TEB: FROM PAST TO PRESENT
Starting out as Kocaeli Halk Bankası TAŞ in 1927, a small local bank based in İzmit. TEB was acquired by the Çolakoğlu Group in 1982. The same year its name was changed to “Türk Ekonomi Bankası AŞ” and its headquarters were relocated to İstanbul.
Having focused its attentions on the foreign trade finance and investment banking business lines beginning in the 1980s, TEB undertook an initial public offering in February 2000 after which its shares began trading on the İstanbul Stock Exchange’s national market and was simultaneously quoted on the London Stock Exchange’s depository receipt market.
On 10 February 2005, TEB entered into a partnership agreement with BNP Paribas, a leading Europe-based international financial services groups whose members had operations in 78 countries as of end-2013. By joining forces with the BNP Paribas Group, one of the most respected names in international markets, TEB further expanded the scope of its global vision.
In 2009 the BNP Paribas Group acquired majority stakes in Fortis Bank Belgium and Fortis Bank Luxembourg, as a result of which purchases the group also became the biggest shareholder in Fortis Bank’s Turkish subsidiary. Subsequently the BNP Paribas Group, which now indirectly controlled a majority stake in TEB, and the Çolakoğlu Group reached an agreement under which it was decided to merge Fortis Bank Turkey into TEB. This merger formally took place on 14 February 2011.
As a result of this merger, TEB Holding now controls a majority (55%) stake in TEB while the Çolakoğlu Group and BNP Paribas each controls an equal (50%) stake in TEB Holding.
At a time when TEB’s publicly-traded shares were being quoted on the İstanbul Stock Exchange National Market, on 14 November 2014 BNP Paribas Fortis Yatırımlar Holding AŞ, acting on behalf of shareholders controlling a sufficient majority in TEB, applied to exercise their squeeze-out rights as provided for under current capital market regulations, according to which the the minority sahreholders have the right to sell out their shares to the controlling shareholder for a period of 3 months. After the mandatory three-month period had passed, the process of squeezing out the minority stakes in TEB began on 16 February 2015 and it is expected to be completed in the first half of the year.
Benefitting from the worldwide organization and expertise of the BNP Paribas Group, TEB provides its customers with a complete array of corporate, small-business, treasury, capital market, retail, and private banking financial products and services as well as an extensive lineup of investment, leasing, factoring, insurance, and portfolio management products and services through its subsidiaries.
As of year-end 2014 TEB was at the service of
Supported by BNP Paribas’s strength and a presence in 78 countries, TEB gives its customers access to BNP Paribas’s global vision and operational cabilities. A synergetic collaboration with BNP Paribas also makes it possible for the bank to keep a close and constant watch on developments taking place in global markets as they unfold.