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Türk Ekonomi Bankası (Turkish Economy Bank), abbreviated TEB, was founded in 1927 by private capital holders as a regional bank under the name of Kocaeli Bankası T.A.Ş. in İzmit, Turkey.
The Bank is one of the first banks of the Turkish Republic, founded in 1923.
In 1981, the Bank was purchased by the Çolakoğlu Group who changed the name of the Bank to Türk Ekonomi Bankası A.Ş. in 1982. The Bank has been reputed for its successful management and cautiousness since, being active in commercial and private banking.
In March 2005, TEB has signed a joint venture agreement with the French BNP Paribas SA, one of the largest financial associations in the world. TEB is aggressively expanding its retail network in Turkey since and has more than 240 branches as of 2Q 2007. Mr. Varol Civil is the CEO of the bank.
TEB has also a Bank in the Netherlands called TEB NV, unlike its parent, its full name is "The Economy Bank".
