2010 Annual Report
VakıfBank at the onset of 2011
Contributing to the sustainable growth of the national economy
VakıfBank was incorporated under a special charter act (Law No. 6219) dated January 11, 1954 and commenced operation on April 13, 1954 with a capital of TL 50 million.
At its inception, the Bank’s mission was set as managing and utilizing the assets of foundations in the most efficient manner in line with the needs of economic development, contributing to Turkey’s increasing savings rate based on a management and working understanding aligned with the requirements of modern banking, and preserving the deposits collected so as to put them use towards the requirements of economic development.
VakıfBank’s IPO marks a turning point in the Bank’s corporate history.
In the public offering of VakıfBank, new shares created through capital increase were sold domestically and abroad, thus generating new funds worth USD 1.2 billion for the Turkish economy and for the Bank.
Ever since its inception, VakıfBank has been contributing to Turkey’s increasing savings rate with modern banking practices and applications, and carries out significant work aimed at the growth and development of the national economy.
VakıfBank initiated a process of comprehensive change and development with the Change and Restructuring Program that was introduced in 2005.
Under this program, VakıfBank reviewed all of its business processes, centralized all operational transactions and oriented the branches completely toward sales and marketing, thereby enhancing service quality at the branches. In keeping with its strategy of sustainable growth based on a customer-oriented approach, VakıfBank took important steps and carried out projects to further improve its:
- infrastructure,
- business processes, and
- service approach.
VakıfBank’s corporate identity, which underwent a complete makeover in 2008, reflects the radical transformation process that the Bank successfully implemented.
The Bank’s customer-oriented banking philosophy is best expressed by the motto “This is your place”, which has accompanied VakıfBank’s promotion since the beginning of 2009.
VakıfBank symbolizes deep-rooted tradition and experience in the national banking system.
Carrying on with its efforts targeting to contribute to the growth and development of the Turkish economy and its integration into the global economy, VakıfBank succeeded in being one of the most profitable banks in the banking industry, while quickly catching up with large-scale banks by adopting a rapid and healthy growth process so as to cement its position.
Wide range of financial products
Today, modern banking products and services offered by VakıfBank cover retail and private banking, as well as corporate, commercial and small business banking. Engaged in investment banking and capital market activities in addition to basic banking products and services, VakıfBank also provides its customers with a wide range of financial services, from insurance to leasing and factoring services, through its financial subsidiaries with modern and state-of-the-art technologies.
With 100 new branches, 2010 saw the highest number of new branch openings by VakıfBank, which started 2011 even stronger with 636 branches and 11,077 employees including overseas branches.
