Koçbank was a Turkish

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

. It was merged into Yapı ve Kredi Bankası in 2006. At the time Koçbank was owned by, Koç Finansal Hizmetler (KFH; Koç Financial Services, KFS), an equal partnership between

Koç Holding Koç Holding A.Ş. () is the largest industrial conglomerate in Turkey, and the only company in the country to be listed on the Fortune Global 500 as of 2016. The company, headquartered in Nakkaştepe, Istanbul, is controlled by the Koç family, ...

and Italian banking giant

Unicredit UniCredit S.p.A. is an international banking group headquartered in Milan. It is Italy's only systemically important bank (according to the list provided by the Financial Stability Board in 2022) and the world's 34th largest by assets. It was for ...

. In 2003 Koçbank had 143 branches, including branches in

Azerbaijan Azerbaijan (, ; az, Azərbaycan ), officially the Republic of Azerbaijan, , also sometimes officially called the Azerbaijan Republic is a transcontinental country located at the boundary of Eastern Europe and Western Asia. It is a part of th ...

, the

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and

Bahrain Bahrain ( ; ; ar, البحرين, al-Bahrayn, locally ), officially the Kingdom of Bahrain, ' is an island country in Western Asia. It is situated on the Persian Gulf, and comprises a small archipelago made up of 50 natural islands and an ...

History

Koçbank was founded in 1981 as the

American Express Bank American Express Company (Amex) is an American multinational corporation, multinational corporation specialized in payment card industry, payment card services headquartered at 200 Vesey Street in the Battery Park City neighborhood of Lower Man ...

, based in Istanbul. Koç Holding acquired a 51% stake in the bank in 1986, renaming it Koç-American Bank, and in 1992 the bank became a wholly owned subsidiary of Koç Holding, and was renamed as Koçbank A.Ş. It grew to be one of the most important institutions in the sector with its young history and its financial subsidiaries established in a short term to address the financial needs of its customers.

Restructuring and UniCredit partnership (2001 - 2006)

Following the decision of the Koç Group to expand in the financial sector, Turkey’s first financial holding company, Koç Financial Services (KFS), was established in March 2001 as a management company and all the financial companies owned by the Koç Group, including Koçbank, were united under this umbrella. In October 2002 KFS signed a strategic partnership with

UniCredit UniCredit S.p.A. is an international banking group headquartered in Milan. It is Italy's only systemically important bank (according to the list provided by the Financial Stability Board in 2022) and the world's 34th largest by assets. It was for ...

(UCI), a leading international banking group of Italian origin present in 20 countries. In October 2002, the Koç Group and UniCredit signed a partnership agreement and became 50/50 shareholders in KFS; making KFS the first foreign partnership to be established in the financial sector in Turkey.

Merger with Yapı Kredi (2005 - 2006)

On 29 September 2005, Koçbank enhanced its position in the Turkish banking market with the acquisition of 57.4% of the share capital of Yapı ve Kredi Bankası, one of Turkey’s oldest and largest financial groups. Following the merger in October 2006, 80.2% of Yapı Kredi was owned by KFS while minorities’ stake in the Bank was 19.8%. Following the completion of the share exchange between KFS and Yapı Kredi in October 2007 for the transfer of the shares owned by KFS in YK Leasing, YK factoring and YK Azerbaijan to Yapı Kredi, the ownership of KFS in Yapı Kredi increased to 81.8% while the minorities share has changed to 18.2%. Following the legal merger, Yapı Kredi is positioned as the fourth largest privately owned commercial bank by asset size in Turkey, with interest in credit cards, assets under management, non-cash loans, leasing, factoring, private pension funds and non-life insurance. The combined KFS Group’s financial services network now consists of over 13 million customers and 684 branches across the country.Yapı Kredi - InvestorRelations
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References

External links

Official website
{{DEFAULTSORT:Kocbank Banks established in 1981 Banks of Turkey Companies listed on the Istanbul Stock Exchange UniCredit Group Banks disestablished in 2006 2006 disestablishments in Turkey Turkish companies established in 1981