Türkiye İş Bankası
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Türkiye İş Bankası or simply İşbank is Turkey's largest bank. It was the first bank founded by the Turkish Republic. İşbank was ranked 96th in a survey of "The World's Biggest 1000 Banks”. It was ranked and 447 on the Forbes Global 2000 list for 2015. It had a gross profit for 2015 of TRY 3.023 billion and US$6.8 billion in Tier I Capital, as defined by Basel's Bank for International Settlements.
|Traded as||BİST: ISATR|
|Industry||Finance and insurance|
|Founder||Mustafa Kemal Atatürk|
Number of locations
(1,354 domestic; 55 foreign)
|Turkey and parts of Europe|
|H. Ersin Özince(chairman)|
|Products||Financial services, credit cards, consumer banking, corporate banking, investment banking, mortgage loans, private banking|
|3.083 billion (2015)|
|Total assets||275.718 billion (2015)|
|Total equity||32.035 billion (2015)|
Number of employees
|25,157 (excluding subsidiaries)|
|Subsidiaries||106 subsidiaries, including|
|Footnotes / references|
The bank operates 1,354 branches domestically, giving it one of the largest branch networks in Turkey. İşbank's international network comprises 16 branches in the Turkish Republic of Northern Cyprus, two branches in each of Iraq, Kosovo and the United Kingdom, and one branch each in Bahrain, Cairo and Shanghai. İşbank's German banking subsidiary (İşbank GmbH) has 13 branches in Germany and one branch each in the Netherlands, France, Switzerland and Bulgaria. İşbank's Russian banking subsidiary (JSC İşbank) has 11 branches in Russia. There is also a subsidiary in Georgia (JSC İşbank Georgia) with branches in Tbilisi and Batumi.
Following the culmination of World War I in 1918 and the subsequent dissolution of the Ottoman Empire in 1922, Turkey was declared a republic and Mustafa Kemal Atatürk was elected by parliament as the first president of Turkey. Atatürk was quick to realise that the government needed a national bank to rebuild Turkey's economy following the debacle of the war. Türkiye İş Bankası, the first truly national bank in the Turkish Republic was founded on 26 August 1924 at the First Economy Congress in İzmir.
Atatürk appointed Celâl Bayar, his close aide and then the Minister of Exchange Construction and Settlement as the president of the newly formed bank. İşbank began operations with two branches and 37 staff under the leadership of Celal Bayar, its first general manager. The bank was established with donations of cash and gold bullion from Muslim supporters in the future Pakistan sent via the Imperial Bank of India to support the Turkish War of Independence.
Contributions to banking in TurkeyEdit
- The use of cheques for daily transactions.
- Initiating electronic banking in the country.
- Introduction of the ATM.
- Overseas branches in Europe and Turkish Republic of Northern Cyprus.
- Saving accounts.
- Mutual funds.
- Introduction of child's coin bank.
- Operation of an in-house securities division.
- Interactive banking service since July 1996
- Deployment of Netmatik machines, to enable online banking among clients without access to a computer.
- Introduction of mobile banking on WAP enabled GSM phones.
- Bankamatik(+) which allows the money to be put directly to the account of the client.
- Introduction of Maximum Cash Point which allows clients to draw cash from POS machine where there is no ATM available.
The state Pension Fund has brokered the offering of stock options to employees and retired staff in the company which has reached 41.5%. As of December 2006 41.5% of Isbank shares are held by Isbank's own private Pension Fund, 28.1% are Atatürk's shares that are represented by Republican People's Party and 30.4% are free float. In May 1998, 12.3% of the Bank's total shares previously held by the Turkish Treasury have been sold to national and international investors in a public offering.
Today the shares are listed on the Istanbul and London Stock Exchanges. The Bank's market capitalization valued at TRL 17,971,848 thousand by the end of December 2006 is the second one among private corporations in Turkey. As of 29 December 2006, İşBank's market value constitutes 7.81% of the ISE market value where 316 corporations were traded and whose market value was TRL 230,037,678 thousand.