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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
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 Increase Turkish lira symbol 8x10px.png 16.9 billion (2016)[3]
Decrease Turkish lira symbol 8x10px.png 9.5 billion (2016)[3]
Decrease Turkish lira symbol 8x10px.png 3.7 billion (2016)[3]
Total assets Increase Turkish lira symbol 8x10px.png 277.363 billion (2016)[3]
Total equity Increase Turkish lira symbol 8x10px.png 31.6 billion (2016[3]
Number of employees
14,000 [4]
Website www.akbank.com.tr

Akbank is one of the largest banks in Turkey. Founded in 1948, it had revenues of nearly TL10bn in 2011.[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, 2017" report for the sixth time in a row. Akbank also achieved a significant success by ranking as the 127th most valuable banking brand in the report that comprises the most valuable global banking brands.[7]


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 July 14, 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 January 9, 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 March 5, 2015 Citi announced it was selling its remaining shares for $1.15 billion.[9]


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 985 branches and around 16,500 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, 4,100 ATM's, 340,000 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, Akbank Dubai Limited in UAE, as well as a branch in Malta, carry out Akbank's overseas operations.

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.

Akbank has been conducting overseas activities through its subsidiaries in Germany (Akbank A.G.), Dubai (Akbank Dubai Limited) 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 Kerim Rota 2010 Executive Vice President - Treasury
Hayri Çulhacı 2010 Vice Chairman & Executive Board Member K. Atıl Özus 2007 Executive Vice President - CFO
Can Paker 2015 Board Member Bülent Oğuz 2011 Executive Vice President - SME Banking
Eyüp Engin 2007 Head of Internal Audit Kaan Gür 2011 Executive Vice President - Commercial Banking
Yaman Törüner 1998 Board Member Ahmet Fuat Ayla 2007 Executive Vice President - Credit Allocation
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
Cem Mengi 2014 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 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.

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

Principal subsidiaries[edit]

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

International Awards[edit]


  • 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”


  • 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”


  • 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”

See also[edit]


  1. ^ "Board of Directors – Akbank T.A.Ş.". Retrieved June 28, 2012. 
  2. ^ "Senior Management – Akbank T.A.Ş.". Retrieved June 28, 2012. 
  3. ^ a b c d e "ANNUAL REPORT 2011" (PDF). Akbank T.A.Ş. Retrieved 2012-06-28. 
  4. ^ http://www.akbank.com/en-us/investor-relations/Pages/default.aspx
  5. ^ "Subsidiaries – Akbank T.A.Ş.". Retrieved June 28, 2012. 
  6. ^ a b http://www.akbank.com/doc/Akbank_Investor_Presentation.pdf
  7. ^ a b c http://brandirectory.com/league_tables/table/banking-500-2014
  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. March 5, 2015. Retrieved 2015-03-12. 
  10. ^ "June 2010 - Banks, Branches and Employees". The Banks Association of Turkey. June 2010. Retrieved 2010-08-18. 
  11. ^ http://www.gsma.com/newsroom/gsma-winners-2014-global-mobile-awards/
  12. ^ http://www.brandfinance.com/knowledge_centre/reports/brand-finance-turkey-100-2015
  13. ^ https://www.gfmag.com/media/press-releasess/tcm-worlds-best-treasury-cash-management-providers-2015?page=3