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VAKIFBANK
2011
ANNUAL REPORT
28
History
Raising the
national savings rate
Leading the sector
with robust growth
and profit
Representing a well-established legacy with longstanding
experience and know-how in the Turkish banking system,
VakıfBank has not only succeeded in becoming one of
the most profitable banks in the sector, but it has also
helped the Turkish economy grow, develop and integrate
with the world economy. The Bank has also managed
to execute a rapid and sustainable growth strategy, and
quickly catch up with large scale banks, strengthening its
leading position in the sector.
In this development process, VakıfBank’s initial public
offering played a key role. The Bank’s IPO created new
shares via a capital increase; in turn, the new shares
were offered for sale domestically and abroad. As a
result, the IPO generated USD 1.2 billion for the Bank and
the Turkish economy.
VakıfBank was incorporated under a special charter
act (Law No. 6219) dated January 11, 1954 with Law
No. 6219 and commenced operations on April 13,
1954 with initial capital of TL 50 million. The Bank’s
founding mission was to manage and use the assets of
foundations in the most efficient manner, to contribute
to Turkey’s savings rate based on modern banking
principles, and to channel the deposits collected toward
the country’s economic development. Since its inception,
the Bank has been subject to special legal provisions
and has contributed significantly to the growth and
development of the Turkish economy.