Founded as a local bank in Adana in January 1948, Akbank was originally established with the core objective of providing funding for local cotton producers. Growing and developing over time, the Bank opened its first branch in the Sirkeci district of Istanbul on July 14, 1950. In 1954, after relocating its Head Office to Istanbul, the Bank rapidly expanded its branch network and in 1963 automated all banking operations.
Floated to the public in 1990, Akbank shares began trading on international markets and as an American Depository Receipt (ADR) after its secondary public offering in 1998.
Akbank established AKSecurities in 1996, AKInvestment Fund in 1998, AKAssetManagement Company and its Private Banking Department in 2000. Akbank established Ak Pension Company in 2003 and acquired AKLease in 2005. In February 2006, Ak Pension Company was sold to Ak Insurance.
Akbank conducts overseas operations through its subsidiaries in the Netherlands (Akbank NV), Germany (Akbank AG) and Dubai (Akbank Dubai Limited) along with a branch in Malta.
In addition to its core banking activities, Akbank offers a wide range of corporate, SME, consumer and private banking services as well as foreign trade financing. Meanwhile, non-banking financial services in addition to capital markets and investment services are provided by the Bank’s subsidiaries. Equipped with state-of-the-art IT systems and a staff of experienced bankers, Akbank continues to focus on providing top quality services to an extensive portfolio of consumer and corporate customers.
With its strong and extensive domestic distribution network consisting of 877 branches and close to 15,000 employees, Akbank operates from its Head Office in Istanbul and 20 regional directorates throughout Turkey. In addition to the Bank’s traditional delivery channels such as its branches, Akbank also offers customers services through its Retail and Corporate Internet Branches, the Telephone Banking Center, over 2,500 ATMs and more than 260,000 POS terminals as well as other high-tech channels.
On January 9, 2007, Akbank and Citigroup successfully completed a strategic partnership agreement according to which Citigroup acquired a 20% equity stake in Akbank. The strategic partnership with Citigroup has contributed to the enhancement of Akbank’s banking activities, the improvement of its existing products and the development of new products.
In 2009, Akbank established an International Advisory Board comprising of prominent global leaders to facilitate debate and evaluate global and domestic economic developments and their strategic implications for Akbank.
In addition, the Corporate Governance and Social Responsibility Committee was established within Akbank in 2009 to monitor compliance with corporate governance principles and oversee the administration of corporate social responsibility activities.
The construction of the Akbank Banking Center in Çayırova, which began in 2009 and is aimed to be completed by May 2010, is not only destined to be the highest transaction capacity operations center of Turkey but also its surrounding region. Equipped with state-of-the-art technology, this giant complex is targeted to be the banking operations center for a large geographical area consisting of Turkey and its surrounding countries.
With its robust capital base, reliable deposit structure, ability to raise foreign financing on favorable terms and strong growth in its assets, Akbank continues to maintain its position as one of the leading banks in Turkey. As of the end of 2009, Akbank reported a consolidated net profit of TL 2,723 million (approximately US$ 1,831 million) and total consolidated assets of TL 102,833 million (approximately US$ 69,141 million). The consolidated capital adequacy ratio of Akbank, standing at 21.0%, is among the highest in the sector.
In 2009, Akbank continued to raise funds from foreign markets on favorable terms, with total resources reaching US$ 5.9 billion at the end of the year.
28.63% of Akbank’s shares are listed on the Istanbul Stock Exchange. The Bank’s Level 1 ADRs are traded on the OTC in the United States. Akbank’s market capitalization stood at US$ 19.1 million on December 31, 2009, identifying it as the most valuable company on the ISE.
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