Vakifbank AG Supports Turkish Enterpreneurs

Denizbank, which went into operation in 1996, has nine branches in Austria. Vakıfbank, which has been in Vienna since 1999, is the main branch of other Vakıfbanks in Europe. Vakıfbank also has a branch in Köln and another one in Frankfurt.

Denizbank AG’s active size is 1.3 billion Euro, whereas Vakıfbank’s is 420 billion Euro. The bank deposits of approximately 10,000 people amount to close to 250 million Euro in Vakıfbank AG Europe. A large percentage (about 90%) of account holders with bank deposits is made up of German and Austrian customers. Vakıfbank AG, which is more conservative with respect to opening branches, has an equity capital of  45 million Euro.

Numan Bek, the General Director of Vakıfbank AG, has been working in Vienna for three years. Bek, who served as the General Director of the New York branch of Vakıfbank, is also the creator of a project whereby companies or organizations can use their real estate properties in Turkey as collateral for mortgages. Many Turkish entrepreneurs in Austria and Germany have raised credit this way. Bek stresses that they accept real estate properties in Turkey for mortgages after making sure that the payment capacity of the company is good; he also says that not everyone who has real estate can carry a mortgage.Vakıfbank, which particularly wants to support the Turkish establishments that need capital for expansion, allowed the use of 1 billion dollars in credit via its New York branch.

Vakıfbank AG, which helped Turkish organizations in Vienna in the process of obtaining their buildings, points out that through this credit system these organizations became able to represent Turkey and the Turkish community in modern buildings.

While money transfers were its priority during the initial years, the bank, which handles personal and commercial credit, also helps those who want to own a house in Turkey.  

Bek points out that contrary to the early days of Vakıfbank AG, money transfers to Turkey have diminished and adds that: “The Turkish people in Europe are getting poorer. They have also realized that they cannot return to Turkey for good. They are now able to take up a loan in Europe with a mortgage covering their home in Turkey. They look at the place like their home.” Bek adds that the Austrian banking deposit insurance fund gave EU a note of inspection of Vakıfbank AG and found the bank’s active quality to be good and its credit established. Among Bek’s plans is to make it possible for the bank to have its own building.