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Türkiye İş Bankası is Turkey's first public bank and premiere national financial institution, ranked 102nd in the “Top 1000 World Banks” survey of Financial Times' The Banker and 371th in the Forbes Global 2000 lists as of 2008, with a Gross Profit for the Year 2006 TRY 2,540 million and USD 6.8 billion in Tier I Capital, as defined by Basel’s Bank for International Settlements. The company offers some of the largest services in Turkey, and operates 891 branches domestically, twelve branches in Germany, two branches in the Netherlands, and one branch each in France and Switzerland and one representative office in China.
[edit] History
The inception of the country's first truly national bank following the promulgation of the Republic dates back to 26 August 1924, mandated by Atatürk, consequent to the First Economy Congress in İzmir. Isbank begun to operate with two branches and 37 staff under the leadership of Celal Bayar, the first General Manager to run the bank. The bank was partly aided by India through the Imperial State Bank of India in 1927, which was part of generally larger sum given to aid the Turkish Liberation Movement.
The Grand Victory which preceded the proclamation of the Republic order entailed a period during which resolutions to the state's economic and social problems were sought. There was a growing and deeply rooted sentiment signalling the need for a truly national establishment and the birth of a banking system that was capable of the financing means to back up economic activities, managing funds accumulated as a result of policies providing savings incentives and where necessary extending resources which could trigger industrial impetus.
The birth of a new country heavily depended on the presence of banking activities nation wide, the drive for industrial development, animating national savings, financing fundamental economic breakthroughs and the means to meet financial borrowings. The aftermath of World War I culminated in a wide array of progress, including financial services which soon took off with an accelerated pace leading to technological advances and the designation of previously unheard methods and criteria governing business. Turkey was to suffer deprivation from such innovations and lacked qualified and skilled human resources. Isbank began operating at a time of such economic strain.
[edit] Contributions to Banking in Turkey
The following services have been first introduced by Isbank to citizens of Turkey throughout its history:
- The use of cheques for daily transactions
- Initiating electronic banking in the country with a sound technological groundwork
- Introduction of ATM's. Isbank was the first in the industry to coin a generic name for teller machines
- Overseas branches in Europe and Turkish Republic of Northern Cyprus
- Saving accounts
- Mutual funds
- Introduction of child's coin bank's which has triggered and made mainstream propensity to save in the society
- Operation of an in house securities division
- Interactive banking service since July 1996
- Deployment of Netmatik machines, to enhance online banking among clients without access to PC's
- Introduction of mobile banking on WAP enabled GSM phones
- Bankamatik(+) which allows the money to be put directly to the account of the client
- Introduction of Maximum Cash Point which allows clients to draw cash from POS machine where there are no atms available
[edit] Financial Operations
Isbank boasts continuous growth committed to its founding principles, restoring its strength and vigour with each passing year. The Bank tops the list of Turkey's most respected and trustful enterprises, while carving itself a place among the world's largest corporations. Isbank, a publicly traded firm since its inception enjoys a peerless stakeholder base. To this day the state Pension Fund has brokered the offering of stock options to employees and retired staff in the company which has reached 41.5%. As of December 2006 41.5 % of Isbank shares are held by Isbank's own private Pension Fund, 28.1 % are Ataturk's shares that are represented by Republican People's Party and 30.4 % are free float. In May 1998, 12.3% of the Bank's total shares previously held by the Turkish Treasury have been sold to national and international investors in a highly successful public offering. Today the shares are listed on the Istanbul and London Stock Exchanges. The Bank's market capitalization valued at TRY 17,971,848 thousand by the end of December 2006 is the second one among private corporations in Turkey. As of 29th December 2006, Isbank's market value constitutes 7,81 % of the ISE market value where 316 corporations were traded and whose market value was TRY 230,037,678 thousand.
[edit] See also
