus	2007	Executive Vice President - CFO
Özen Göksel	2011	Executive Board Member	Zeki Tuncay	2008	Executive Vice President - Credit Follow Up and Support Services
Hikmet Bayar	1996	Board Member	Mehmet Sindel	2008	Executive Vice President - Payment Systems
Bülent Adanır	2007	Board Member	Saltık Galatalı	2011	Executive Vice President - Private Banking
Yaman Törüner	1998	Board Member	Sevilay Özsöz	2002	Executive Vice President - Operations
William J. Mills	2008	Board Member	Kaan Gür	2011	Executive Vice President - SME Banking
Hakan Binbaşgil	2012	Board Member	Ahmet Fuat Ayla	2077	Executive Vice President - Credits
Eyüp Engin	2007	Head of Internal Audit	Hülya Kefeli	2007	Executive Vice President - International Banking
			A. Galip Tözge	2007	Executive Vice President – Consumer Banking
			Alper Hakan Yüksel	2011	Executive Vice President - Corporate Banking
			Tunç Akyurt	2010	Executive Vice President - Strategy, CRM and Product & Channel Development
			Bade Sipahioglu Işık	2010	Executive Vice President - Human Resources
			Turgut Güney	2011	Executive Vice President - Information Technology

Recent Strategic Alliances and Acquisitions

Citigroup and Akbank announced that, following receipt of all required regulatory approvals, the parties have completed the acquisition by Citigroup of a 20% stake in Akbank. Under the terms of their agreement announced on October 17, 2006, Citigroup has acquired a 20% equity stake in Akbank for approximately $3.1 billion, at a price of 9.50 Yeni Kurus (YKr) per share.

Citigroup obtained its shares in Akbank through (a) the purchase of shares equal to approximately 11.67% of the fully diluted capital of Akbank from Sabanci family members and Sabanci Holding subsidiaries at 9.50 YKr per share and (b) the issuance of new Akbank shares, equal to 8.33% of Akbank’s fully paid up capital, at the same price through a reserved capital increase in favor of Citigroup. The parties’ rights of first refusal or first offer under the agreements become effective at the closing.

In addition, pursuant to the terms of their agreement, Citigroup’s nominee, Mr. William J. Mills, has been appointed to Akbank’s Board of Directors, and Mr. Ege Çağlar, Sabanci Holding’s nominee, has been appointed to the Board of Directors of Citigroup's Turkish banking subsidiary, Citibank A.S.

The agreement establishes a strategic collaboration between Citigroup and Akbank to pursue new commercial activities, referral arrangements and to share expertise and technology.

Milestones

Akbank, was founded in Adana in January 1948, originally to provide financing for the cotton producers in the region. Growing and developing over time, the Bank opened its first branch in Istanbul in the Sirkeci district on July 14, 1950; in 1954, it relocated its Headquarters to Istanbul. Rapidly increasing the number of its branches, Akbank automated all banking operations in 1963.

Akbank established Ak Securities in 1996, Ak Investment Fund in 1998, Ak Asset Management Company and its Private Banking Department in 2000. Akbank established Ak Pension Fund in 2003 and incorporated Ak Lease in 2005. In February 2006, Ak Pension Fund was sold to the Aksigorta insurance company.

Akbank has been conducting overseas activities through its subsidiaries in Germany (Akbank A.G.) and the Netherlands (Akbank N.V.), Dubai (Akbank Dubai Limited) and a branch in Malta.

In 2010, Akbank will finance the Ilisu Dam.

Principal Subsidiaries

Ak Asset Management

AkLease

Ak Securities

Akbank N.V.

Akbank AG

Akbank Dubai Limited

International Awards

The Banker: Best Bank of the Year in Turkey (2006)^{[citation needed]}

Euromoney: Best Private Banking in Turkey (2006)^{[citation needed]}

Akbank is highly commended in the Banker Technology Awards 2006 for Speedy - Cellular Credit^{[citation needed]}

The annual Standard and Poor’s Survey on Transparency and Disclosure once again

revealed that Akbank is the only bank to be in top position with regard to transparency and disclosure^{[citation needed]}

BORYAD (Turkish Shareholders Association) named Akbank “The Most Investor-Friendly Company of 2006”, due to the priority Akbank attaches to corporate governance principles and for being the first bank that has bought back its founders’ shares^{[citation needed]}.

Akbank continues to have the highest credit ratings to be given to a bank in Turkey.^{[citation needed]}

In July 2009, it was announced that Euromoney magazine had chosen Akbank as Turkey's best bank within the scope of the "Awards of Excellence".^[7]

2010 & 2011

Euromoney: Overall Best Private Bank of Turkey

Global Finance: Best Bank in Turkey, Best Trade Finance Provider in Turkey, Best Foreign Exchange Provider in Turkey, Best Online Deposits Acquisition in Europe, Best European Bank in Social Media

EMEA Finance: Best Bank in Turkey, Best Financial Institution Borrower, Akbank August 2010 Syndication Loan: Best Financial Institution Loan

Euroweek: Akbank July 2010 Eurobond Issue: Best Financial Institution Deal of the Year

FTSE Global Markets: Akbank ranked among the most successful institutions with its July 2010 Eurobond issue in the magazine’s “20/20 All Stars” list.

Financial World Innovation Awards: Innovation in the Delivery of Financial Products - Banking Services Category

Stevie Awards 2010: Distinguished Honoree in 5 Categories: “Run to The Red” ATM Campaign – Best Banking Ads & Campaign, Wings Card Ad. – Best Banking Ads & Campaign, Axess Card New Year Campaign – Best Banking Ads & Campaign, 29th International Istanbul Film Festival Announcement Ad. – Best Banking Ads & Campaign, 2009 Annual Report. – Best Annual Report - Online/Electronic

Stevie Awards 2011: Winner in 1 Category & Distinguished Honoree in 2 Categories: Akbank Children’s Theater: Winner in Banking – Campaign, Akbank 2010 for you campaign: Distinguished Honoree in Banking – Campaign, Akbank 2010 Annual Report: Distinguished Honoree in Best Annual Report – Print

Gartner: CRM Excellence- Integrated Marketing

Palladium Group: 2011 Balanced Scorecard Hall of Fame for Executing Strategy - “The Most Successful Organization of EMEA region” and the first Turkish Bank that won the “Hall of Fame” award.

LACP (League of American Communications Professionals): Akbank 2010 Annual Report - Best Annual Report in Americas & EMEA
Global Banking and Finance Review: Best Bank in Turkey
EMEA Finance: Best Financial Institution Borrower in EMEA Region, Akbank August 2011 Syndication Loan: Best Financial Institution Loan in EMEA Region
BRAND FINANCE: Most Valuable Banking Brand in Turkey with a Brand Value of USD 1 Billion 582 Million, Ranked 96th in Brand Finance Banking 500 – 2012 Report^[8]

References

^ "Board of Directors – Akbank T.A.Ş." Retrieved June 28, 2012.
^ "Senior Management – Akbank T.A.Ş." Retrieved June 28, 2012.
^ ^a ^b ^c ^d ^e ^f "ANNUAL REPORT 2011" (PDF). Akbank T.A.Ş. Retrieved 2012-06-28.
^ "Subsidiaries – Akbank T.A.Ş." Retrieved June 28, 2012.
^ http://arsiv.sabah.com.tr/ozel/kadirhas3604/dosya_3609.html
^ "June 2010 - Banks, Branches and Employees". The Banks Association of Turkey. June 2010. Retrieved 2010-08-18.
^ "Turkish Bank Receives Euromoney Award". TurkNet İletişim. 9 July 2009. Retrieved 2009-07-28.
^ Top 500 Bank Brands

External links

Official website (in Turkish)
Akbank ve Sanat (Akbank Art Center) (in Turkish, with Englist language available)
Akbank N.V. (In Dutch)