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Akbank established Ak Securities in 1996, Ak Investment Fund in 1998, Ak Asset Management Company and its Private Banking Department in 2000. Akbank established Ak Pension Fund in 2003 and incorporated Ak Leasing in 2005. In February 2006, Ak Pension Fund was sold to the Aksigorta insurance company. As of the end of 2008, Akbank ranked as Turkey's most valuable bank having the most profitable banking operations among privately owned banks in Turkey. In addition, with its extensive branch network, Akbank is one of the largest banks in Turkey in terms of loan volume. Together with its core banking activities, Akbank offers a wide range of retail, commercial, corporate, private banking and international trade finance services. Non-banking financial services, as well as capital market and investment services, are provided by the Bank's subsidiaries. With its strong and extensive domestic distribution network that includes more than 870 branches and 15,000 employees as of May 2009, Akbank operates from its headquarters in Istanbul and 20 regional directorates around Turkey. Akbank provides services not only through its traditional delivery channels such as its branches, which include "Credit Express" consumer loan only branches and "Big Red House" mortgage loan only branches, but also through Retail and Corporate Internet Branches, the Telephone Banking Center, 2,318 ATM's, 250,615 POS terminals as well as the latest technology channels such as cell phones, loan machines and web-based platforms. Additionally, Free Banking Areas have been set up inside branches in which customers have access to both Internet and telephone banking services. Akbank NV in the Netherlands and Akbank AG in Germany, as well as a branch in Malta, carry out Akbank's overseas operations. On January 9, 2007, Akbank and Citigroup have completed the strategic partnership agreement according to which Citigroup acquired a 20% equity stake in Akbank for approximately US$ 3.1 billion (TRL 0.095 per share). 2008 has allowed Akbank to successfully implement its strategies to uphold to its claims as Turkey's most valuable, most reliable and most innovative bank. Akbank, in collaboration with Boyner Holding introduced “Fish”, a first of its kind in the sector and an unmatched credit card which offers an array of different services and products. In 2008, apart from Boyner, Akbank also signed a partnership agreement with the retail giant, CarrefourSA. Additionally, Akbank introduced innovative products and services such as Wings Business Card, Citi Axess, ATMCredit and Multimedia POS to its customers. As of the end of 2008, Akbank reported a consolidated net profit of TL 1,782 million (approximately US$ 1,171 million) and total consolidated assets of TL 93,093 million (approximately US$ 61,173 million). The consolidated capital adequacy ratio of Akbank, standing at 17.0% is among the highest ratios achieved in the sector. In 2008, Akbank continued to raise funds from foreign markets on favorable terms with the total of such resources reaching US$ 7,759 million by the end of the year. Akbank is listed on the Istanbul Stock Exchange (ISE) where 25% of its shares are publicly traded meanwhile, Level 1 Depositary Receipts of the Bank are traded on the OTC market in the US. With a market value of US$ 9,423 million as of December 31, 2008, Akbank is the most valuable bank listed on the ISE. |
