Banks in Turkey – Types of Banks in Turkey

Banks in Turkey

The banking sector forms a great part of the Turkish financial system in its dynamic economy. Most of the transactions and activities of money and capital markets are carried out by banks. 

Therefore, one of the important topics that people in Turkey are interested in is the banks. In this article, we will talk about the types of Turkish banks, their advantages and other matters related to them.

Table of contents:

• An introduction.
• Banks in Turkey.
  • Types of banks in Turkey.
  • Features of Turkish banks.

An introduction:

There are various banks in Turkey, both public and private. These banks have a strong and secure system and they provide services to local and foreign residents. In addition, these banks contribute to supporting various investments and projects for all citizens in Turkey. As we will explain in this article.

Types of banks in Turkey:

1. Deposit banks, which include 3 government banks and 29 private banks.
2. Investment and development banks include 3 government banks and 11 private banks.
3. Participation banks, including 3 government banks and 3 private banks.

The most important deposit banks:

• Ziraat Bank:

Ziraat Bank is a state-owned bank in Turkey founded in 1863. It offers commercial loan supports to companies and tradesmen, as well as personal loans such as consumer loans, vehicle loans and housing loans

Moreover, Ziraat Bank is the largest bank in Turkey in terms of assets. It provides various banking products and services to retail, small and medium businesses, and corporate customers within the borders of Turkey and even outside.

The bank is headquartered in Ankara. It has 1,864 branches and 7,278 ATMs with over 24,000 employees. Furthermore, it is present in 19 countries with a focus on individuals and real estate.

• VakıfBank:

VakıfBank is the second largest bank in Turkey in terms of asset size. It was established with an initial capital of TL 50 million in 1954.

VakıfBank has 939 branches, 4,230 ATMs and 624,702 units of POS. VakıfBank has four international branches located in New York, Bahrain, Arbil, Qatar. In addition, VakıfBank operates in Austria with a subsidiary, VakıfBank International AG, which has branches in Vienna and Cologne.

Vakıfbank offers commercial loans as well as personal loans such as consumer loans, vehicle loans and housing loans.

• Halk Bank:

Halk Bank was founded in 1933 and based out of Istanbul City. It 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. Halk Bank is a bank that offers vehicle loans, housing loans, consumer loans and commercial loans.

• İş Bank:

İş Bank was founded in 1924. It 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. Moreover, 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. Furthermore, İş Bank has the 181st place in The Banker Top 1000 World Banks Ranking 2021.

• Yapı Kredi Bank:

Yapı Kredi Bank was established in 1944 by Kazım Taşkent. It is headquartered in Istanbul City. It is the first private bank in Turkey. Moreover, it owns 9% of the Turkish market. The combined financial services network of the bank consists of 835 branches across the country and one overseas branch. Furthermore, it has 4,535 ATMs, four call centers, and 544 thousand POS terminals. It is worth noting that Yapı Kredi Bank greatly supports real estate investments. In addition, it provides loans for the purchase of homes and apartments, as well as providing loans to farmers, commercial investors and others.

• Garanti Bank:

Garanti Bank is the second largest private bank in Turkey. It is a Turkish financial services company based in Turkey. The number of branches and centers of the Garanti Bank exceeds 880, distributed inside and outside Turkey. In addition, it employs around 18,600 employees and serves approximately 14 million customers.

Participation banks in Turkey:

• Kuveyt Türk Bank:

Kuwait Turk Bank was founded in 1989 AD. It is a Kuwaiti-Turkish joint bank. The Kuwaiti financing percentage is 71%, and the financing percentage from the Turkish Islamic Bank is 29%.

The number of its branches and centers reaches more than 340 branches spread in Turkey. Moreover, it is one of the most important Islamic banks in Turkey.

Furthermore, Kuveyt Turk Bank has several advantages and activities:

• Kuveyt Turk Bank offers its clients several services that facilitate the conduct of financial transactions, including:

1. The availability of Arabic language in its online applications.
2. The availability of Arabic-speaking staff.

• It provides its customers with many services through kuveyt turk mobile application, such as transferring money, paying bills and others.
• The highest profit rate for Kuveyt Turk Bank in the previous years reached 180 million dollars.

• Al Baraka Bank:

Al Baraka Islamic Bank was established in Turkey in 1984, through a Turkish-Bahraini partnership. The number of its branches reaches more than 200 branches in Turkey. Albaraka Türk Katılım Bankası has profit and loss partnership, consumer finance, credit card islamic license. Moreover, it supports real estate and commercial investment projects.

Features of Turkish banks:

• Transfer money easily.
• Pay taxes and bills.
• Banks in Turkey are characterized by a high degree of security and safety.
• Moreover, customers can open accounts in different currencies in addition to accounts for precious metals.
• Furthermore, Turkish banks provide credit and real estate loan services.
• In addition, it is based on modern technologies to provide services and possible facilities to its customers.

Thus, whether you are a student, an employee, or a tourist, opening a bank account in Turkey helps you to do official transactions, and accomplish many things.

Edited by: Ebla Group Real Estate

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