Akbank was founded as a local bank in Adana in January 1948. Established originally with the core objective to provide funding to local cotton producers, the Bank opened its first branch in the Sirkeci district of Istanbul on July 14, 1950. In 1954, after relocating its Head Office to Istanbul, the Bank rapidly expanded its branch network and had automated all banking operations by 1963. Floated to the public in 1990, Akbank shares began trading on international markets and as an American Depository Receipt (ADR) after its secondary public offering in 1998. Akbank established AKSecurities in 1996, AKInvestment Trust in 1998, AKAssetManagement Company and its Private Banking Department in 2000 and Ak Pension Company in 2003. Akbank acquired AKLease in 2005 and Ak Pension Company was sold to Ak Insurance in February 2006. Akbank conducts overseas operations through its subsidiaries in Germany (Akbank AG), the Netherlands (Akbank NV) and Dubai (Akbank Dubai Limited) as well as a branch in Malta. As part of the initiative to restructure its overseas subsidiaries, Akbank decided to consolidate Akbank AG and Akbank NV under the corporate umbrella of Akbank AG; the merger is currently underway. In addition to its core banking activities, Akbank offers a wide range of consumer, commercial and SME, corporate and private banking services as well as foreign trade financing.
