FROM PAST TO PRESENT: TEB
TEB (the "Bank") was initially founded under the title of Kocaeli Halk Bankası T.A.Ş. in 1927. The Bank was acquired by the Çolakoğlu Group in 1982 and renamed as "Türk Ekonomi Bankası A.Ş.", and its headquarters were moved to Istanbul.
Having focused on foreign trade finance and investment banking during the 1980s, TEB shares were offered to the public in February 2000. The Bank shares began trading under the TEBNK ticker in the National Market of the Istanbul Stock Exchange on December 31st, 2012. TEB shares are also listed on the depository receipt market of the London Stock Exchange.*
On February 10th, 2005, TEB signed a partnership agreement with BNP Paribas, the largest bank in the Eurozone and the 6th largest in the world, operating in 80 countries. By entering cooperation with BNP Paribas, one of the most prestigious brands in the international markets, TEB was able to carry its global vision further.
As the BNP Paribas Group acquired a majority stake in Fortis Bank Belgium and Fortis Bank Luxemburg, the Group became the principal shareholder of Fortis Bank Turkey (Fortis Bank). Consequently, BNP Paribas and the Çolakoğlu Group, the indirect majority shareholders in TEB, entered a memorandum of understanding, whereby TEB and Fortis Bank were to be merged. The two banks were legally merged on February 14th, 2011.
Following the merger, TEB Holding remained the majority shareholder in TEB with a 55% share, while BNP Paribas Group and the Çolakoğlu Group will each continue to hold 50% of TEB Holding. Following the legal merger, TEB completed the operational merger rapidly and in a trouble-free manner for all of its stakeholders, including its customers, realizing one of the most successful mergers in Turkish Banking history. Turning its attention to organic growth from the second half of 2011, the Bank succeeded in combining growth with profitability in 2012.
The expenses associated with the merger were left behind in 2012; in contrast, 2013 will be a year where TEB primarily focuses on efficiency.
*Updated information about TEB Shares can be found at the following website: www.teb.com.tr