BANKING
NOVEMBER 11, 2014
Türkiye Vakiflar Bankasi T.A.O.
COMPANY PROFILE
Ankara, Turkey
Company Overview
Table of Contents:
COMPANY OVERVIEW
FINANCIAL HIGHLIGHTS (AS REPORTED)
BUSINESS ACTIVITIES
DISTRIBUTION CAPACITY AND
MARKET SHARE
OWNERSHIP AND STRUCTURE
Ownership Structure
Subsidiaries
COMPANY MANAGEMENT
COMPANY HISTORY
PEER GROUP
RELATED WEBSITES AND INFORMATION
SOURCES
MOODY’S RELATED RESEARCH
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Analyst Contacts:
LONDON
Türkiye Vakiflar Bankasi T.A.O. (VakifBank) is a full-service commercial and retail bank. As
of 30 June 2014, VakifBank was the seventh-largest commercial bank in Turkey, with a
market share of 7.6% in terms of total assets.
VakifBank offers retail, commercial, investment, private and international banking services,
as well as foreign exchange, money market and investment security transactions.
Furthermore, the bank’s major financial subsidiaries provide insurance, private pension fund
services, leasing, securities trading, factoring, capital market activities and portfolio
management. As of 30 June 2014, VakifBank’s consolidated asset base was TRY143.6 billion
(USD67.6 billion).
Established in 1954, VakifBank was publicly listed on the Istanbul Stock Exchange in 2005.
As of 30 September 2014, VakifBank’s largest shareholder was The General Directorate of
Foundations, the government body that administers and regulates all Turkish charitable
foundations, with a 58.5% stake.
+44.20.7772.5454
Simone Zampa
+44.20.7772.1425
Vice President - Senior Credit Officer
[email protected]
Firat Bayraktar
+44.20.7772.1087
Associate Analyst
[email protected]
This report, exclusively provided to you by
Moody’s, presents a convenient summary of
as reported, publicly available information.
The information is not adjusted for Moody’s
analytic purposes. For Moody’s Ratings,
Opinion and Analytics on this company
please [Click here]. To access the latest
Moody's Credit Opinion on this company,
please [Click here].
Note: Currency converted using exchange rate of TRY–USD0.47057, as of 30 June 2014
Source: Company Report (consolidated financial statements June 2014), Moody’s research, Company data,
www.tbb.org.tr, www.oanda.com
BANKING
Financial Highlights (as Reported)
Note: The financials presented below are those reported by the entity and are not adjusted for Moody’s
analytic purposes. For Moody’s generated ratios on Türkiye Vakiflar Bankasi T.A.O., please see <Türkiye
Vakiflar Bankasi T.A.O. page on moodys.com>.
EXHIBIT 1
Latest Full-Year Results
Türkiye Vakiflar Bankasi T.A.O.
31-Dec-13
31-Dec-12
31-Dec-11
% Change
13/12
% Change
12/11
TRY/USD, Period end
0.46726
0.55812
0.52493
–
–
Total Assets
139,788
108,039
93,461
29.39
15.60
12,471
11,829
9,598
5.43
23.24
(in TRY Million)
Total Shareholders’ Equity
Shareholders’ Equity excluding Minority Interest
12,162
11,431
9,239
6.39
23.73
BIS Capital
15,200
13,596
9,895
11.80
37.39
Capital Adequacy Ratio (%)
13.21
15.56
13.22
(235) bps
234 bps
Net Income
1,628
1,424
1,361
14.37
4.60
Net Income Attributable to Equity Holders
1,652
1,423
1,304
16.09
9.13
Notes: 1) Based on Consolidated Turkish Accounting Standards (TAS)
2) “Shareholders’ Equity excluding Minority Interest” is calculated by subtracting “Minority Interest” from “Total Shareholders’
Equity”
Source: Company Reports (annual report Dec 2013, consolidated financial report Dec 2013, Dec 2012 and Dec 2011), www.oanda.com
EXHIBIT 2
Latest First-Half Results
Türkiye Vakiflar Bankasi T.A.O.
31-June-14
31-June-13
% Change
14/13
TRY/USD, Period end
0.47057
0.51794
–
Total Assets
(in TRY Million)
143,624
121,849
17.87
Total Shareholders’ Equity
13,735
11,959
14.85
Shareholders’ Equity excluding Minority Interest
13,285
11,641
14.12
BIS Capital
16,639
14,446
15.19
14.04
14.05
(1) bps
Net Income
692
945
(26.74)
Net Income Attributable to Equity Holders
705
955
(26.15)
Capital Adequacy Ratio (%)
Notes: 1) Based on Consolidated TAS
2) “Shareholders’ Equity excluding Minority Interest” is calculated by subtracting “Minority Interest” from “Total Shareholders’
Equity”
Source: Company Reports (consolidated financial statements June 2014 and June 2013), www.oanda.com
This publication does not announce
a credit rating action. For any
credit ratings referenced in this
publication, please see the ratings
tab on the issuer/entity page on
www.moodys.com for the most
updated credit rating action
information and rating history.
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NOVEMBER 11, 2014
COMPANY PROFILE: TÜRKIYE VAKIFLAR BANKASI T.A.O.
BANKING
Business Activities
VakifBank offers corporate, commercial, small business, retail, investment, private and international
banking products and services, as well as foreign exchange, money market and investment security
transactions. Along with offering a full range of banking services, the bank’s major financial
subsidiaries also provide insurance (Güneş Sigorta AŞ), private pension fund services (Vakif Emeklilik
AŞ), leasing (Vakif Finansal Kiralama AŞ), securities trading (Vakif Menkul Kiymetler Yatirim
Ortakliği AŞ), factoring (Vakif Finans Faktoring Hizmetleri AŞ), capital market activities (Vakif
Yatirim Menkul Değerler AŞ), banking sector operations in foreign countries (Vakif International
AG), real estate investment (Vakif Gayrimenkul Yatirim Ortakliği AŞ) and portfolio management
(Vakif Portföy Yönetimi AŞ).
The bank also provides loans against securities and real estate, as well as real estate trading services. In
addition, it carries out the cashier transactions of The General Directorate of Foundations.
The bank’s activities are organised into the following four business segments: Retail Banking;
Corporate Banking; Investment Banking; and Other (which comprises revenue from investment
securities and consolidation items). For the financial year ended 31 December 2013 (2013), the largest
contributor to the bank’s interest income was the Corporate Banking segment.
Retail Banking: This segment offers banking services including time and demand deposits, consumer
loans including auto and housing finance, general purpose loans, credit and debit cards, payroll
services, cheques, safe deposit boxes, bill payments, tax collection, payment orders, foreign trade
transactions, investment products, cash management, leasing, factoring and insurance. As of 31
December 2013, the Retail Banking segment had a consolidated asset base of TRY30.4 billion
(USD14.2 billion), and accounted for 32.9% of the bank’s interest income in 2013.
Corporate Banking: This segment offers a range of commercial banking products and services to
corporate and small and medium-sized enterprise customers, including deposit accounts, payroll
services, foreign trade transaction services, repos, overdraft facilities, working capital finance, project
finance (agriculture, industrial and construction services) including arrangement of syndicated loans,
direct debit services, card-based collection and wholesale payment solutions, discounted bills, spot
loans, gold loans, foreign currency indexed loans, foreign currency loans, export/import bank loans
and pre-export loans, cash management, Export Credit Agency-covered finance, letters of guarantee,
letters of credit, acceptance credit, draft facilities, export factoring, forfaiting, leasing, factoring, futures
and forwards, and insurance. As of 31 December 2013, the Corporate Banking segment had a
consolidated asset base of TRY58.1 billion (USD27.2 billion), and accounted for 47.8% of the bank’s
interest income in 2013.
Investment Banking: This segment offers a portfolio of investment banking products and services,
including treasury services, structured financing, trading in securities, public offerings and mutual
funds. The bank’s treasury business provides foreign currency, fixed income, money market
instruments and currency swap services. As of 31 December 2013, the Investment Banking segment
had a consolidated asset base of TRY43.7 billion (USD20.4 billion), and accounted for 17.0% of the
bank’s interest income in 2013.
Note: Currency converted using exchange rate of TRY–USD0.46726, as of 31 Dec 2013
Source: Company Reports (annual report Dec 2013, consolidated financial statements June 2014), Company data, www.oanda.com
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NOVEMBER 11, 2014
COMPANY PROFILE: TÜRKIYE VAKIFLAR BANKASI T.A.O.
BANKING
EXHIBIT 3
Business Segment
(% of Interest Income, consolidated, for 2013)
Investment Banking
17.0%
Other
2.3%
Corporate Banking
47.8%
Retail Banking
32.9%
Source: Company Report (consolidated financial report Dec 2013, Pg: 65)
EXHIBIT 4
Net Profit/(Loss) per Business Segment
(consolidated, in TRY Million)
2012
2013
2,000
1,500
1,613
1,207
1,480
1,750
1,312
952
1,000
500
0
(500)
(1,000)
(1,500)
(2,000)
(2,500)
(2,576)
(3,000)
Retail Banking
Corporate Banking
Investment Banking
(2,686)
Other
Note: Comparable figures for 2011 are not available
Source: Company Report (consolidated financial report Dec 2013, Pg: 65 and 66)
Distribution Capacity and Market Share
As of 30 June 2014, VakifBank operated through a network of 870 branches (31 December 2013: 859
branches), including 867 domestic (856) and three foreign (three) branches, in the US, Bahrain and
Iraq.
Internationally, the bank distributes its products and services through subsidiary banks, including
Vakifbank International AG, in Austria (with branches in Vienna) and Germany (Cologne and
Frankfurt).
As of 30 June 2014, VakifBank also delivered its services through 145,468 point-of-sale terminals and
3,024 ATMs, as well as through its telephone, mobile and internet banking network. In the first half
year ended 30 June 2014, the bank serviced 16.1 million customers, including 2.7 million internet
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NOVEMBER 11, 2014
COMPANY PROFILE: TÜRKIYE VAKIFLAR BANKASI T.A.O.
BANKING
banking customers, 2.3 million total payroll customers and 1.5 million active mutual fund clients, and
issued 3.0 million credit cards.
In Turkey, as of 30 June 2014, VakifBank was the seventh-largest bank in terms of assets, loans and
receivables, equity and deposits. As of the same date, the bank’s market shares in Turkey were as
follows:
EXHIBIT 5
Market Shares of Top 5 Turkish Banks and Türkiye Vakiflar Bankasi T.A.O., as of 30 June 2014
(% Share)
Total Deposits
Total Loans and Receivables
1. Türkiye Cumhuriyeti Ziraat Bankasi A.Ş.
14.9
1. Türkiye İş Bankasi A.Ş.
2. Türkiye İş Bankasi A.Ş.
12.8
2. Türkiye Cumhuriyeti Ziraat Bankasi A.Ş.
11.0
3. Türkiye Garanti Bankasi A.Ş.
11.3
3. Türkiye Garanti Bankasi A.Ş.
10.9
4. Akbank T.A.Ş.
11.1
4. Akbank T.A.Ş.
10.4
5. Türkiye Halk Bankasi A.Ş.
9.6
5. Yapi ve Kredi Bankasi A.Ş.
9.3
7. Türkiye Vakiflar Bankasi T.A.O.
8.6
7. Türkiye Vakiflar Bankasi T.A.O.
8.1
Total Assets
12.3
Total Equity
1. Türkiye Cumhuriyeti Ziraat Bankasi A.Ş.
12.5
1. Türkiye İş Bankasi A.Ş.
12.1
2. Türkiye İş Bankasi A.Ş.
12.0
2. Türkiye Cumhuriyeti Ziraat Bankasi A.Ş.
12.0
3. Türkiye Garanti Bankasi A.Ş.
11.1
3. Türkiye Garanti Bankasi A.Ş.
11.3
4. Akbank T.A.Ş.
10.7
4. Akbank T.A.Ş.
11.0
5. Yapi ve Kredi Bankasi A.Ş.
8.6
5. Yapi ve Kredi Bankasi A.Ş.
8.4
7. Türkiye Vakiflar Bankasi T.A.O.
7.6
7. Türkiye Vakiflar Bankasi T.A.O.
6.3
Note: Total Loans and Receivables = Loans and Receivables + Loans under Follow up - Specific Provisions
Source: Company Reports (annual report Dec 2013, earnings presentation H1 June 2014, consolidated financial statements June 2014, IFRS report June
2014), Company data, www.tbb.org.tr
Ownership and Structure
As of 30 September 2014, VakifBank had 250 billion shares, divided into the following four classes:
Class A (comprising 43.0% of total shares issued), Class B (15.6%), Class C (16.2%) and Class D
(25.2%). As of 30 September 2014, the bank’s largest shareholder was the government agency, The
General Directorate of Foundations, which held 58.5% of its shares, composed of 43.0% Class A and
15.5% Class B shares.
In 2005, as a result of the initial public offering (IPO) of its Class D shares, the bank was listed on the
Istanbul Stock Exchange, which is regulated by the Capital Markets Board of Turkey (trading symbol:
VAKBN).
Source: Company Report (consolidated financial statements June 2014), Company data, www.cmb.gov.tr, Istanbul Stock Exchange
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NOVEMBER 11, 2014
COMPANY PROFILE: TÜRKIYE VAKIFLAR BANKASI T.A.O.
BANKING
Ownership Structure
As of 30 September 2014, the bank’s shareholder structure was as follows:
EXHIBIT 6
Türkiye Vakıflar Vakiflar Bankası Bankasi T.A.O.
Shareholder
Class of Shares
Nominal Value of Shares (TRY)
Share (%)
Foundations represented by The General
Directorate of Foundations
Class A
1,075,058,639.562
43.002346
VakifBank Pension Fund
Class C
402,552,666.422
16.102107
Appendant Foundations represented by The
General Directorate of Foundations
Class B
386,224,784.722
15.448991
Other Appendant Foundations
Class B
3,096,741.964
0.123870
Other Registered Foundations
Class B
1,453,084.546
0.058123
Individuals and Legal Entities
Class C
1,534,584.477
0.061383
Free Float
Class D
630,079,498.307
25.203180
2,500,000,000.000
100.000000
Total
Source: Company data
Subsidiaries
As of 30 June 2014, the bank’s consolidated subsidiaries were as follows:
EXHIBIT 7
Türkiye Vakıflar Vakiflar Bankası Bankasi T.A.O.
Subsidiary
Registered Office
Bank's Share – if
different voting
rights (%)
Güneş Sigorta AŞ
Istanbul, Turkey
36.35
36.35
Vakif Emeklilik AŞ
Istanbul, Turkey
53.90
75.30
Vakif Finans Faktoring Hizmetleri AŞ
Istanbul, Turkey
78.39
86.97
Vakif Finansal Kiralama AŞ
Istanbul, Turkey
58.71
64.40
Vakif Yatirim Menkul Değerler AŞ
Istanbul, Turkey
99.00
99.44
Vakifbank International AG
Vienna, Austria
90.00
90.00
Vakif Portföy Yönetimi AŞ
Istanbul, Turkey
99.99
99.99
Vakif Menkul Kiymet Yatirim Ortakliği AŞ
Istanbul, Turkey
11.75
21.77
Vakif Gayrimenkul Yatirim Ortakliği AŞ
Istanbul, Turkey
27.63
29.47
Bank's Risk
Group Share (%)
Source: Company Report (consolidated financial statements June 2014)
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NOVEMBER 11, 2014
COMPANY PROFILE: TÜRKIYE VAKIFLAR BANKASI T.A.O.
BANKING
Company Management
Board of Directors
Affiliation
Age*
Halil Aydoğan
VakifBank: General Manager and Member of the Board of
Directors
63
As of 21 Oct 2014
*As of 31 Dec 2013
Board of Directors
Affiliation
Ramazan Gündüz
VakifBank: Chairman of the Board of
Directors
Age*
61
Committees
N/A
Mehmet Emin Özcan
VakifBank: Independent Deputy
Chairman of the Board of Directors
53
Audit Committee, Credit
Committee
Halil Aydoğan
VakifBank: Member of the Board of
Directors and General Manager
63
N/A
Halim Kanatçi
VakifBank: Member of the Board of
Directors
58
Credit Committee, Corporate
Governance Committee
Adnan Ertem
VakifBank: Member of the Board of
Directors
49
Remuneration Committee
Öztürk Oran
VakifBank: Member of the Board of
Directors;
Istanbul Chamber of Commerce:
Member of the Board and Member of
Parliament
57
Corporate Governance
Committee, Credit Committee
(Alternate Member)
Şeref Aksaç
VakifBank: Member of the Board of
Directors;
Ziraat Life and Insurance Company:
Chief Executive Officer
57
Remuneration Committee,
Credit Committee (Alternate
Member)
İsmail Alptekin
VakifBank: Independent Member of the
Board of Directors
69
Corporate Governance
Committee, Remuneration
Committee
Sabahattin Birdal
VakifBank: Independent Member of the
Board of Directors
61
Audit Committee
As of 21 Oct 2014
*As of 31 Dec 2013
Source: Company data
Company History
VakifBank was founded in 1954 in Ankara, Turkey, under a special law within the framework of the
authority granted to The General Directorate of Foundations of the Turkish Republic Prime Ministry.
The purpose of the bank was to manage the cash revenue and expenditure of charitable foundations
established during the Ottoman Empire.
In 1995, VakifBank opened a New York branch in order to increase its international exposure.
In 2000, the bank’s subsidiaries, Güneş Sigorta AŞ (an insurance company), Vakif Finansal Kiralama
AŞ (a leasing company), Vakif Menkul Kiymetler Yatirim Ortakliği AŞ (an investment trust
company), Vakif Gayrimenkul Yatirim Ortakliği AŞ (a real estate investment trust company) and
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NOVEMBER 11, 2014
COMPANY PROFILE: TÜRKIYE VAKIFLAR BANKASI T.A.O.
BANKING
Vakif Girişim Sermayesi Yatirim Ortakliği AŞ (Vakif Venture Capital Investment) were listed on the
Istanbul Stock Exchange.
In 2005, VakifBank was publicly listed on the Istanbul Stock Exchange, following an IPO of its Class
D shares, representing 25.2% of its total shares outstanding. The IPO was intended to increase private
sector ownership of the bank. After the IPO, the share of The General Directorate of Foundations
decreased to 58.5% from 74.8%, while that of the bank's Pension Fund fell to 16.1% from 24.9%. As
of 30 September 2014, publicly traded shares comprised 25.2% of the bank’s total share capital.
In December 2009, VakifBank sold its entire stake of 31.2% in Vakif Girişim Sermayesi Yatirim
Ortakliği AŞ to RHEA Gayrimenkul Yatirim Proje Gelistirme Insaat Sanayi ve Ticaret Ltd. Sti,
following the approval of the Capital Markets Board obtained in November 2009.
Source: Company Reports (annual report Dec 2009, Dec 2008, Dec 2006 and Dec 2005, BRSA consolidated financial report Dec
2007, consolidated financial statements Mar 2013, June 2008 and June 2014), Company data
Peer Group
»
Türkiye Halk Bankasi AS
»
T.C. Ziraat Bankasi AS
Related Websites and Information Sources
For additional information, please see:
»
the company’s website: www.vakifbank.com.tr
»
the regulator’s website: www.bddk.org.tr
»
the central bank’s website: www.tcmb.gov.tr
MOODY’S has provided links or references to third party World Wide Websites or URLs ("Links or References") solely for your
convenience in locating related information and services. The websites reached through these Links or References have not
necessarily been reviewed by MOODY’S, and are maintained by a third party over which MOODY’S exercises no control.
Accordingly, MOODY’S expressly disclaims any responsibility or liability for the content, the accuracy of the information, and/or
quality of products or services provided by or advertised on any third party web site accessed via a Link or Reference. Moreover,
a Link or Reference does not imply an endorsement of any third party, any website, or the products or services provided by any
third party.
Moody’s Related Research
Credit Opinion:
»
Türkiye Vakiflar Bankasi T.A.O.
Banking System Outlook:
»
Turkey, 24 March 2014 (165688)
Banking System Profile:
»
Turkey, 25 June 2014 (172251)
To access any of these reports, click on the entry above. Note that these references are current as of the date of publication of
this report and that more recent reports may be available. All research may not be available to all clients.
8
NOVEMBER 11, 2014
COMPANY PROFILE: TÜRKIYE VAKIFLAR BANKASI T.A.O.
BANKING
Report Number: 177210
Authors
Firat Bayraktar
Simone Zampa
Senior Production Associate
Ginger Kipps
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003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients”
within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the
document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients”
within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity
securities of the issuer or any form of security that is available to retail clients. It would be dangerous for “retail clients” to make any investment decision based on MOODY’S credit rating. If
in doubt you should contact your financial or other professional adviser.
9
NOVEMBER 11, 2014
COMPANY PROFILE: TÜRKIYE VAKIFLAR BANKASI T.A.O.
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Türkiye Vakiflar Bankasi T.A.O.