Overview of Banks in Turkey
The Central Bank of the Republic of Turkey sets the monetary and exchange policies in the country. It also oversees the financial institutions and banks in Turkey. The Turkish central bank was founded in 1930 as a joint stock company.
The main responsibilities of Turkey’s central bank include:
- Achieve price stability
- Sustain the stability of Turkey’s financial system
- Print banknotes
- Circulate money
- Establish and oversee payment systems
- Managing the country’s international reserves
The outlook of Moody’s for the Turkish banking system is negative, due to expectations of declining financials of banks in Turkey amid a difficult operating environment.
For anyone considering a banking career in Turkey, this list of top banks in Turkey is a helpful guide on where to start. To learn more, see our lists of financial institutions.
The top banks in Turkey are:
Established in 1863, Ziraat Bank is a state-owned bank. It provides various banking products and services to retail, small and medium-sized enterprises, and corporate customers in Turkey and other countries. With around 24,374 employees, it is headquartered in Ankara.
As of December 31, 2016, the bank managed 1,814 branches. It is present in 19 countries with a focus on individuals and real estate.
As of 2016, total assets of the bank were US$91.60 billion and net profit was US$1.69 billion.
Founded in 1924, Isbank is the first public bank established by the Turkish Republic. The bank offers corporate and commercial banking services, and other banking services to large corporations, SMEs, and other trading companies. It also provides retail banking services, and other banking services, private banking services comprising various financial and cash management related services, and Internet and mobile banking services.
The bank operates out of Istanbul with around 55,000 employees. It manages a network of 1,351 branches in Turkey and 23 branches in other countries, as well as 6,527 ATMs.
As of 2016, the bank’s total assets reached US$79.8 billion and net profit amounted to US$1.21 billion.
Headquartered in Istanbul, Garanti Bank was incorporated in 1946. The bank offers various financial products and services such as personal banking, SME banking, and commercial/corporate banking products and services.
Garanti operates through 937 branches in Turkey, as well as eight branches and three overseas representative offices. It employs around 22,000 employees and serves approximately 14 million customers.
As of 2016, the bank reported total assets of US$80 billion and a net profit of US$1.301 billion.
Established in 1948, AKBank operates through Consumer Banking, Commercial Banking, SME Banking, Corporate-Investment, Private Banking, and Treasury. With around 14,200 staff, the company is based out of Istanbul.
As of December 31, 2017, the bank operated 800 branches in Turkey and one branch internationally and served around 14.3 million clients.
As of 2016, the bank’s total assets were US$76 billion and net loss was US$1.245 billion.
Yapi Kredi Bank
Founded in 1944, Yapi Kredi Bank serves customers in Turkey, the Netherlands, Azerbaijan, Russia, and Malta. It operates through Retail Banking, Corporate and Commercial Banking, and Private Banking and Wealth Management segments. It is headquartered in Istanbul City and employs around 19,000 individuals.
The bank manages a network of approximately 935 branches in Turkey and one overseas branch, as well as 4,348 ATMs, four call centers, and 544 thousand POS terminals.
As of 2016, the bank’s assets totaled US$69 million and net profit reached US$740 million.
Based out of Istanbul City, Halkbank provides various financial products and services. As of December 31, 2016, the bank operated 964 branches, consisting of 959 branches in Turkey, as well as five foreign branches covering four in Cyprus and one in Bahrain, and three representative offices in England, Iran, and Singapore.
In the same period, the bank posted total assets of US$59.28 billion and a net profit of US$656 million.
Established in 1954, Vakifbank provides corporate, commercial, small business, retail, and investment banking services in Turkey and other countries. With around 15,700 employees, the bank is headquartered in Istanbul.
As of December 31, 2016, the bank operated a network of 921 branches in Turkey, as well as three international branches in New York, Bahrain, and Arbil, and 3,917 ATMs and 200,691 units of POS.
As of 2016, total assets of the bank were US$54.4 billion and net profit was US$694 million.
Finansbank was incorporated in 1987. Headquartered in Istanbul, the bank managed 628 domestic branches, as well as one international and one Atatürk Airport Free Trade Zone branches, as of December 31, 2016.
As of 2015, the bank’s total assets amounted to US$90 billion, with its employees numbering around 15,000.
Founded in 1981, TEB Holding A.S. operates as a subsidiary of BNP Paribas Fortis Yatirimlar Holding A.S. The bank provides banking and lending services in Turkey. Based out of Istanbul City, it employs around 9,600 individuals.
As of 2016, the bank reported total assets of US$14.5 billion and a net profit of US$241.48 million.
Denizbank Anonim Sirketi was established in 1938. The bank comprises three segments: Wholesale Banking, Retail Banking, and Treasury and Investment Banking.
As of December 31, 2015, Denizbank operated a network of 737 branches, which included 694 branches in Turkey, as well as 43 overseas foreign subsidiary branch locations, and 4,756 ATMs.
As of 2016, the bank’s total assets were US$34.9 billion and net profit was US$360 million.
Careers in investment banking
To break into investment banking, there are several important things to focus on. These include networking, resume, experience, and financial modeling skills. To learn more, explore our interactive career map…. For banking careers, you will gain a significant edge over the competition with our financial modeling courses.
This has been CFI’s guide to the top banks in Turkey. For anyone looking for a career in banking, this list is a great place to start your networking. Please also see these additional resources: