Koçbank: Difference between revisions
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| logo = Kocbank.png |
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| type = [[Bank]] |
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| company_type = [[Bank]] |
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| foundation = 1981 |
| foundation = 1981 |
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| defunct = 2006 |
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| fate = merged into [[Yapı ve Kredi Bankası]] |
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| parent =[[Koç Holding]] |
| parent =[[Koç Holding]] |
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| subsid = |
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| homepage = |
| homepage = {{URL |http://www.kocbank.com.tr}} |
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'''Koçbank''' was a Turkish [[bank]]. It was merged into [[Yapı ve Kredi Bankası]] in 2006.<ref>[[Hurriyet Daily News]], 5 August 2006, [http://www.hurriyetdailynews.com/yapi-kredi-raises-capital-to-ytl-32-bln-to-become-largest-paid-in-capital-bank.aspx?pageID=438&n=yapi-kredi-raises-capital-to-ytl-3.2-bln-to-become-largest-paid-in-capital-bank-2006-08-05 Yapı Kredi raises capital to YTL 3.2 bln to become largest paid-in capital bank]</ref> At the time Koçbank was owned by, Koç Finansal Hizmetler (KFH; Koç Financial Services, KFS), an equal partnership between [[Koç Holding]] and Italian banking giant [[Unicredit]].<ref>[[Hurriyet Daily News]], 10 May 2006, [http://www.hurriyetdailynews.com/ykb-goes-into-the-black-on-eve-of-merger-with-kocbank.aspx?pageID=438&n=ykb-goes-into-the-black-on-eve-of-merger-with-kocbank-2006-05-10 YKB goes into the black on eve of merger with Koçbank]</ref> |
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'''Koçbank''' is a [[Turkey|Turkish]] [[bank]]. It is a wholly owned subsidiary of [[Koç Holding]]. |
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==Origins== |
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Koçbank was established in 1986 when Koç Holding purchased 51% of [[American Express|American Express Bank]]'s shares. Originally named Koç-American Bank, the company was renamed in 2003 after Koç Holding purchased the remainder of the bank. |
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In 2002, 50% of Koçbank was sold to [[UniCredit]]. |
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==History== |
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| ⚫ | Koçbank was founded in 1981 as the [[American Express|American Express Bank]], 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. |
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===Restructuring and UniCredit partnership (2001 - 2006)=== |
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| ⚫ | 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. |
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| ⚫ | In October 2002 KFS signed a strategic partnership with [[UniCredit]] (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. |
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| ⚫ | Koçbank was founded in 1981 as the American Express Bank, 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. |
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===Merger with Yapı Kredi (2005 - 2006)=== |
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==Expansion and restructuring== |
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| ⚫ | Following the decision of the Koç Group to expand in the financial sector, |
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| ⚫ | 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%. |
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| ⚫ | 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.<ref>[http://www.kocbank.com/en-US/investorRelations/corporate_information/our_history.aspx Yapı Kredi - InvestorRelations<!-- Bot generated title -->]</ref> |
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Koç Group and UniCredit further deepened their investment in growth in Turkey by acquiring, through KFS, [[Yapı Kredi]]. Acquisition of Yapı Kredi and its subsequent merger with Koçbank are the result of Unicredit’s and Koç Group’s shared vision in Turkey’s long-term growth prospects as well as their strategic focus on growth in the financial services sector. |
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==References== |
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| ⚫ | Following the merger in October 2006, 80.2% of Yapı Kredi was owned by KFS while minorities’ stake in the |
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| ⚫ | Following the legal merger, Yapı Kredi is positioned as the fourth largest privately |
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<ref>[http://www.kocbank.com/en-US/investorRelations/corporate_information/our_history.aspx Yapı Kredi - InvestorRelations<!-- Bot generated title -->]</ref> |
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==External links== |
==External links== |
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*[http://www.kocbank.com.tr/ Official website] |
*[http://www.kocbank.com.tr/ Official website] |
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{{DEFAULTSORT:Kocbank}} |
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{{Istanbul Stock Exchange companies}} |
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{{Banks of Turkey}} |
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== NOTES == |
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* http://www.kocbank.com/en-US/investorRelations/corporate_information/our_history.aspx |
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[[Category:Banks of Turkey]] |
[[Category:Banks of Turkey]] |
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[[Category:Companies listed on the Istanbul Stock Exchange]] |
[[Category:Companies listed on the Istanbul Stock Exchange]] |
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[[Category: |
[[Category:UniCredit Group]] |
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[[Category:Banks disestablished in 2006]] |
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[[Category:2006 disestablishments in Turkey]] |
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[[tr:Koçbank]] |
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[[Category:Turkish companies established in 1981]] |
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Latest revision as of 23:55, 25 June 2024
 | This article needs additional citations for verification. (November 2006) |
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| Company type | Bank |
|---|---|
| Founded | 1981 |
| Defunct | 2006 |
| Fate | merged into Yapı ve Kredi Bankası |
| Headquarters | Istanbul, Turkey |
| Parent | Koç Holding |
| Website | www |
Koçbank was a Turkish bank. It was merged into Yapı ve Kredi Bankası in 2006.[1] At the time Koçbank was owned by, Koç Finansal Hizmetler (KFH; Koç Financial Services, KFS), an equal partnership between Koç Holding and Italian banking giant Unicredit.[2]
In 2003 Koçbank had 143 branches, including branches in Azerbaijan, the Netherlands and Bahrain.
History
[edit]Koçbank was founded in 1981 as the American Express Bank, 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)
[edit]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 (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)
[edit]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.[3]