TEB (the “Bank”) was initially founded under the title of Kocaeli Halk Bankası T.A.Ş. and in 1927. The Bank was acquired by Çolakoğlu Group in 1982 and renamed as “Türk Ekonomi Bankası A.Ş.”
Celebrating its 84th year of service in 2010, TEB has played a key role in the development of private banking and the introduction of its standards in Turkey.
TEB has pioneered operations in the field of private banking in Turkey since the early 1990s. The respected and distinguished position the Bank has enjoyed in the sector was further enhanced by subsidiaries active in investment, leasing, factoring and asset management as well as by an expanded branch network and diversified banking products and services.
TEB’s first public offering took place in 2000 and the Bank’s shares began to be traded on the ISE.
15.63% of TEB’s shares are traded on the Istanbul Stock Exchange National Market as of December 31st, 2010 under the TEBNK ticker. TEB shares are also listed on the London Stock Exchange's depository receipt market. Up-to-date information concerning TEB’s shareholding structure and TEB shares can be found on the Bank’s web site at www.teb.com.tr.
The BNP Paribas partnership - a milestone in TEB's corporate history
On February 10th, 2005, control of a 50% stake in TEB Mali Yatırımlar A.Ş., TEB's principal shareholder, was transferred to BNP Paribas, a major international bank and one of the leading financial institutions in the European Union. As a result of this transaction, BNP Paribas acquired 42.125% indirect stake in TEB.
Merger with Fortis Bank
BNP Paribas and the Çolakoğlu Group, the indirect majority shareholders in TEB, entered a memorandum of understanding (the “MoU”) on June 3rd, 2010 according to which TEB and Fortis Bank. were to be merged under TEB upon approval of the regulatory authorities with TEB Mali Yatırımlar A.Ş (‘‘TEB Mali’’) remaining as the majority shareholder in TEB. As a result of share transfers between the main shareholders following the merger, the Çolakoğlu Group and the BNP Paribas Group each are to continue holding 50% of TEB Mali.
Following the Extraordinary General Assembly Meetings of parties held on October 19th, 2010 regarding the merger, required filings were submitted to the Capital Markets Board (the “CMB”) on October 26th, 2010; and on November 25th, 2010 at the Board of Directors meetings of both parties, the merger ratio and the exchange ratio which were set forth in the reports prepared by legal experts commissioned by the court, and the competent independent institution were confirmed. The merger transaction was approved by the CMB with its decision no. 37/1145 dated December 21st, 2010. Following the publication of the Banking Regulation and Supervision Agency’s consent dated February 10th, 2011 in the Official Gazette no: 27844 and dated February 12, 2011, the merger between the two banks was legally completed upon the termination of the legal entity of Fortis Bank A.Ş. with a registration application submitted at the Istanbul Trade Registry on February 14th, 2011 and through the transfer of all its rights, receivables, debts and payables (assets and liabilities) to TEB, cumulatively.