The first financial operations in Turkey began in Istanbul in the early 1800s, with so-called money-changers and Galata bankers. All banking operations were carried out by these money-changers during the period, and the Galata bankers were mainly from Istanbul’s ethnic minorities.
Istanbul’s economy is constantly expanding, and it is Turkey’s financial center. Istanbul is where the majority of the country’s trade and export/import takes place. As a result, numerous commercial and public banks are present, with head offices, hundreds of branches in various parts of the city, and thousands of ATMs. A list of financial institutions in Istanbul is shown below.
When Do Banks Open in Istanbul?
Banks are typically open Monday through Friday from 9:00 a.m. to 17:00 p.m., and closed on weekends and religious or national holidays. Some bank offices in large retail malls offer extended hours and are also open on weekends.
AKBank was established in 1948 and focuses on Consumer Banking, Commercial Banking, SME Banking, Corporate Investment, Private Banking, and Treasury. The business is headquartered in Istanbul and employs about 14,200 people. By the end of 2017, the bank has serviced 14.3 million clients via 800 branches throughout Turkey and one business branch. A total of 76 billion dollars has been spent by 2016, with a net deficit of 1 245 billion dollars.
Garanti Bank was founded in 1946 in Istanbul and has its headquarters there. Personal accounts, small and medium-sized businesses, private and corporate banking products and services are only a few of the financial goods and services offered by the Bank. Garanti has 937 offices throughout Turkey, as well as 8 branches and three representative offices around the nation. It employs approximately 22,000 employees and serves over 14 million customers. As of 2016, the bank has 80 billion dollars in assets and a net profit of 1.301 billion dollars.
Ziraat Bank is a state bank that was founded in 1863. It offers a variety of banking products and services to consumers, small and medium-sized businesses, and corporate customers in Turkey and other countries. With 24,374 employees, the company’s headquarters are in Ankara. As of December 31, 2016, the bank has 1,814 locations. It is present in 19 countries, with a focus on people and land. The bank has gross assets of 91.60 billion dollars and a net profit of 1.69 billion dollars in 2016.
Yapi Kredi Bank was established in 1944 and serves clients in Turkey, Holland, Azerbaijan, Russia, and Malta. Retail finance, commercial and corporate banking, private banking, and property management departments are among its specialties. He employs about 19,000 people and is headquartered in Istanbul.
In Turkey, the bank has a network of 4,348 ATMs, four call centers, and 544,000 POS devices, as well as one branch. In 2016, the Bank’s investments totaled 69 million dollars, with a profit of 740 million dollars.
These were some of Turkey’s most well-known banks, as well as Istanbul. There are many more banks offering possibilities in the city, but these are the ones that foreigners in Turkey choose. As a foreigner, you may open an account with any of these banks and begin conducting business in Turkey.
Now that you know more about the top banks in Turkey, check out our investment section if you’re seeking to buy a home in Istanbul. We discuss the greatest investment opportunities in Istanbul, including popular sectors and lucrative companies, good locations to invest, and even how to open turkish bank account as a foreigner!