Türkiye Is Bankasi
Encyclopedia
Türkiye İş Bankası is Turkey's first public bank and premiere national financial institution, ranked 102nd in the “Top 1000 World Banks” survey of Financial Times
' The Banker
and 371st in the Forbes Global 2000
lists as of 2008, with a Gross Profit for the Year 2006 TRY 2,540 million and USD 6.8 billion in Tier I Capital, as defined by Basel’s Bank for International Settlements
.
The bank operates 1,011 branches domestically, giving it one of the largest branch networks in Turkey. İşbank's international network comprises one branch in the United Kingdom, one branch in Bahrain, 13 branches in the Turkish Republic of Northern Cyprus
, a financial subsidiary in the Republic of Ireland (İş Dublin Financial Services plc), and a banking subsidiary in Germany (İşbank GmbH), with 11 branches in Germany and one branch each in the Netherlands, France and Switzerland) as well as representative offices in Shanghai and in Cairo.
. Isbank begun to operate with two branches and 37 staff under the leadership of Celal Bayar
, its first General Manager. The bank was established with the donations of cash and gold bullion from the muslim
s of India
sent via the Imperial Bank of India
to support the Turkish War of Independence
.
The Treaty of Lausanne
, which preceded the proclamation of the Republic, entailed a period during which resolutions to the state's economic and social problems were sought. There was a growing and deeply rooted sentiment signalling the need for a truly national establishment and the birth of a banking system that was capable of the financing means to back up economic activities, managing funds accumulated as a result of policies providing savings incentives and where necessary extending resources which could trigger industrial impetus.
The birth of a new country heavily depended on the presence of banking activities nationwide, the drive for industrial development, animating national savings, financing fundamental economic breakthroughs and the means to meet financial borrowings. The aftermath of World War I culminated in a wide array of progress, including financial services which soon took off with an accelerated pace leading to technological advances and the designation of previously unheard methods and criteria governing business. Turkey was to suffer deprivation from such innovations and lacked qualified and skilled human resources. Isbank began operating at a time of such economic strain.
and London
Stock Exchanges. The Bank's market capitalization valued at TRY 17,971,848 thousand by the end of December 2006 is the second one among private corporations in Turkey. As of 29 December 2006, Isbank's market value constitutes 7,81 % of the ISE market value where 316 corporations were traded and whose market value was TRY 230,037,678 thousand.
Financial Times
The Financial Times is an international business newspaper. It is a morning daily newspaper published in London and printed in 24 cities around the world. Its primary rival is the Wall Street Journal, published in New York City....
' The Banker
The Banker
The Banker is an English-language monthly international financial affairs publication owned by The Financial Times Ltd. and edited in London...
and 371st in the Forbes Global 2000
Forbes Global 2000
The Forbes Global 2000 is an annual ranking of the top 2000 public companies in the world by Forbes magazine. The ranking is based on a mix of four metrics: sales, profit, assets and market value...
lists as of 2008, with a Gross Profit for the Year 2006 TRY 2,540 million and USD 6.8 billion in Tier I Capital, as defined by Basel’s Bank for International Settlements
Bank for International Settlements
The Bank for International Settlements is an intergovernmental organization of central banks which "fosters international monetary and financial cooperation and serves as a bank for central banks." It is not accountable to any national government...
.
The bank operates 1,011 branches domestically, giving it one of the largest branch networks in Turkey. İşbank's international network comprises one branch in the United Kingdom, one branch in Bahrain, 13 branches in the Turkish Republic of Northern Cyprus
Turkish Republic of Northern Cyprus
Northern Cyprus or North Cyprus , officially the Turkish Republic of Northern Cyprus , is a self-declared state that comprises the northeastern part of the island of Cyprus...
, a financial subsidiary in the Republic of Ireland (İş Dublin Financial Services plc), and a banking subsidiary in Germany (İşbank GmbH), with 11 branches in Germany and one branch each in the Netherlands, France and Switzerland) as well as representative offices in Shanghai and in Cairo.
History
The inception of the country's first truly national bank following the promulgation of the Republic dates back to 26 August 1924, mandated by Atatürk, consequent to the First Economy Congress in İzmirIzmir
Izmir is a large metropolis in the western extremity of Anatolia. The metropolitan area in the entire Izmir Province had a population of 3.35 million as of 2010, making the city third most populous in Turkey...
. Isbank begun to operate with two branches and 37 staff under the leadership of Celal Bayar
Celal Bayar
Celâl Bayar was a Turkish politician, statesman and the third President of Turkey. At the time of his death, he was the longest lived former head of state, living over 103 years .-Early years:He was born in 1883 at Umurbey, a village of Gemlik, Bursa as the son of a religious leader and teacher...
, its first General Manager. The bank was established with the donations of cash and gold bullion from the muslim
Muslim
A Muslim, also spelled Moslem, is an adherent of Islam, a monotheistic, Abrahamic religion based on the Quran, which Muslims consider the verbatim word of God as revealed to prophet Muhammad. "Muslim" is the Arabic term for "submitter" .Muslims believe that God is one and incomparable...
s of India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
sent via the Imperial Bank of India
Imperial Bank of India
The Imperial Bank of India was the oldest and the largest commercial bank of the Indian subcontinent, and was subsequently transformed into State Bank of India in 1955.-Origin:...
to support the Turkish War of Independence
Turkish War of Independence
The Turkish War of Independence was a war of independence waged by Turkish nationalists against the Allies, after the country was partitioned by the Allies following the Ottoman Empire's defeat in World War I...
.
The Treaty of Lausanne
Treaty of Lausanne
The Treaty of Lausanne was a peace treaty signed in Lausanne, Switzerland on 24 July 1923, that settled the Anatolian and East Thracian parts of the partitioning of the Ottoman Empire. The treaty of Lausanne was ratified by the Greek government on 11 February 1924, by the Turkish government on 31...
, which preceded the proclamation of the Republic, entailed a period during which resolutions to the state's economic and social problems were sought. There was a growing and deeply rooted sentiment signalling the need for a truly national establishment and the birth of a banking system that was capable of the financing means to back up economic activities, managing funds accumulated as a result of policies providing savings incentives and where necessary extending resources which could trigger industrial impetus.
The birth of a new country heavily depended on the presence of banking activities nationwide, the drive for industrial development, animating national savings, financing fundamental economic breakthroughs and the means to meet financial borrowings. The aftermath of World War I culminated in a wide array of progress, including financial services which soon took off with an accelerated pace leading to technological advances and the designation of previously unheard methods and criteria governing business. Turkey was to suffer deprivation from such innovations and lacked qualified and skilled human resources. Isbank began operating at a time of such economic strain.
Contributions to Banking in Turkey
The following services have been first introduced by Isbank to citizens of Turkey throughout its history:- The use of cheques for daily transactions
- Initiating electronic banking in the country with a sound technological groundwork
- Introduction of ATM's. Isbank was the first in the industry to coin a generic name for teller machines
- Overseas branches in Europe and Turkish Republic of Northern Cyprus
- Saving accounts
- Mutual funds
- Introduction of child's coin bank's which has triggered and made mainstream propensity to save in the society
- Operation of an in house securities division
- Interactive banking service since July 1996
- Deployment of Netmatik machines, to enhance online banking among clients without access to PC's
- 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 are no atms available
Financial Operations
Isbank boasts continuous growth committed to its founding principles, restoring its strength and vigour with each passing year. The Bank tops the list of Turkey's most respected and trustful enterprises, while carving itself a place among the world's largest corporations. Isbank, a publicly traded firm since its inception enjoys a peerless stakeholder base. To this day 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 highly successful public offering. Today the shares are listed on the IstanbulIstanbul Stock Exchange
The Istanbul Stock Exchange is the only corporation in Turkey for securities exchange established to provide trading in equities, bonds and bills, revenue-sharing certificates, private sector bonds, foreign securities and real estate certificates as well as international securities. The ISE was...
and London
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
Stock Exchanges. The Bank's market capitalization valued at TRY 17,971,848 thousand by the end of December 2006 is the second one among private corporations in Turkey. As of 29 December 2006, Isbank's market value constitutes 7,81 % of the ISE market value where 316 corporations were traded and whose market value was TRY 230,037,678 thousand.