Banks in Turkey: A Comprehensive Guide
The History of Banking in Turkey
The history of banking in Turkey dates back to the 19th century, when the first bank-like institution, known as the Istanbul Bank (or Bank-i Dersaadet), was established in Istanbul in 1847. The Turkish banking sector saw rapid growth in the 1980s following the introduction of a Free Market Economy. However, challenges in the system led to the 2001 economic crisis, one of the most critical events in the Republic’s history. Following the crisis, the banking system was restructured to build a more resilient financial sector.
The Central Bank of Turkey
The Central Bank of Turkey sits at the core of the nation’s banking system. In 2001, the bank’s legal framework was revised to strengthen its independence. As a result of the 2001 crisis, the Turkish economy adopted a free-floating exchange rate regime, and the Central Bank refrains from intervening in the foreign exchange market unless excessive volatility occurs.
The main functions of the Central Bank of Turkey include:
- Printing and circulating banknotes
- Determining and implementing monetary policy, including setting interest rates and acting as the ultimate credit authority for banks
- Serving as the financial agent of the government
Overview of Banks in Turkey
As of January 2020, there are 53 banks operating in Turkey, which can be categorized into deposit banks (state-owned and privately-owned), foreign banks, and Islamic banks.
State-Owned Deposit Banks
State-owned deposit banks are primarily owned by the government, with the capital belonging to the treasury or other public entities. Some key state-owned banks in Turkey include:
- Ziraat Bankasi
- Address: Haci Bayram Mahallesi Ataturk Bulvari, No:8 06050 Altindag / Ankara
- Phone: (0 312) 584 20 00
- Halkbank
- Address: Barbaros Mahallesi, Sebboy Sokak No:4/1 34746 Atasehir / Istanbul
- Phone: (0216) 503 70 70
- Vakifbank
- Address: Saray Mahallesi Dr. Adnan Buyukdeniz Caddesi No:7/A-B 34768 Umraniye / Istanbul
- Phone: (0216) 724 10 00
Privately Owned Deposit Banks
These banks are owned by private individuals or organizations without public ownership shares. Key privately-owned deposit banks in Turkey include:
- Akbank T.A.S.
- Address: Sabanci Center, 34330, 4.Levent / Istanbul
- Phone: 4442525
- Anadolubank A.S.
- Address: Saray Mah., Toya Sk., No:3, 34768 Umraniye / Istanbul
- Phone: 08502225550
- Turkiye Is Bankasi A.S.
- Address: IS Kuleleri, Kule 1, Kat:15, 34330 Levent / Istanbul
- Phone: 0850 724 0 724
- Yapi ve Kredi Bankasi A.S.
- Address: Yapi Kredi D Blok Plaza Buyukdere Cad. Levent 34330 Besiktas / Istanbul
- Phone: (0212) 339 70 00
Foreign Banks in Turkey
Foreign banks operate in Turkey with either full or partial ownership through foreign investment. Examples of foreign banks operating in Turkey include:
- Citibank A.S.
- Address: Tekfen Tower, Eski Buyukdere Cad. No:209, 34394, Levent / Istanbul
- Phone: (0212) 319 45 00
- HSBC A.S.
- Address: Esentepe Mah. Buyukdere Cad. No:128, 34394, Sisli / Istanbul
- Phone: (0212) 376 40 00
- QNB Finansbank A.S.
- Address: Esentepe Mah. Buyukdere Cad. Kristal Kule Binasi No 215 Sisli / Istanbul
- Phone: (0212) 318 50 00
Foreign banks also include those that only operate branches in Turkey, such as Société Générale S.A. and The Royal Bank of Scotland PLC.
Islamic Banks in Turkey
There are also several Islamic banks in Turkey, which operate under the principles of Islamic finance. These banks include:
- Kuveyt Turk Bankasi
- Address: Buyukdere Cad. No: 129/1 Kat: 11 34394 Esentepe / Istanbul
- Phone: 444 0 123
- Turkiye Finans Bankasi
- Address: Saray Mah. Sokullu Cd No:6, 34768 Umraniye / Istanbul
- Phone: 0850 222 23 35
Conclusion
The Turkish banking sector is rich in history and diverse in its offerings, from state-owned institutions to private and foreign banks, as well as dedicated Islamic banks. Whether you are looking to invest, save, or simply need a trusted financial partner, Turkey has a variety of banking institutions to meet your needs.
Looking to navigate Turkey’s financial landscape? At Aegean Locations, we provide guidance on all aspects of living and investing in Turkey, including understanding the banking system. Contact us today to learn more about how we can assist you in managing your finances in Turkey.