Private and Public Banks in Turkey
Banks in Turkey are young and dynamic. Most of the transactions and activies of Money are carried out by banks in the country. State banks were established for a particular industry. For instance Ziraat Bank were established the fulfill the needs for agriculture sectors. However, private banks are connected to the holdings and industrial groups. First banking activity began at 1800s in Turkey by Galata bankers. Around those times, the Ottoman Empire needed financial support. That’s why after the Crimean War, some banks came to Istanbul. In 1856, The Ottoman Bank, also known as Osmanli Bankası was established. Later the Central Bank was founded at 1930.
Foreign Banks in Turkey
Foreign banks in 1980 were only 4 in number. They grew rapidly thanks to conditions Turgut Ozal liberalized. During Turgut Ozal Period, a lot of reforms made about bank industry. New entrants to the banking system were permitted and foreign exchange rates were liberalized.
Banking Regulation and Supervision Agency
Banking Regulation and Supervision Agency is responsible for all of the rights and benefits of depositors in Turkey. All banks in Turkey are subject to Banks Act and they have to follow other laws for banks as well. TBB, also known as The Banks Association of Turkey is the representative of all of the banks in Turkey. TBB is responsible for protecting all of its members. In 2020, it is stated that that are 48 banks and more than 10,000 branches in Turkey. Those banks have branches abroad as well.
What are the Foreign Banks Founded in Turkey?
Foreign banks founded in Turkey are:
- Bank of Tokyo,
- Alternatif Bank,
- Arap Turk Bankasi,
- Burgan Bank,
- ING Bank,
- Odea Bank,
- ICBC Bank,
- HSBC Bank,
- QNB Finansbank,
- Deutsche Bank.
What are the Privately Owned Commercial Banks Turkey?
Privately Owned Commercial Banks are:
- Turkish Bank,
- Fiba Bank,
- Anadolu Bank,
- Yapi ve Kredi Bankası,
- Turkiye Is Bankası,
- Turkıye Garanti Bankasi,
- Turk Ekonomi Bankasi,
What are the State Owned Commercial Banks Turkey?
State Owned Commercial Banks are:
- Turkiye Vakiflar Bankası,
- Turkiye Halk Bankası,
- Turkiye Cumhuriyeti Ziraat Bankası.
As stated in 2006, banking industry in Turkey is %88 about financial sector. In September 2006, total bank assests are stated to be 743.7 billion Turkish Liras. Which is %86 of the gross national product.