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, as economic disruption caused by the coronavirus outbreak will erode the repayment capacity of borrowers and lead to an increase in problem loans.
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 Include:
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 27,149 employees, the bank is headquartered in Ankara. It manages 1,752 branches and 7,278 ATMs. It is present in 19 countries with a focus on individuals and real estate.
Net income: TRY 9.65 billion (2020)
Total assets: TRY 1.08 trillion (3/2021)
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.
Isbank operates out of Istanbul with around 23,300 employees. It manages a network of 1,227 branches in Turkey and 22 branches in other countries, as well as 6,521 ATMs.
Net income: TRY 6.66 billion (2020)
Total assets: TRY 765.98 billion (3/2021)
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 904 branches in Turkey, as well as seven branches and two overseas representative offices. It employs around 18,600 employees and serves approximately 14 million customers.
Net income: TRY 6.31 billion (2020)
Total assets: TRY 568.8 billion (3/2021)
Established in 1948, AKBank operates through Consumer Banking, Commercial Banking, SME Banking, Corporate-Investment, Private Banking, and Treasury. With around 12,400 staff, the company is based out of Istanbul.
The bank operates 770 branches and 5,100 ATMs in Turkey and one branch internationally and serves around 14.3 million clients.
Net income: TRY 6.26 billion (2020)
Total assets: TRY 517.29 billion (3/2021)
Yapi ve Kredi Bank
Founded in 1944, Yapi ve 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 16,900 individuals.
The bank manages a network of approximately 835 branches in Turkey and one overseas branch, as well as 4,535 ATMs, four call centers, and 544 thousand POS terminals.
Net income: TRY 5.08 billion (2020)
Total assets: TRY 534.69 billion (3/2021)
Founded in 1933 and based out of Istanbul City, Halkbank provides various financial products and services. The bank operates 1,013 branches, consisting of 1,007 branches in Turkey, as well as six foreign branches covering five in Cyprus and one in Bahrain, and three representative offices in England, Iran, and Singapore.
Net income: TRY 3.68 billion (2020)
Total assets: TRY 710.11 billion (3/2021)
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.
The bank operates a network of 933 branches in Turkey, as well as three international branches in New York, Bahrain, and Erbil, and 4,247 ATMs.
Net income: TRY 6.34 billion (2020)
Total assets: TRY 732.19 billion (3/2021)
QNB Finansbank was incorporated in 1987. Headquartered in Istanbul, the bank managed 473 domestic branches, as well as one international and one Atatürk Airport Free Trade Zone branch. Formerly known as Finansbank A.S., the company changed its name to QNB Finansbank A.S. in January 2018.
Net income: TRY 2.75 billion (2020)
Total assets: TRY 257.67 billion (3/2021)
Turk Ekonomi Bankasi (TEB)
Founded in 1981, TEB Holding A.S. operates as a subsidiary of TEB Holding A.S. The bank provides banking and lending services in Turkey. Based out of Istanbul City, it employs around 9,100 individuals.
Net income: TRY 1.26 billion (2020)
Total assets: TRY 138.14 billion (3/2021)
Denizbank Anonim Sirketi was established in 1938. The bank comprises three segments: Wholesale Banking, Retail Banking, and Treasury and Investment Banking. It employs over 14,100 individuals.
Denizbank operates a network of 915 branches in Turkey, as well as 43 overseas foreign subsidiary branch locations, and 4,029 ATMs.
Net income: TRY 1.86 billion (2020)
Total assets: TRY 281.45 billion (3/2021)
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: