Koçbank
Encyclopedia
Koçbank was a Turkish
bank
. It was a wholly owned subsidiary of Koç Holding
.
, based in Istanbul. Koç Holding acquired a 51% stake in the bank in 1986, renaming it Koç-American Bank, and in 1992 the bank became a wholly owned subsidiary of Koç Holding, and was renamed as Koçbank A.Ş. It grew to be one of the most important institutions in the sector with its young history and its financial subsidiaries established in a short term to address the financial needs of its customers.
In 2002, 50% of Koçbank was sold to UniCredit
.
As of 2003, Koçbank had 143 branches, including branches in Azerbaijan
, the Netherlands and Bahrain
.
On 29 September 2005, Koçbank enhanced its position in the Turkish banking market with the acquisition of 57.4% of the share capital of Yapı ve Kredi Bankası
, one of Turkey’s oldest and largest financial groups.
One of the most significant developments of the restructuring phase that started with the foundation of KFS was the establishment of a strategic partnership with UniCredit
(UCI), a leading international banking group of Italian origin present in 20 countries. In October 2002, the Koç Group and UniCredit signed a partnership agreement and became 50/50 shareholders in KFS; making KFS the first foreign partnership to be established in the financial sector in Turkey.
Koç Group and UniCredit further deepened their investment in growth in Turkey by acquiring, through KFS, Yapı ve Kredi Bankası
. Acquisition of Yapı Kredi and its subsequent merger with Koçbank are the result of Unicredit’s and Koç Group’s shared vision in Turkey’s long-term growth prospects as well as their strategic focus on growth in the financial services sector.
Following the merger in October 2006, 80.2% of Yapı Kredi was owned by KFS while minorities’ stake in the Bank was 19.8%. Following the completion of the share exchange between KFS and Yapı Kredi in October 2007 for the transfer of the shares owned by KFS in YK Leasing, YK factoring and YK Azerbaijan to Yapı Kredi,the ownership of KFS in Yapı Kredi increased to 81.8% while the minorities share has changed to 18.2%.
Following the legal merger, Yapı Kredi is positioned as the fourth largest privately-owned commercial bank by asset size in Turkey, with interest in credit cards, assets under management, non-cash loans, leasing, factoring, private pension funds and non-life insurance. The combined KFS Group’s financial services network,now consists of over 13 million customers and 684 branches across the country.
Turkey
Turkey , known officially as the Republic of Turkey , is a Eurasian country located in Western Asia and in East Thrace in Southeastern Europe...
bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
. It was a wholly owned subsidiary of Koç Holding
Koç Holding
Koç Holding A.Ş. is the top industrial conglomeratein Turkey. The Koç family, one of Turkey's wealthiest families, controls the company with its headquarter in Nakkaştepe, Istanbul...
.
Origins
Koçbank was founded in 1981 as the American Express BankAmerican Express
American Express Company or AmEx, is an American multinational financial services corporation headquartered in Three World Financial Center, Manhattan, New York City, New York, United States. Founded in 1850, it is one of the 30 components of the Dow Jones Industrial Average. The company is best...
, based in Istanbul. Koç Holding acquired a 51% stake in the bank in 1986, renaming it Koç-American Bank, and in 1992 the bank became a wholly owned subsidiary of Koç Holding, and was renamed as Koçbank A.Ş. It grew to be one of the most important institutions in the sector with its young history and its financial subsidiaries established in a short term to address the financial needs of its customers.
In 2002, 50% of Koçbank was sold to UniCredit
UniCredit
UniCredit SpA is an Italy-based, pan-European banking organization, with aprox 40 million customers and operations in 22 countries.- Geography :...
.
As of 2003, Koçbank had 143 branches, including branches in Azerbaijan
Azerbaijan
Azerbaijan , officially the Republic of Azerbaijan is the largest country in the Caucasus region of Eurasia. Located at the crossroads of Western Asia and Eastern Europe, it is bounded by the Caspian Sea to the east, Russia to the north, Georgia to the northwest, Armenia to the west, and Iran to...
, the Netherlands and Bahrain
Bahrain
' , officially the Kingdom of Bahrain , is a small island state near the western shores of the Persian Gulf. It is ruled by the Al Khalifa royal family. The population in 2010 stood at 1,214,705, including 235,108 non-nationals. Formerly an emirate, Bahrain was declared a kingdom in 2002.Bahrain is...
.
On 29 September 2005, Koçbank enhanced its position in the Turkish banking market with the acquisition of 57.4% of the share capital of Yapı ve Kredi Bankası
Yapi ve Kredi Bankasi
- History of Yapi Kredi A.Ş :Yapı Kredi is the first nationwide private bank in Turkey, established in 1944, and positioned as the fourth largest privately-owned and by asset size in Turkey, with interest in credit cards, assets under management, non-cash loans, leasing, factoring, private pension...
, one of Turkey’s oldest and largest financial groups.
Expansion and restructuring
Following the decision of the Koç Group to expand in the financial sector, Turkey’s first financial holding company, Koç Financial Services (KFS), was established in March 2001 as a management company and all the financial companies owned by the Koç Group, including Koçbank, were united under this umbrella.One of the most significant developments of the restructuring phase that started with the foundation of KFS was the establishment of a strategic partnership with UniCredit
UniCredit
UniCredit SpA is an Italy-based, pan-European banking organization, with aprox 40 million customers and operations in 22 countries.- Geography :...
(UCI), a leading international banking group of Italian origin present in 20 countries. In October 2002, the Koç Group and UniCredit signed a partnership agreement and became 50/50 shareholders in KFS; making KFS the first foreign partnership to be established in the financial sector in Turkey.
Koç Group and UniCredit further deepened their investment in growth in Turkey by acquiring, through KFS, Yapı ve Kredi Bankası
Yapi ve Kredi Bankasi
- History of Yapi Kredi A.Ş :Yapı Kredi is the first nationwide private bank in Turkey, established in 1944, and positioned as the fourth largest privately-owned and by asset size in Turkey, with interest in credit cards, assets under management, non-cash loans, leasing, factoring, private pension...
. Acquisition of Yapı Kredi and its subsequent merger with Koçbank are the result of Unicredit’s and Koç Group’s shared vision in Turkey’s long-term growth prospects as well as their strategic focus on growth in the financial services sector.
Following the merger in October 2006, 80.2% of Yapı Kredi was owned by KFS while minorities’ stake in the Bank was 19.8%. Following the completion of the share exchange between KFS and Yapı Kredi in October 2007 for the transfer of the shares owned by KFS in YK Leasing, YK factoring and YK Azerbaijan to Yapı Kredi,the ownership of KFS in Yapı Kredi increased to 81.8% while the minorities share has changed to 18.2%.
Following the legal merger, Yapı Kredi is positioned as the fourth largest privately-owned commercial bank by asset size in Turkey, with interest in credit cards, assets under management, non-cash loans, leasing, factoring, private pension funds and non-life insurance. The combined KFS Group’s financial services network,now consists of over 13 million customers and 684 branches across the country.