Ownership Structure
Ownership Structure
As of September 30, 2011, the share capital of VakifBank was TL 2,500 million consisting of 250,000,000,000 shares, each share with a nominal value of TL 0.01. VakifBank is controlled by over 40,000 charitable foundations managed by the Turkish Prime Ministry’s General Directorate of Foundations (the “GDF”). On November, 2005, VakifBank and VakifBank Pension Fund sold, respectively, 27,900,000,000 and 4,300,000,000 Class D common shares of VakifBank in the IPO, representing 21.8% and 3.37%, respectively, of VakifBank’s total shares. Following the IPO, the GDF’s equity interest in VakifBank was reduced from 74.75% to 58.45% of VakifBank’s shares.
Shareholder Structure
Registered shareholdings in VakifBank as of November, 2011 were as follows:
|
Class of Shares
|
Shareholder
|
Nominal Value of the
Shares-TL |
Share
Percentage(%) |
Number Of Shareholders
|
|---|---|---|---|---|
| A | Foundations represented by the General Directorate of Foundations | 1.075.058.639,56 | 43,002346 | 1 |
| B | Appendant Foundations represented by the General Directorate of Foundations | 386.224.784,72 | 15,448991 | 1 |
| B | Other Appendant Foundations | 3.162.358,71 | 0,126494 | 273 |
| B | Other Registered Foundations | 1.448.543,46 | 0,057942 | 197 |
| C | Vakifbank Pension Fund | 402.552.666,42 | 16,102107 | 1 |
| C | Individuals and Legal Entities | 1.560.320,40 | 0,062413 | 440 |
| D | Free Float | 629.992.686,73 | 25,199707 | - |
|
TOTAL
|
2.500.000.000,00
|
100.00
|
913
|
|
Main Shareholders
GDF
The GDF manages foundations owning 58.45% of the shares of VakifBank (43.0% in the form of Class A shares and 15.45% in the form of Class B shares). The GDF was established in 1924 to administer and regulate existing and future Turkish charitable foundations as a governmental entity directly reporting to the Prime Minister. The GDF is a separate legal entity and has its own budget. The GDF was given the authority to establish a bank subject to the Incorporation Law for the purpose of managing the foundations’ revenues and expenses.
Other Appendant Foundations
The other appendant foundations are independent foundations with separate boards of trustees. They currently hold Class B shares, constituting 0.13% of VakifBank’s equity.
VakifBank Pension Fund
VakifBank Pension Fund has a 16.10% interest in VakifBank’s capital as a Class C shareholder. VakifBank’s employees contribute to VakifBank Pension Fund as opposed to the mandatory social security coverage provided by the governmental Social Security Institution. Therefore it is mandatory for all of VakifBank’s employees to become members of VakifBank Pension Fund.
Other Shareholders
The other shareholders consist of individuals or legal entities who together own 0.06% of VakifBank’s equity as Class C Shareholders and the Class D shareholders that acquired Class D shares of VakifBank in the IPO, which own, in the aggregate, 25.20% of the outstanding shares of VakifBank. None of the Class D shareholders owns more than 5% of the outstanding shares of VakifBank.
