History
DenizBank was established in 1938 as a state-owned bank (Denizcilik Bankasi) to help finance the then emerging Turkish maritime industry. In 1992, the Turkish government decided to consolidate a number of state-owned banks, and DenizBank merged into Emlakbank.
In 1997, a banking license was auctioned by the government under the name DenizBank without any significant assets except three branch buildings. Zorlu Holding acquired the bank from the Privatization Administration for $70 million in 1997, and operations commenced in September of that year. With the revitalization program initiated, new branches were opened under the new corporate identity. Expansion was supported by acquiring some branch offices from other banks, including Tarişbank in 2002. It went international by establishing or acquiring banks in Austria, Russia and the Turkish Republic of Northern Cyprus.
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“History ... is, indeed, little more than the register of the crimes, follies, and misfortunes of mankind.
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