The banks in Turkey are banking institutions that provide a variety of services to individuals and companies, some of which are state banks and others are private banks, and Turkey has a large number of perfectly organized banks that provide integrated services to foreign and Turkish customers, which contributes to supporting the Turkish economy and encouraging investment… What are the most famous of these banks?
1. Turkish Business Bank (Türkiye İş Bankası)
The Turkish Business Bank is the first national bank of the Republic of Turkey, established under the guidance of Mustafa Kemal Atatürk in 1924 in the Levent district on the European side of Istanbul, and it ranks 181st as the largest bank in the world in terms of capital, according to The Banker magazine. The Business Bank is distinguished by the number of branches that reached over 1,000 branches in Turkey and 21 branches abroad, and by providing a large number of services in the field of bank accounts locally and internationally, it has several global partnerships in Germany, Russia and Georgia, and in an interview with Anadolu Agency last year, “Hakan Aran,” the bank’s general manager, said: With increased interest in using digital platforms due to the Coronavirus pandemic, the number of digital customers of the bank has reached more than 10 million, and the percentage of banking transactions that took place outside the branches amounted to 96% of the total number of transactions.
2. Ziraat Bank (Ziraat Bankası)
Ziraat Bank is one of the oldest banks in Turkey, as it was established in 1863 and began its work by providing support to farmers by forming a modest charitable fund, as the majority of the population at that time were farmers who faced many financial difficulties, and Ziraat Bank came as an ideal solution to their problem by providing financial loans to facilitate the purchase of agricultural equipment. Ziraat Bank is headquartered in the capital, Ankara, and has a large number of branches inside and outside of Turkey. It is characterized by great flexibility in financial transactions and the ease of opening bank accounts for all segments of society as well as foreigners.
In the year 2015, Turkish President “Recep Tayyip Erdoğan” opened the first branch of the Ziraat Islamic Participation Bank under the name (Ziraat Katilim Bankası), which is a branch of the Ziraat State Bank, but it differs from it in that it is compatible with Islamic law, and President Erdoğan was the first person to open an account in the bank, which is widely popular due to the introduction of the non-interest work system and the possibility of Arabs and Syrians to open bank accounts in it with very easy procedures.
3. Vakif Bank
Vakif State Bank was established in 1957 and is one of the leading Islamic banks in Turkey, providing the finest banking services and innovative banking solutions to individuals and companies. The Turkish “Hürriyet” daily news reported that “Vakif Bank” is the first and only Turkish bank that obtained a banking license in Qatar. The Daily added that the Vakif Bank is on its way to becoming a stronger financial center in the region, and Vakif Bank has branches all over the world as it has branches in New York, Erbil northern Iraq, the coast of Bahrain, Austria, Germany and Northern Cyprus.
Turkish Guaranty Bank (Garanti BBVA)
The Turkish Guaranty Bank (Garanti BBVA) was established in 1946, it is the second largest private bank in Turkey with unified assets of approximately 65.5 billion USD, according to 2022 statistics. (Garanti BBVA) provides banking services to commercial companies of all sizes, as it has provided services to more than 20 million customers through 18,500 employees distributed over 869 local branches and 8 international branches, seven of which are in Cyprus and one in Malta, in addition to its offices in Dusseldorf and Shanghai.
5. Deniz Bank
Deniz Bank was established in 1938 as a state bank that finances the Turkish maritime transport sector, and in 1997 the bank was purchased and transferred from the state sector to the private sector, then Emirates NBD, the largest bank in the Emirates, reached a deal with the “Russian Sber” Bank to buy its share in Turkish Deniz Bank Which amounts to 99.85 of the bank’s shares for 3.2 billion USD. This deal reflects the confidence of foreign investors in the banking sector and the future of the Turkish economy, as the number of banks in which Gulf investors own shares in Turkey rose to 9 after this purchase, as Deniz Bank is considered the fifth largest private bank in Turkey, with 751 branches, including 708 are in Turkey and 43 are abroad.
Turkish Halk Bank (Halk Bankası)
Turkish Halk Bank was established in 1933 in the Turkish capital, Ankara, and is considered the most desirable bank for businessmen inside and outside of Turkey, as it provides a wide range of services such as paying bills, transferring funds inside and outside of Turkey, making SWIFT code transactions outside Turkey, issuing credit cards, mortgages, and investing in participation funds and gold…
Halk Bank is distinguished by the ease of opening a bank account in it for Turks and foreigners, and the ability to manage the account, carry out transactions and pay bills through the Halk Bank app that you download on your mobile phone. Halk Bank has more than 1000 branches inside Turkey and 5 branches abroad.
7. YapiKredi Bank (YapiKredi Bankası)
YapiKredi Bank was established in 1944 by Mr. Kazım Taşkent as the first private bank in Turkey, with more than 10 million customers and more than 1,000 branches. It is a union between two of the largest and most powerful institutions, “YapiKredi” and “Koçbank”. YapiKredi Bank ranks fourth among private banks in Turkey as one of the largest Turkish financing and investment banks.
8. Kuveyt Türk
Kuveyt Türk was established in 1989 and it is one of the interest-free Islamic banks. Kuveyt Türk has more than 220 branches on Turkish lands, and in 2015 a branch was opened in the German city of “Mannheim” to be the first Islamic bank in Germany to provide all banking services with consideration of Islamic law. Several Kuwaiti and Turkish investment entities with high levels of importance contribute to Kuveyt Türk, the most important of which is the Kuwait Finance House. The importance of this bank has emerged as an Islamic bank that meets the desires of Arabs in Turkey for deposit and investment, and the bank has worked to attract many Gulf business capitals and diverse investments into the Turkish market, which clearly contributed to the development of the Turkish economy.
9. AlBaraka Bank (alBaraka Bankası)
AlBaraka Turkish Bank is the first participatory Islamic bank, established in Turkey by AlBaraka Bahraini Group in 1984 and began its commercial activity in 1985. Several foreign investment parties contribute to AlBaraka Turkish Bank such as AlBaraka Banking Group and the Islamic Development Bank. AlBaraka Bank provides its financial and banking services to thousands of customers inside and outside of Turkey, as the number of its branches has reached 236 branches inside of Turkey, according to the data of 2020, in addition to two branches in Iraq.
10. Qatari-Turkish Bank (QNB Finansbank)
The Qatari-Turkish Bank was established in 1987 with a capital of $4 million, becoming one of the largest Arab and Islamic banks in Turkey, where QNB customers can obtain current accounts that are compliant with Islamic law in many currencies.
Qatari-Turkish Bank provides banking services to more than 1.5 million customers in Turkey and worldwide, with a total of 515 branches and 11,882 employees.
Turkish banks distributed throughout the country facilitate sales and purchases for investors from inside and outside of Turkey and positively affect the economy in Turkey.
You can always contact Elhaj Real Estate Group and get a free consultation about investing in the lands of the Canal Istanbul project and the smart city “Yenişehir”, one of the most important projects in Turkey.
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