Most Prominent Banks in Turkey | Governmental, Islamic and Commercial

Banks in Turkey, both governmental and Islamic, in particular, have become an added attraction factor for investment in the country. Furthermore, they are important financial centers that provide customers with best services and facilitate investors’ businesses.

In addition, Turkey has recently witnessed a huge increase in demand for all areas of the Turkish investment market, especially in real estate. Therefore, it was a must to establish an appropriate safe incubator to support projects, both small and large, namely, Turkish banks; altogether governmental, commercial, and Islamic.

Turkish banks are also characterized by a flexible and secure system, as they adopt advanced technology in all their services. The banking system in Turkey has become an example to be followed globally, especially with regard to the operation and financing of various types of commercial projects.

The Most Important Local & International Banks in Turkey

Anadolu Bank

Anadolu Bank was established in 1997. Currently, it has more than 120 branches distributed in all cities of Turkey, and a branch in the Netherlands as well.

This bank is considered one of the most important banks in Turkey. It supports small and medium enterprises, with the aim of encouraging young people to start their own projects, thus positively affecting the prosperity of the Turkish economy.

Many taxes can be paid through Bank Anadolu. For example: income tax, car tax, corporate tax, traffic fines, full payment of bills and others.

Turkish Agricultural Bank (Türkiye Ziraat Bankası)

On August 15, 1888, the first bank in the history of the Ottoman Empire was opened, named Agricultural Bank (Ziraat). In fact, it is considered the oldest bank in Turkey.

Ziraat Bank owns more than 4,163 ATMs, and more than one 1,545 branches distributed in all Turkish cities. Moreover, it employs more than 24,374 staff members.

The bank includes within its group the following local financial companies:

- - - - Ziraat for Retirement
        
        Ziraat for Leasing
        
        Ziraat for Insurance
        
        Ziraat for Technology
        
        Ziraat Financial Portfolio
        
        Ziraat for Participation & Local Companies.

Moreover, it has main branches distributed abroad. For example, in New York, London, Bulgaria, Georgia, Baghdad, Erbil and other branches around the world.

In addition, the bank provides all types of banking services. For instance, deposit and exchange, loans, investments, as well as various bank card services.

It is worth mentioning that the bank has recently opened branches for Islamic transactions under the name Ziraat Katilim Bank.

Akbank

Akbank was opened in 1948 in Adana, with the aim of financing merchants working in the cotton trade at that time.

Most of its ownership belongs to the Turkish Sabanji family. Currently, it has nearly 1000 branches distributed all over Turkey.

In fact, AKbank has been listed on the top 500 banks in the world for 4 consecutive times.

Turkish Endowment Bank ‘VAKIF BANK’

The Turkish Endowment Bank was established in 1957. This bank provides banking and investment services to commercial companies at all levels, and serves individuals on several levels as well.

This bank has contributed to the development of the country’s economy and still is up to date. In fact, it seeks to continuously contribute to this role. Consequently, it has become a symbol of the Turkish banking sector.

Furthermore, Vakif Bank has recorded a net profit of 386.3 million Turkish liras, equivalent to 139.2 million dollars, in the second quarter of 2020.

It is the fifth largest bank in Turkey, with more than 610 branches around Turkey. In addition, it has many branches abroad. For instance, in New York, Erbil branches in northern Iraq, Austria, and Germany.

GARANTI BANKASI

Garanti Bank was established in 1946 in the Turkish capital, Ankara. It is a private bank that provides banking facilities on both individual and investment level. In addition, it provides various services in the field of insurance.

It has more than 1000 local branches, as well as abroad branches. For example, in Luxembourg, London and Shanghai.

Most Important Islamic Banks in Turkey

Kuveyt Türk Katılım Bankası

The Kuwaiti Turkish Bank was established in 1989. It is the largest Islamic bank in Turkey in terms of its financing balance. Currently, it has more than 290 branches around Turkey.

The Kuwaiti Turkish Bank won 4 times consecutively the award for the best research and development center in the banking and finance sector in Turkey. Moreover, it achieved the highest percentage in net profits over the past years.

Al Baraka Turk Bank

Al Baraka Bank was established in 1984 in Istanbul. It is an Islamic bank established by the Al Baraka Banking Group, one of the most important groups in the Middle East, the Islamic Development Bank, and one of the major industrial groups in Turkey.

Al Baraka Bank has many branches locally and internationally. For instance, in the United Kingdom, China, South Africa and Australia. Thus, facilitating a fast and strong investment process.

Furthermore, it is distinguished by sharing profits instead of the interest system, which is forbidden in Islamic Sharia. Indeed, it is considered a new and pioneering concept in the issuance of Islamic banking transactions.

TÜRKİYE FİNANS KATILIM BANKASI

Turkey Finans Bank was established in 1987. It is the main partner of the Saudi National Commercial Bank (The National Commercial Bank), Boydak Group and the pioneering Ulker Group.

In fact, Turkey Finance Bank has recently achieved net profits of up to 375,360,000 Turkish liras (99.8 million dollars).

Documents Required to Open a Bank Account in Turkey

In order to open a bank account in Turkey, the following documents are required:

1- Turkish residence number, if any.

2- Passport

3- Tax number, from the tax department office.

4- Address proof document (e.g., up to 3 months old utility bill).

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