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Şekerbank

1950's: Şekerbank T.A.S. was established in 1953 as the "Sugar Beet Cooperative Bank" in Eskişehir, Turkey. The Bank commenced its activities by pooling the modest savings of the sugar beet growers belonging to the cooperatives. In 1956 the Bank relocated its headquarters to Ankara and changed its name to Şekerbank.

1970's: The Bank moved from being a cooperatives' bank to a full service commercial bank. In 1972, a representative office was opened in Cologne-Germany.

1980's: Şekerbank intensified its focus on commercial banking. Foreign trade and corporate banking in particular were given priority.

1990's: Two of the Bank's pension funds, Şekerbank Pension Fund and Şekerbank Personnel Social Security Foundation, began acquiring shares of Şekerbank, consequently owning 67.76% of the Bank's shares. The successful transformation from a specialized bank into a full-service private bank led to the Bank's initial public offering in 1997.

2000 onwards: Following its successful withstanding the crisis environment in finance sector during 2000-2001, the Bank initiated a major internal restructuring in 2002 to change from a traditional commercial bank into a multi-channel, diversified financial institution based on customer and segment focused applications. This was followed by the relocation of its Head Office to Istanbul in 2004. As part of the restructuring, Şekerbank gained momentum through the widening and strengthening of its correspondent banking network together with increased foreign trade volumes.

The Bank initiated partnership discussions with foreign investors during 2005 and 2006. In June 2006 the Bank's two pension funds signed an agreement with Turan Alem Securities ( AS) of Kazakhstan, a fully owned subsidiary of Bank Turan Alem for the sale of 33.98% of the Bank's shares. This partnership was successfully concluded in March 2007.

In June 2010 IFC (International Finance Corporation) a member of the World Bank Group signed a call option agreement with Şekerbank to buy up to 5% of the Bank's shares, owned by Şekerbank Personnel Social Security Foundation, the Bank's pension fund.

Şekerbank grew by 27 percent year-over-year, raising its asset size to 11.4 billion TL. The 2010 unconsolidated yearend balance sheet of the bank indicates net profit of TL 170.2 million with 11.6 percent year-over-year increase. The bank has raised its total credit volume to TL 7.5 billion with an increase above the sector, and has also increased the share of credits in the total assets to 66 percent with a ratio that is 13-14 points above the sector. On the other hand, almost half of the total credits are composed of the credits made available for SMEs, small enterprises, and agricultural segment. The total deposit volume is TL 7.7 billion with 16 percent increase.