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VAKIFBANK
2011
ANNUAL REPORT
86
Kıbrıs Vakıflar Bankası Ltd.
VakıfBank participated in Kıbrıs
Vakıflar Bankası Ltd. to promote the
use of Visa and MasterCard/Eurocard
credit cards issued by the Bank
and to increase 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 investment banking
activities, and offers corporate
finance services. VakıfBank owns
an 8.38% stake in the Bank’s share
capital of TL 800 million.
Takasbank İMKB Takas ve Saklama
Bankası A.Ş.
Takasbank is engaged in clearing
and custody services as well as
investment banking services.
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 August 1, 2003
pursuant to the Private Pension
Savings and Investment System Law
No. 4632 and received a license to
establish private pension funds on
September 5, 2003. VakıfBank owns
a 53.90% stake in the Company’s
share capital of TL 26.5 million.
SUBSIDIARIES
VakıfBank further contributes to
the Turkish economy through the
operations of its subsidiaries that
span a diverse range of sectors
and business lines. The number of
VakıfBank subsidiaries and affiliates,
which was 24 in 2010, fell to 23 as
of year-end 2011, as a result of a
merger of two subsidiaries (Vakıf
Sistem Pazarlama Yazılım A.Ş. and
Vakıf Pazarlama ve Ticaret A.Ş.).
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) while seven
are non-financial companies (one
in energy, two in tourism, one in
manufacturing and three in other
commercial lines of business).
The value of the Bank’s subsidiary
and affiliate portfolio decreased by
3.4% in 2011 to TL 865 million from
TL 895 million in 2010.
VakıfBank Financial Services Group
VakıfBank International AG
VakıfBank International AG was
established in 1999 to increase
VakıfBank’s international operations
in line with its strategy to expand
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 capital
of USD 500,000 and serves as an
international banking unit. VakıfBank
owns an 82% stake in World Vakıf
UBB Ltd.
Vakıf Finansal Kiralama A.Ş.
Vakıf Finansal Kiralama A.Ş. was
founded in 1988 to provide a
comprehensive range of leasing
services. VakıfBank owns a 58.71%
stake in the Company’s share capital
of TL 50 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. It professionally
manages the assets of small and
individual investors in the stock
exchange, facilitates the trading of
marketable securities and maximizes
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 15 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 and with
issued capital of TL 250,000. The
Company was set up to establish
and manage a portfolio of real
estate properties and real estate-
backed capital markets instruments.
VakıfBank owns a 27.63% stake in
the Company’s share capital of TL
100 million.
Vakıf Finans Factoring
Hizmetleri A.Ş.
Vakıf Finans Factoring Hizmetleri A.Ş.
was established in 1998 to provide
factoring services for domestic and
international commercial ventures.
VakıfBank owns a 78.39% stake in
the Company’s share capital of
TL 22.4 million.
2011 Operations