By The largest banks in Turkey undoubtedly have significant total assets with branches spanning across the country and abroad. As of March 2023, the total assets of the banking industry in Turkey amounted to approximately USD 827.3 billion, comprising 57 banks, 32 deposits, participation banks, 16 development and investment banks, and three banks under the supervision of TMSF (Saving Deposit Insurance Fund).
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Turkey has a long list of banking institutions that operate smoothly due to their substantial total assets and long-standing presence.
List of the Largest Banks in Turkey
1. Ziraat Bank
Ziraat Bank, a state-owned bank in Turkey established in 1863, provides commercial loans to traders, companies, and individuals, including vehicle loans, consumer loans, and housing loans.
By the 19th century, it had adopted Western trading and financial models, leading to the establishment of many foreign banks during the Ottoman Empire.
This period saw a lack of national banking resources, forcing farmers, who were the majority population, to borrow from high-interest-rate moneylenders. In 2008, Ziraat Bank Greece was established, and in 2001, Emlak Bank as merged entirely into Ziraat Bank.
2. VakifBank
VakifBank, was established with an initial capital of TL 50 million on January 11, 1954, and commenced operations on April 13, 1954, with Abdi Serda Ustunsalih appointed as its CEO. It operates 935 branches, 4,153 ATMs, and 963,062 postal units as of September 30, 2022, and has four international branches in Bahrain, Qatar, New York, and Arbil.
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Additionally, it operates in Australia through its subsidiary VakifBank International AG with branches in Cologne and Vienna, offering commercial loans, and retail loans, including vehicle, consumer, and housing loans.
Headquartered in Istanbul, Turkey, it is directly controlled by the Turkish Ministry of Finance and, on December 11, 2019, acquired shares previously owned by various companies.
3. Turkiye Is Bankasi
Turkiye Is Bankasi, the largest commercial bank in Turkey in terms of total assets, deposits, equity, loans, branches, and employees as of December 31, 2021.
It was the first bank established in the Republic of Turkey and provides consumer loans, housing loans, vehicle loans, and commercial loans, ranking 181st in The Banker Top 1000 World Banks Ranking 2021.
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Operating 1,174 branches domestically, it has one of the largest branch networks in Turkey, with 14 international branches in Northern Cyprus, two in Iraq and the United Kingdom, and one each in Bahrain, Cairo, and Shanghai. Its subsidiaries in Germany operate nine branches, and one in the Netherlands.
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4. Halkbank
Established in 1933 as a state-owned bank, Halkbank absorbed smaller government banks almost throughout the 20th century, becoming a public company while still majority-owned by the Turkish government.
It offers housing loans, commercial loans, vehicle loans, and consumer loans. Various scandals and controversies surrounding the bank since 2010 culminated in the arrest of executives involved.
Established in 1933, it provided services starting in 1938, initially as a credit union aimed at providing loans to traders and craftsmen to stimulate economic growth in Turkey.
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5. Garanti BBVA
Formerly known as Garanti Bank, Garanti BBVA is a financial services company in Turkey with its headquarters in Turkey and 86% ownership by the Spanish Banco Bilbao Vizcaya Argentaria.
As the largest private bank in Turkey, it had consolidated assets of USD 104.1 billion as of March 31, 2013, with shares traded publicly in Turkey, the United States, and the United Kingdom, with a free float of approximately 50.76% as of March 31, 2013.
Publicly traded in Turkey, it has depository receipts in the United States and the United Kingdom, providing a wide range of services across retail, payment systems, commercial, SME, corporate, investment, and private banking sectors.
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Operating with domestic and international subsidiaries, it also offers services in pension and life insurance, factoring, leasing, brokerage, and asset management.
