Akbank

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Akbank T.A.Ş.
Anonim Şirket
Traded as BİST: AKBNK
Industry Banking, Financial services
Founded 30 January 1948
Headquarters Istanbul, Turkey
Area served
Worldwide
Key people
Suzan Sabancı Dinçer (Chairman)[1]
Hakan Binbaşgil (CEO)[2]
Products Financial Services, credit cards, consumer banking, corporate banking, investment banking, mortgage loans, private banking
Revenue Decrease ₺ 13.7 billion (2017)[3]
Decrease ₺ 1.2 billion (2017)[3]
Increase ₺ 6 billion (2017)[3]
Total assets Increase ₺ 341.6 billion (2017)[3]
Total equity Increase ₺ 40.6 billion (2017)[3]
Number of employees
14,000 [4]
Subsidiaries
Website www.akbank.com.tr

Akbank T.A.Ş. is one of the largest banks in Turkey. Founded in 1948, it had revenues of nearly TL 13.7 billion in 2017.[6] Listed on the Borsa Istanbul, its largest shareholders are members of the Sabancı family.

Akbank has ranked as "The Most Valuable Banking Brand in Turkey" according to the "Brand Finance - Banking 500, 2018" report for the seventh time in a row. Akbank also achieved a significant success by ranking as the 126th most valuable banking brand in the report that comprises the most valuable global banking brands.[7]

History[edit]

Akbank 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 were born in the city of Kayseri, the name "Adana-Kayseri Bankası" was chosen, soon to be shortened to its initials AK or Akbank.[8] The founders were Hacı Ömer Sabancı, the industrialist brothers Ahmet Sapmaz and Bekir Sapmaz and the four owners of the Adana textile business Milli Mensucat; Nuh Naci Yazgan, Nuri Has, Mustafa Özgür and Seyit Tekin. This group had an 80% shareholding with the remaining 20% offered to investors in Adana and Istanbul. Opening with a single branch in a corner of Adana Akbank grew and developed quickly, opening its first branch in Istanbul in the district of Sirkeci on 14 July 1950, and moving its headquarters to Istanbul in 1954. The original founders ran the bank until 1962 when it was taken over by Sabancı family. Rapidly increasing the number of its branches, Akbank automated all banking operations in 1963.

In 1993, Akbank founded the Akbank Sanat art centre in Beyoğlu, İstanbul.

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.

On 9 January 2007, Akbank and Citigroup 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 Carrefour SA. 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.[6]

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.

In 2013, Citigroup sold a 10.1 percent% stake in Akbank as part of a move to prepare for Basel III rule and technical reasons related to Citibank. Following this transaction, Citigroup’s stake in Akbank was 9.9% but on 5 March 2015 Citi announced it was selling its remaining shares for $1.15 billion.[9]

Overview[edit]

Akbank, Etiler branch

As of the end of 2008, Akbank ranked [7] 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.[7]

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 800 branches and around 14,000 employees,[10] 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, 4,550 ATM's, 510,000 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 AG in Germany, as well as a branch in Malta, carry out Akbank's overseas operations.

Akbank is listed on the Istanbul Stock Exchange (ISE) where approx. 51.1% of its shares are publicly traded. Akbank shares constitute 4.9% of the total BIST 100 market capitalization and 16.9% of the total market capitalization of banks listed on BIST as of June 2018.

Akbank has been conducting overseas activities through its subsidiaries in Germany (Akbank A.G.), and a branch in Malta.

Management Board & Group Executive Committee[edit]

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 Hayri Çulhacı 2010 Vice Chairman & Executive Board Member
Can Paker 2015 Board Member Bülent Oğuz 2011 Executive Vice President - SME Banking
Eyüp Engin 2007 Head of Internal Audit Yaman Törüner 1998 Board Member
Aykut Demiray 2012 Board Member Arif İsfendiyaroğlu 2015 Executive Vice President - Consumer Banking and Payment Systems
Emre Derman 2015 Board Member Levent Çelebioğlu 2015 Executive Vice President - Corporate and Investment Banking
Aydın Günter 2015 Board Member Ege Gültekin 2015 Executive Vice President - Credit Monitoring and Follow Up
Hakan Binbaşgil 2012 Board Member Burcu Civelek Yüce 2014 Executive Vice President - Human Resources and Strategy
Dr. Joseph Ackerman 2013 Chairman’s Advisor Tolga Ulutaş 2016 Executive Vice President - Direct Banking
Ahmet Fuat Ayla 2017 Executive Board Member İlker Altıntaş 2017 Executive Vice President - Technology and Operations
Hasan Recai Anbarcı 2017 Executive Vice President - Credit Allocation Mehmet Tugal 2017 Executive Vice President - Commercial Banking
Türker Tunalı 2017 Executive Vice President - CFO Ali Karaali 2017 Executive Vice President - Treasury
Dr. Alp Keler 2018 Executive Vice President - Private Banking and Investment Systems Prof. Dr. Özgür Demirtaş 2017 Board Member
Ahmet Fuat Ayla 2017 Executive Board Member

Recent strategic alliances and acquisitions[edit]

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 17 October 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.

In 2013, Citigroup sold its 10.1% stake in Akbank.

Principal subsidiaries[edit]

  • Ak Asset Management
  • Ak Lease
  • Ak Investment
  • Akbank AG

International awards[edit]

2014

  • Barcelona GSMA - Global Mobile Awards: Akbank Direkt Mobile App voted as the Best Smartphone App. Akbank is first Turkish bank to receive this award.[11]
  • Euromoney: "Best Bank in Turkey"

2015

  • Brand Finance: Akbank is the "Most Valuable Brand in Turkey" at "Turkey 100 - 2015" Report [12]
  • Euromoney: "Best Bank in Turkey"
  • Global Finance: "Best Bank Turkey"
  • Global Finance: Best Cash Management Provider in Turkey [13]
  • Global Finance "Best Digital Bank in the World in the Consumer Banking Category"
  • EMEA Finance "Best Bank in Turkey"

2016

  • Brand Finance "The Most Valuable Banking Brand in Turkey"
  • Euromoney "The Best Bank of Central and Eastern Europe"
  • Euromoney "The Best Bank in Turkey"
  • The Banker "Technology Project of the Year in API Category"
  • Global Finance "The Best Bank in Turkey"
  • Global Finance "The Best Mobile Banking in Western Europe"

2017

  • Brand Finance "The Most Valuable Banking Brand in Turkey"[12]
  • Euromoney "The Best Private Banking in Turkey"
  • Euromoney "The Best Bank in Turkey"
  • The Banker "The Best Private Banking in Turkey"
  • Global Finance "The Best Bank in Turkey"[13]
  • Global Finance "The Best FX Provider in Turkey"[13]


See also[edit]

References[edit]

  1. ^ "Board of Directors – Akbank T.A.Ş." Archived from the original on 16 January 2013. Retrieved 28 June 2012. 
  2. ^ "Senior Management – Akbank T.A.Ş." Archived from the original on 16 January 2013. Retrieved 28 June 2012. 
  3. ^ a b c d e "ANNUAL REPORT 2011" (PDF). Akbank T.A.Ş. Retrieved 2012-06-28. 
  4. ^ "Investor Relations". Akbank.com. Retrieved 4 August 2017. 
  5. ^ "Subsidiaries – Akbank T.A.Ş." Archived from the original on 25 May 2012. Retrieved 28 June 2012. 
  6. ^ a b "Committed to Sustainable Leadership" (pDF). Akbank.com. March 2014. Retrieved 2017-08-04. 
  7. ^ a b c "Best Global Brands - Brand Profiles & Valuations of the World's Top Brands". Brandirectory.com. Retrieved 4 August 2017. 
  8. ^ "SABAH - AKBANK'taki ihtilâf Sabancılar'a yaradı". Arsiv.sabah.com.tr. Retrieved 2012-12-18. 
  9. ^ "Citigroup Lost $800 Million on Holding in Turkey's Akbank". Bloomberg. 5 March 2015. Retrieved 2015-03-12. 
  10. ^ "August 2018 - Banks and Branches". The Banks Association of Turkey. August 2018. Retrieved 2018-08-18. 
  11. ^ [1]
  12. ^ a b http://brandfinance.com, Brand Finance -. "Brand Finance". Brand Finance. Retrieved 4 August 2017. 
  13. ^ a b c "Global Finance Magazine - Global Finance Names The World's Best Treasury & Cash Management Providers 2015". Global Finance Magazine. Retrieved 4 August 2017.