Demirbank T.A.S. Is A Bank That Was Acquired By HSBC From The Turkish Banking Regulator On 30 October 2001 For £248 Million. The Acquisition Does Not Include Demirbank's Non-Turkish Subsidiaries, Such As Demirbank Romania, Demirbank Azerbaijan Or Demirbank Bulgaria.
On 14 December 2001, Demirbank Merged With HSBC Bank A.S., The Bank's Existing Subsidiary In Turkey, With A Combined Balance Sheet Of £1.40 Billion And A Capital Of £170 Million. The Combined Business Operates Through A Multi-channel Delivery System, Including The Internet, Automated Teller Machines ("ATMs") And HSBC-owned Call Centres. With 168 Branches And Offices In 38 Cities, It Provides Comprehensive Personal, Corporate, Treasury, Capital Markets, Stockbroking, Fund Management And Investment Banking Services To The Entire Turkish Market.
Background
The Number Of Banks In Turkey Increased Rapidly Between 1926 And 1929, But Most Of These Banks Were Local Banks Established By Local Merchants, But The Increase In Credit Demand After World War II Led Some Merchants And Agricultural Exporters To Establish Banks To Increase The Availability Of Credit In The Turkish Economy. Most Banks In The 1940s Were State-owned, But The Number Of Private Commercial Banks Increased Between 1944 And 1960.
Founded
Demirbank Was Founded In 1953 With A Start-up Capital Of Around $714,000 And Has 79 Shareholders, The Majority Of Whom Are Steel Merchants From Peršembe Pazarä, Istanbul. Of The 79 Shareholders, 33 Are Ethnic Minorities From Istanbul
