With over 84 million people, Turkey's population is large, with its biggest city, Istanbul, home to over 15.5 million people. Turkey's uniqueness is that it is located not only in the Middle East and Africa (MEA) region but also in Europe and Asia.
The FinTech Times has compiled a list of the top ten largest banks in Turkey and ranked them (based on asset). If combined, those included on this list would be valued at over $500 billion. This is impressive when considering that the Top Ten Banks in the whole of the African continent have a combined net worth of $600 billion.
#10 – Turk Ekonomi Bankasi
Turk Ekonomi Bankasi, also known as TEB, was founded in 1927 by private investors. Since then, the ban has expanded its branch network and service diversity and today offers investment banking, insurance, leasing, and portfolio management, amongst others.
#9 – QNB Finansbank
Founded in 1987 by billionaire Hüsnü Özyeğin, Finansbank was unique in its philosophy and view of banking and is the first private bank to go public. With its headquarters in Istanbul, it has a total of 518 branches with nearly 12,000 workers.
#8 – DenizBank
DenizBank is a large private banking firm acquired by the Russian Sberbank. Initially founded in 1938, the bank was to help fund the development of the Turkish maritime sector.
#7 – AKBANK
AKBANK concerns itself mainly with corporate and investment, commercial, SME, consumer, payment systems, and private banking. With over 12 thousand employees and 770 branches, AKBANK operates its headquarters in Istanbul.
#6 – Vakifbank
VakifBank was established in 1954 to utilize the foundation's monies best and aim to contribute to the country's savings. The bank takes a leading role in financing domestic and foreign trade with its 937 branches, with international operations.
#5 – Garanti BBVA
Established in 1947, Garanti BBVA is an integrated financial services group operating in all aspects of the banking sector nationally and in the Netherlands and Romania. It offers a wide range of financial services to 15.8 million customers with an award-winning Customer Communication Centre.
#4 – Yapi Kredi
Yapi Kredi has 845 branches with over 16.5k employees. They are a customer-centric commercial bank established in 1944 and was one of Turkey's first nationwide commercial banks.
#3 – Halkbank
Incorporated in 1933, Halkbank is a state-owned bank that began offering services in 1938. They support tradesmen, SMEs, and artisans with a modern banking approach.
#2 – Isbank
Isbank was the first public bank established by the Turkish Republic, founded in 1924. With over 1354 branches domestically and an international network, the bank offers corporate and commercial banking services and retail and mobile banking.
#1 – Ziraat Bank
Ziraat bank is the largest Turkish bank in terms of assets. Ankara was officially established in 1888 as a modern financial institution, primarily to aid in organized agricultural loans. Wrapped up in the Turkish Banking sector's history, Ziraat Bank provides a variety of services to businesses of any size, corporate, and retail customers.