About Us

• VakifBank in Brief
• History
• Mission, Vision and Targets
• Ownership Structure
• Management
• Subsidiaries
• Anti Money Laundering
• USA Patriot Act Certification
• Act&Articles of Association
• Corporate Governance
• Ethical Principles

The Bank conducts its operations both domestically and internationally, through its branches and through its subsidiaries and affiliate companies. The following are VakifBank’s principal subsidiaries and affiliates (with ownership percentages expressed in this section reflecting ownership by members of VakifBank’s group):

VakifBank International Wien AG.

VakifBank International Wien AG. Vakif Wien was established in Austria in 1999 to enhance VakifBank’s foreign activities in line with its geographic expansion strategy. VakifBank owns 90% of Vakif Wien’s share capital of €20 million (the remaining 10% of which is owned by VakifBank Pension Fund). Vakif Wien has had a branch in Frankfurt since 2002. Also, VakifBank recently opened a branch in Cologne.

Vakif Emeklilik A.S.

Vakif Emeklilik A.S. Vakif Pension Company, or Günes Life Insurance Company, was established in 1991 to operate a private pension fund business. It has more than 200 distribution channels with 380 personnel. Vakif Pension Company offers opportunities to cross sell annuities and other fund management products of VakifBank to pension fund clientele. VakifBank owns 74.9% of Vakif Pension Company’s share capital. The other shareholders are a subsidiary of Günes Insurance, VakifBank Pension Fund and VakifBank Private Pension Fund.

Vakif Finansal Kiralama A.S.

Vakif Finansal Kiralama A.S.Vakif Financial Leasing was established in 1988 to provide leasing services for the transportation services industry. It has recently expanded its business to provide also leasing services regarding machinery and equipment, medical equipment, tourism equipment and office equipment. Vakif Financial Leasing acquires equipment and enters into domestic and cross-border financial leasing transactions with respect to such equipment. In 2005, Vakif Financial Leasing entered into 198 new leasing contracts. As of December 31, 2005, it had over 700 contracts outstanding with an average term of two years and a total book value of TRY138 million (US$102.6 million). Of those contracts, 90% were in U.S. Dollars or Euros. Vakif Financial Leasing and Vakif Deniz Financial Leasing have, together, a 6% share of the leasing market in Turkey, ranking among the top six leasing companies in Turkey. As of December 31, 2005, Vakif Financial Leasing had total assets of TRY148.7 million (US$110.6 million) and net profits of TRY7.8 million (US$5.8 million). VakifBank holds 64.2% of Vakif Financial Leasing’s share capital. The other shareholders are certain VakifBank subsidiaries, VakifBank Pension Fund and VakifBank Private Pension Fund. Vakif Financial Leasing is a publicly traded company with 21.7% of its share capital owned by the public.

Vakif Deniz Finansal Kiralama A.S.

Vakif Deniz Finansal Kiralama A.S.Vakif Deniz Financial Leasing was established in 1993 to provide leasing services to the maritime transportation industry. It later expanded its financial leasing business to include a wide range of industries, including textiles, automobiles and steel. As of December 31, 2005, Vakif Deniz Financial Leasing had total assets of TRY121.3 million (US$90.2 million) and net profits of TRY7.7 million (US$5.7 million). VakifBank holds 73.8% of Vakif Deniz Financial Leasing’s share capital. The other shareholders are certain VakifBank subsidiaries, VakifBank Pension Fund and VakifBank Private Pension Fund. As one of the market leaders in the industry, Vakif Deniz Financial Leasing obtained the TS ISO 9002 quality certificate on December 31, 2001. Vakif Deniz Financial Leasing merged its operations with Vakif Financial Leasing in August, 2003.

Günes Sigorta A.S.

Günes Sigorta A.S. Günes Insurance commenced in 1957. It offers non-life insurance services, including fire, accident, engineering, legal and health insurance. Günes Insurance is one of the top five non-life insurance companies in Turkey and also provides consultancy and risk management services. As of December 31, 2005, it had 2.1 million policies outstanding representing a 5.7% share of the market in Turkey. Gunes Insurance’s premiums have been growing rapidly, with annual growth of 36% since 2000. Gunes Insurance is a listed public company. VakifBank owns 35.35% of Günes Insurance’s share capital, which had shareholders’ equity of TRY187.1 million (US$139.1 million) and a market capitalization of TRY249 million (US$185.1 million) as of December 31, 2005. An additional 30% is owned by Groupama International, 15% is held by VakifBank Pension Fund and VakifBank Personeli Özel Güvenlik Hizmetleri Vakfi (“VakifBank Private Pension Fund”) and 20% is held by the public. VakifBank sees insurance as a significant potential high growth area. The non-life insurance sector is extremely underdeveloped in Turkey, with penetration ratios of only 1.25%, which is significantly below that of other central and eastern European countries. Each VakifBank branch acts as a agent for Gunes Sigorta and will be distributing all of the products of Gunes Sigorta through its network.

Vakif Finans Faktoring Hizmetleri A.S.

Vakif Finans Faktoring Hizmetleri A.S. Vakif Factoring was established in 1998 to provide factoring services for domestic and foreign commercial transactions, specifically focusing on the textile, food and forest product industries. As of December 31, 2005, Vakif Factoring had total assets of TRY90.1 million (US$67.0 million) and net profits of TRY3.1 million (US$2.3 million). VakifBank holds 86.5% of Vakif Factoring’s share capital, and the balance of the share capital is held by entities part of VakifBank’s group.

World Vakif Offshore Banking Ltd.

World Vakif Offshore Banking Ltd. Established in 1993 with a capital of US$500,000 in Turkish Republic of Northern Cyprus to offer offshore banking services. World Vakif Offshore Banking Extends credit to the food, textile, automotive, construction and agricultural sectors and invents in the treasury bills and bonds. The Bank owns 84.9% of World Vakif Offshore Banking.

Turkiye Sýnai Kalkýnma Bankasi

Turkiye Sýnai Kalkýnma Bankasi: Established in 1950by coalition composed of commercial banks, the World Bank and the Central Bank of Turkey. A leading Turkish investment banking, consulting and capital market services. The Bank owns 8.4% of Turkiye Sýnai Kalkinma Bankasi’s share capital of TL 142,500 billion.

Vakýf Portfolio Management

Vakýf Portfolio Management: was established to manage customer's portfolios consisted with capital markets instruments as an assignee under the circumstances of Capital Markets Law and related legislations.As of December 31, 2007, the company has 1.500.000 YTL capital and VakifBank holds %99,99 of the total share capital.

Vakif Investment Corporation

Vakif Investment Corporation: was established to provide capital market activities within the framework of the Capital Market Board's 15.08.1996 dated Principle decisions.In 1998, company's name is changed into Vakýf Yatýrým Menkul Deðerler A.Þ.As of December 31, 2007, the company has 35.000.000 YTL capital and Vakifbank holds %99 of the total share capital.Vakýf Yatýrým Menkul Deðerler A.Þ. generates repurchasing agreements of securities, investment consultancy, portfolio management services beside intermediation activities.