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, printing banknotes, circulating money, establishing and overseeing payment systems, and managing the countries’ international reserves. The 20 TOP banks in Turkey include:
- Ziraat Bank
- Isbank
- Garanti Bank
- AKBank
- Yapi Kredi Bank
- Denizbank
- Finansbank
- Vakifbank
- Halkbank
- Türk Ekonomi Bankası
- QNB Finansbank
- Turkish Bank
- İlbank
- Fibabanka
- Anadolubank
- Turkish Eximbank
- ING Bank Turkey
- HSBC Bank Turkey
- Şekerbank
- Alternatif Bank
Moreover, check out these Turkish banks sorted into categories:
- International Banks in Turkey
- American Banks in Turkey
- Turkish Banks in the USA
1. Ziraat Bank
Established in 1863 with headquarters in Ankara, this is the largest bank in Turkey in terms of assets. Ziraat Bank 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 on real estate and meeting the banking needs of individuals. As of the end of 2018, its assets totaled $91.60 billion while its net profit stood at $1.69 billion.
2. Isbank
Established in 1924, this has been the first public Turkish bank established by the Turkish Republic. Isbank offers corporate and commercial banking services to large corporations, SMEs, 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 of 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, 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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4. AKBank
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. AKBank 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 ATMs 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. Yapi Kredi bank also serves clientele from the 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 of 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
6. Denizbank
A large private banking firm was founded in Istanbul, in 1938 as a state-owned bank to fund the development of the Turkish maritime sector 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.
7. Finansbank
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 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.
8. Vakifbank
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 are controlled by the Turkish Prime Ministry’s Directorate General of Foundations which holds a 58.5% stake in the bank. Its subsidiaries include:
- VakifBank International Wien AG.
- VakifBank International Wien AG.
- Vakıf Portfolio Management
- Vakif Investment Corporation
The total assets of the bank are valued at ₺419.4 billion, generating ₺17.0 billion in revenue and ₺3.6 billion in operating income via a 2019 report, employing 16,835 workers.
9. Halkbank
This Turkish bank is a state-owned bank founded in 1938 and is 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 reimbursem*nts, 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,
- 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.
11. QNB Finansbank
This bank was initiated in 1987 by a famous banker in the Levent Business District of Istanbul, Turkey. After its inception, the bank grew rapidly to have the most number of subsidiaries outside of the country. QNB Finansbank has international branches in the Middle East, Africa, and parts of Europe.
At the moment, QNB Finansbank employs over 10,000 staff and owns about 700 branches across Turkey. Additionally, the bank averages a quarterly profit that exceeds $500 million. Also, it manages clients that have amassed a loan profit with a bank that surpasses a quarter of a billion, which is quite impressive for a bank with its status.
12. Turkish Bank
The Turkish Bank began operations in 1982 in the capital of Turkey. However, the bank had been in existence abroad since 1901, in Cyprus. Turkish Bank offers a wide range of individual and corporate banking services, which include savings accounts, current accounts, loans, and many more.
Apart from mainland Turkey, the Turkish Bank Group has many more branches all across the globe. It has branches in the United Kingdom, and other European States. Within Turkey, this bank was reconstituted in 1991 to improve its capacity. It has several branches across the country and boasts an impressive liquidity capacity.
13. İlbank
İlbank was initially named Belediyeler Bankası when it was created in 1933. The current name was adopted by the government after a financial shakeup. The reason for the redesign of the bank was to reform it such that it can provide monetary support to villages that have been marginalized. Additionally, it is tasked to cater to the increased urbanization and population growth to foster development.
At the moment, İlbank is owned by the Turkish Government and its headquarters is in Ankara. İlbank provides specific banking services that cater to social infrastructures such as water supply and water treatment.
14. Fibabanka
Fibabanka had undergone several name changes before its present setup. The name change was due to the change in management and structure due to the takeover by various owners at different times. The name Fibabanka was finally arrived at in 2010 when the financial institution was purchased by Fiba Group. Since then, the bank has been known to take a personal approach to banks by providing its clients with custom services that suit their needs.
Fibabanka predominately provides banking services to businesses and organizations that are involved in commercial, and agricultural activities. This bank has a new generation of bankers that have the necessary skill to position it as one of the banks of the future in Turkey.
15. Anadolubank
Anadolubank began its operation in 1997. From then on, it has expanded to employ almost 2,000 staff within 100 branches across the country. Anadolubank has conducted business successfully in Turkey, so much so that it owns international branches. The most prominent of its branches is located in Amsterdam, the capital of the Netherlands.
Anadolubank primarily provides banking services to small or medium businesses. Also, it has considerable assets valued at about $2 billion.
16. Turkish Eximbank
Turkish Eximbank is considered the go-to bank for export credit. For this reason, it is sometimes referred to as the Export Credit Bank of Turkey. Established in 1987, this bank is tasked with the mandate of improving exportation in the country. Initially, the bank had its headquarters in Ankara. After careful consideration, a decision was made to shift it to Ümraniye. Doing this brought the entire banking facilities closer to exportation companies. Nonetheless, the bank still has regional offices in Izmir, Ankara, and Istanbul.
Since the creation of the Turkish Eximbank, the exportation of goods out of Turkey has become easier. In addition, many businesses have diversified into the business of exportation. In turn, this development has improved the Turkish economy.
17. ING Bank Turkey
ING Bank Turkey is a bank owned by ING Group – a Dutch financial powerhouse. Before becoming ING Bank Turkey, the bank was initially referred to as Oyak Bank. After its transformation, the bank has grown to what it is today. Now, ING Bank Turkey provides its clients with a wide range of banking services for commercial and individual clients. In addition, the bank provides asset management and insurance services together with traditional banking services.
ING Bank Turkey is amongst the first financial institutions to embrace the use of technology in finance. This action encourages other banking sectors to participate in the transition.
18. HSBC Bank Turkey
HSBC Bank Turkey is part of the group of banks that is owned by the HSBC Group. All across the globe, this group owns several banks. Established in 1990, HSBC Bank Turkey was first named Midland Bank. Then, the bank belonged to Midland Bank. The takeover by HSBC Group led to the rebranding of all Midland Banks to HSBC Banks. Over the years, HSBC Bank Turkey has grown significantly.
This bank was eventually able to take over Demirbank. However, the takeover was limited to only Turkish subsidiaries. Now, HSBC Bank Turkey offers its clients different types of banking services. In particular, customers find it easy to make international transactions through the HSBC global network.
19. Şekerbank
Established in 1953, Şekerbank began operating as a Cooperative for sugar beet. Initially, this financial institution had its headquarters in Eskişehir. Three years after its establishment, the business was rebranded and the headquarters moved to Ankara. In 1997, the bank became public and a public offering was made. Seven years after, the headquarters of the bank was shifted to Istanbul to boost business.
Now, it provides clients with many banking services. In particular, this bank has become synonymous with loans. It provides its clients loans for vehicles, commercial use, and housing needs. It performs this task through over 200 branches across Turkey.
20. Alternatif Bank
Alternatif Bank began operating in 1991. After four years, the bank when public. Since its creation, this bank has grown to become one of the leading banks in the industrial economy. Its success is partly due to the influence of the Commercial Bank – a Qatari bank.
International Banks in Turkey
Being a nation bordering European and Middle Eastern countries, Turkey is a hub for international banks. Some of the financial institutions that are present in this country include HSBC Bank and Deutsche Bank. Similarly, these businesses have branches across Turkish cities like Izmir, Ankara, and Istanbul.
As a center for tourists and entrepreneurs, these banks are ideal for foreigners that visit Turkey. As such, these institutions make financial transactions easy. On the other hand, these banks bring in a lot of investment into the country. They partake in the purchase of bonds and other financial tools within Turkey.
American Banks in Turkey
Worldwide, American banks operate branches. In several cities, many American financial institutions are operating in Turkey. Some of these banks include JPMorgan Chase, Bank of New York Mellon, Wells Fargo Bank, Citibank, and Merrill Lynch Investment Bank.
However, not all institutions have direct offices in the country. Many operate through affiliations. Some of the local banks with relationships with these American institutions include Yapi Kredi Bank, Ziraat Bank, Vakif Bank, and Is Bank. Like other international financial institutions, these American banks primarily explore investment opportunities in the country. Yet, US Banks in Turkey still provide personal and commercial banking services to clients.
Turkish Banks in the USA
The few Turkish banks that operate in the United States are mostly located in New York. Some of these institutions include VakifBank and Ziraat Bank. In general, these banks offer Turkish citizens in America financial services. Similarly, these financial institutions promote trade between America and Turkey by providing consistent and fast transfer facilities. As such, individuals and corporations can transfer funds from the US to Turkey and vice versa.
Besides bank transfers, clients can access normal banking services like internet banking, debit card, credit card, and investment opportunities. Also, people traveling to Turkey can easily access foreign exchange when traveling.
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