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Turkey: Banks

Last modified: 2023-09-09 by ian macdonald
Keywords: bank |
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• Central Bank of the Republic of Turkey (Türkiye Cumhuriyet Merkez Bankası - TCMB)
• Agricultural Bank (Ziraat Bankası)
• Turkey Business Bank (Türkiye İş Bankası)
• Banks Association of Turkey (Türkiye Bankalar Birliği - TBB)

See also:

• Turkey

Central Bank of the Republic of Turkey

Current flag
image by Tomislav Šipek, 1 August 2023

Previous flags
      

Flag of the TCMB, three versions - Image by Ivan Sache, 15 December 2019

In 1928, Dr. G. Vissering, a member of the De Nederlandsche Bank (Central Bank of Netherlands) Board of Governors, was invited to Turkey. In his report, he underlined the necessity for an independent central bank not affiliated to the Government. In 1929, the Italian expert Count Volpi also suggested that the establishment of a central bank was necessary to ensure stability of the Turkish currency. Following these developments, the Government took the initiative to draft the necessary legal framework for the establishment of a central bank, and a draft law was prepared with the contributions of Pr. Leon Morf from the University of Lausanne.
The law was enacted by the Grand National Assembly of Turkey on 11 June 1930 and published on the Official Gazette of 30 June 1930 as the Law on the Central Bank of the Republic of Turkey No. 1715 (text).

Following the centralization of duties carried out by different institutions and organizations, the Central Bank of the Republic of Turkey (website) started to function on 3 October 1931. The Bank acquired a legal status as a joint stock company to demonstrate that it is not a public entity and that it is independent.
In order to adjust to the global changes that occurred in the aftermath of the Second World War and to enhance the effectiveness of the Central Bank, the Law on the Central Bank of the Republic of Turkey No. 1211 was accepted on 14 January 1970. Thus, the TCMB, turning a new page in its history, was vested with a new structure reflecting, albeit partially, the novelties in the fields of economy and central banking of the time.

The flag of the CMB is white with the bank's emblem, all red (photo), or, all blue (photo, photo). The flag is also used with a seal-shaped, red emblem (photo).

Ivan Sache, 15 December 2019

The flag now in use can be seen at https://www.indyturk.com, showing the logo in red.
Tomislav Šipek, 1 August 2023

Agriculture Bank

Flag of Agriculture Bank - Image by Tomislav Todorović, 4 January 2020

Agriculture Bank (website) is considered as continuing the first Homeland Fund established on 20 November 1863 by Mithat Pasha in Şehirköylü (Serbia, known today as Pirot).
Agriculture Bank, first regulated on 28 August 1888, was established by a Law enacted on 23 March 1916, "to provide facility to farmers and to help agricultural development". The number of branches was increased to 300 in 1923. On 19 March 1924, the bank was transformed into a joint stock company by Budget Law No. 444, freeing it from the political control of government.
Agriculture Bank acquired the status of a state-owned enterprise in 1937. At the same time, the İstanbul Security Fund established in 1868 by Mithat Pasha was incorporated to the bank, which counted 630 branches in 1963.
In 2009, the bank announced profits of 3.55 billion TL, the largest profit made by any Turkish company to date.

The flag of Agriculture Bank (photo, photo, photo, photo, photo,) is red with the bank's emblem, a white stylized wheat spike formed by the white letters "T C" (top, for "Türkiye Cumhuriyeti", Republic of Turkey) and "Z B".

Ivan Sache, 15 December 2019

Turkey Business Bank

Flag of Turkey Business Bank - Image by Ivan Sache, 15 December 2019

Turkey Business Bank engages in the provision of financial banking services. It operates through the following segments: corporate, commercial, retail banking, private banking, and treasury & investment banking.
The corporate segment includes financing, instant banking, and foreign trade transactions to small and medium enterprises.
The commercial segment provides investment loans, foreign currency trading, tax collections, payrolls, and bill collections.
The retail banking segment offers consumer loans, deposits, credit cards, accounts, remittances, safe-deposit boxes, insurance, and investment accounts.
The private banking segment deals with financial and cash management for high-income individuals.
The treasury & investment banking segment involves in securities trading, money market transactions, derivative transactions, syndications, and securitizations.
The company was founded on 26 August 1924 and is headquartered in İstanbul.
[Forbes, 15 May 2019]

The (table) flag of Turkey Business Bank (photo) is blue with the bank's emblem.

Ivan Sache, 15 December 2019

Banks Association of Turkey

Flag of TBB - Image by Tomislav Šipek, 6 February 2018

The flag of TBB (photo) is white with the association's emblem.

Tomislav Šipek & Ivan Sache, 6 February 2018

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