2010 Annual Report
Subsidiaries
In addition to its contemporary banking services, VakıfBank contributes to the Turkish economy through the operations of its subsidiaries that span a diverse set of sectors and business lines. The number of VakıfBank subsidiaries and affiliates, which was 24 in 2009, remained unchanged as of year-end 2010.
Sixteen of VakıfBank’s subsidiaries operate in the financial services sector (five in banking, two in insurance and nine in other financial lines of business) and eight are non-financial companies (one engaged in energy, two in tourism, one in manufacturing and four in other commercial lines of business).
The value of the Bank’s subsidiary and affiliate portfolio rose 30.1% in 2010 to TL 895 million from TL 688 million in 2009.
VakıfBank Financial Services Group
VakıfBank International AG
VakıfBank International AG was established in 1999 to increase VakıfBank’s international operations in line with its policy of expansion abroad. VakıfBank controls a 90% stake in the Company’s capital of EUR 45 million.
World Vakıf UBB Ltd.
World Vakıf UBB Ltd. was established in 1993 in the Turkish Republic of Northern Cyprus with a capital of USD 500,000 and serves as an international banking unit. VakıfBank owns an 82% stake in World Vakıf UBB Ltd.
Kıbrıs Vakıflar Bankası Ltd.
VakıfBank participated in Kıbrıs Vakıflar Bankası Ltd. for the purpose of promoting the use of Visa and MasterCard/Eurocard credit cards issued also by VakıfBank and for increasing foreign currency revenues. VakıfBank owns a 15% stake in Kıbrıs Vakıflar Bankası Ltd., which has a capital of TL 40 million.
Türkiye Sınai Kalkınma Bankası A.Ş.
Established in 1950, Türkiye Sınai Kalkınma Bankası A.Ş. provides long-term funds for medium and large-scale investment projects, engages in banking activities, and offers corporate finance services. VakıfBank owns an 8.38% stake in the Bank’s share capital of TL 700 million.
Takasbank İMKB Takas ve Saklama Bankası A.Ş.
Takasbank is engaged in clearing and custody services as well as investment banking activities. VakıfBank owns a 4.86% stake in the Bank’s share capital of TL 60 million.
Güneş Sigorta A.Ş.
Güneş Sigorta is a general (non-life) insurer originally established in 1957 under VakıfBank’s direction. VakıfBank owns a 36.35% stake in the Company’s share capital of TL 150 million.
Vakıf Emeklilik A.Ş.
Vakıf Emeklilik A.Ş. was established in 1991 as a life insurer. The Company acquired a license to sell private pensions on 1 August 2003 pursuant to the Private Pension Savings and Investment System Law No. 4632 and received a license to establish private pension funds on 5 September 2003. VakıfBank owns a 53.90% stake in the Company’s share capital of TL 26.5 million.
Vakıf Finansal Kiralama A.Ş.
Vakıf Finansal Kiralama A.Ş. was founded in 1988 to render the full range of leasing services. VakıfBank owns a 58.71% stake in the Company’s share capital of TL 25 million.
Vakıf Menkul Kıymetler Yatırım Ortaklığı A.Ş.
Established in 1991 as a publicly-held company, Vakıf Menkul Kıymetler Yatırım Ortaklığı A.Ş. is an investment trust that operates to manage the savings of small and individual investors professionally in the Stock Market, profiting through trading of marketable securities, and maximizing the returns of its portfolio by closely monitoring foreign exchange, stock and money markets. VakıfBank owns an 11.75% stake in the Company’s share capital of TL 7.5 million.
Vakıf Gayrimenkul Yatırım Ortaklığı A.Ş.
Vakıf Gayrimenkul Yatırım Ortaklığı A.Ş. was founded under the guidance of VakıfBank as the first real estate investment trust in Turkey with an issued capital of TL 250 thousand.
The company was set up to establish and manage a portfolio of real estate properties and real estate-backed capital markets instruments and make changes as needed. VakıfBank owns a 27.63% stake in the Company’s share capital of TL 20.8 million.
VakıfBank contributes to the Turkish economy through the operations of its 24 subsidiaries that span a diverse set of sectors and business lines in addition to banking.
Vakıf Finans Factoring Hizmetleri A.Ş.
Vakıf Finans Factoring Hizmetleri A.Ş. was established in 1998 to provide factoring services for all domestic and international commercial ventures. VakıfBank owns a 78.39% stake in the Company’s share capital of TL 22.4 million.
Vakıf Yatırım Menkul Değerler A.Ş.
Vakıf Yatırım Menkul Değerler A.Ş. is a brokerage house originally established as Vakıf Yatırım A.Ş. (Vakıf Investment Inc.) under the direction of VakıfBank to conduct capital markets activities pursuant to the Capital Markets Board’s resolutions dated 15 August 1996. VakıfBank owns a 99% stake in the Company’s share capital of TL 35 million.
In addition to brokerage services, Vakıf Yatırım Menkul Değerler A.Ş. performs repurchasing agreements of securities (repo transactions), investment advisory and portfolio administration and asset management activities.
Vakıf Portföy Yönetimi A.Ş.
Vakıf Portföy Yönetimi A.Ş. was established to manage client portfolios consisting of capital market instruments as the authorized agent under discretionary portfolio management agreements pursuant to the Capital Market Law and applicable legislation as well as to provide investment advisory services and conduct capital markets activities. VakıfBank owns a 99.99% stake in the Company’s share capital of TL 3 million.
KKB - Kredi Kayıt Bürosu A.Ş.
Kredi Kayıt Bürosu A.Ş. was established in 1995 to manage the flow of credit information. VakıfBank owns a 9.09% stake in the Company’s share capital of TL 7.4 million.
Bankalararası Kart Merkezi A.Ş.
Bankalararası Kart Merkezi A.Ş. was founded in 1990 to conduct card-based payment systems, clearing and provisioning services. VakıfBank owns a 9.70% stake in the Company’s share capital of TL 6 million.
Kredi Garanti Fonu A.Ş.
Kredi Garanti Fonu A.Ş. was established in 1991 to provide all kinds of loan guarantees for SMEs, farmers, artisans, craftsmen and the self-employed. VakıfBank participated in the Company in 1999 and owns a 1.67% stake in its share capital of TL 240 million.
VakıfBank Non-Financial Services Group
Taksim Otelcilik A.Ş.
Taksim Otelcilik A.Ş. was established in 1966 to build, contract out and manage hotels, motels and similar facilities at the quality and value capable of increasing Turkey’s incoming tourism potential. VakıfBank owns a 51% stake in the Company’s share capital of TL 97.2 million.
Vakıf Sistem Pazarlama Yazılım Servis Güvenlik Temizlik Ticaret ve Sanayi A.Ş.
Vakıf Sistem Pazarlama Yazılım Servis Güvenlik Temizlik Ticaret Sanayi A.Ş. was established in 1989 under the direction of VakıfBank and operates in the areas of printing, sales of stationery and computer consumables as well as sales and maintenance of copiers and fax machines. VakıfBank owns a 73% stake in the Company’s share capital of TL 3 million.
Vakıf Gayrimenkul Değerleme A.Ş.
Vakıf Gayrimenkul Değerleme A.Ş. was established in 1995 to provide appraisal and evaluation services for all types of real estate properties. VakıfBank owns a 54.29% stake in the Company’s share capital of TL 3.5 million.
Vakıf Enerji ve Madencilik A.Ş.
Vakıf Enerji ve Madencilik A.Ş. was founded under the guidance of VakıfBank to build electric and heat energy generation facilities, to generate electric and heat energy at these facilities and to sell the electric and heat energy it produces within the framework of current laws, regulations and administrative provisions. VakıfBank owns a 65.50% stake in the Company’s share capital of TL 85 million.
Roketsan Roket Sanayii ve Ticaret A.Ş.
Roketsan Roket Sanayii ve Ticaret A.Ş. engages in the production, manufacturing and sale of rocket fuel as well as missiles, rockets and rocket launchers, including their engines. VakıfBank owns a 10% stake in the Company’s share capital of TL 146 million.
Güçbirliği Holding A.Ş.
Güçbirliği Holding A.Ş. was established in 1995. VakıfBank owns a 0.07% stake in the Company’s share capital of TL 30 million.
Vakıf Pazarlama ve Ticaret A.Ş.
Vakıf Pazarlama ve Ticaret A.Ş. engages in the purchase, sales, exports and imports of ships, tankers, sea-going vessels and shipyard construction equipment. VakıfBank owns a 68.55% stake in the Company’s share capital of TL 24,950 thousand.
İzmir Enternasyonal Otelcilik A.Ş.
İzmir Enternasyonal Otelcilik A.Ş. engages in contracting out the building and management of hotels and commercial centers, as well as in managing them. VakıfBank owns a 5% stake in the Company’s share capital of TL 120 thousand.
