Akbank

Akbank is a Turkish based bank and was founded in Adana, Turkey on January 1948, originally to provide financing for the cotton producers in the Çukurova region. As the majority of the bank founders Nuh Naci Yazgan, Nuri Has and Hacı Ömer Sabancı were born in Kayseri, the name "AK" is chosen since it is the acronym for "Adana'daki Kayserililer" (The Kayserians in Adana) in Turkish. Growing and developing over time, the Bank opened its first branch in Istanbul in the district of Sirkeci on July 14, 1950, moving its Headquarters to Istanbul in 1954. Rapidly increasing the number of its branches, Akbank automated all banking operations in 1963.

Akbank established Ak Securities in 1996, Ak Investment Fund in 1998, Ak Asset Management Company and its Private Banking Department in 2000. Akbank established Ak Pension Fund in 2003 and incorporated Ak Leasing in 2005. In February 2006, Ak Pension Fund was sold to the Aksigorta insurance company.

As of the end of 2008, Akbank ranked as Turkey's most valuable bank having the most profitable banking operations among privately owned banks in Turkey. In addition, with its extensive branch network, Akbank is one of the largest banks in Turkey in terms of loan volume.

Together with its core banking activities, Akbank offers a wide range of retail, commercial, corporate, private banking and international trade finance services. Non-banking financial services, as well as capital market and investment services, are provided by the Bank's subsidiaries.

With its domestic distribution network that includes over 912 branches and more than 15,300 employees, Akbank operates from its headquarters in Istanbul and 20 regional directorates around Turkey. Akbank provides services not only through its branches, which include "Credit Express" consumer loan only branches and "Big Red House" mortgage loan only branches, but also through Retail and Corporate Internet Branches, the Telephone Banking Center, 3,127 ATM's, over 267,000 POS terminals as well as the latest technology channels such as cell phones, and loan machines. Additionally, Free Banking Areas have been set up inside branches in which customers have access to Internet and telephone banking services. Akbank N.V. in the Netherlands and Akbank AG in Germany, Akbank Dubai Limited in UAE, as well as a branch in Malta, carry out Akbank's overseas operations.

On January 9, 2007, Akbank and Citigroup have completed the strategic partnership agreement according to which Citigroup acquired a 20% equity stake in Akbank for approximately US$ 3.1 billion (TRL 0.095 per share).

In 2008 Akbank in collaboration with Boyner Holding introduced “Fish”, a credit card which offers an array of different services and products. In 2008, apart from Boyner, Akbank also signed a partnership agreement with CarrefourSA. Additionally, Akbank introduced new services such as Wings Business Card, Citi Axess, ATMCredit and Multimedia POS to its customers.

As of 31 December 2010, Akbank reported a consolidated net profit of TRY 3,010 million (US$ 1,958 million) and total consolidated assets of TRY 120,070 million (US$ 78,089 million). The consolidated capital adequacy ratio of Akbank, standing at approx 20% is among the highest ratios achieved in the sector.

In 2010, Akbank continued to raise funds from international markets with the total of such resources reaching US$ 8,0 million by the end of the year.

Akbank is listed on the Istanbul Stock Exchange (ISE) where approx. 25% of its shares are publicly traded meanwhile, Level 1 Depositary Receipts of the Bank are traded on the OTC market in the US. Akbank shares constitute 8% of the total ISE market capitalization and 20% of the total market capitalization of banks listed on ISE as of September,2010.