Description:"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 and AKAssetManagement Company and its Private Banking Department in 2000. In 2005, Akbank acquired AKLease. Akbank conducts overseas operations through its subsidiaries in Germany (Akbank AG) and Dubai (Akbank Dubai Limited) as well as a branch in Malta. 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. The Bank’s subsidiaries provide non-banking financial services alongside capital markets and investment services. Equipped with state-of-the-art IT systems and a staff of experienced professionals, Akbank strives to provide top quality services to an extensive portfolio of consumer and corporate banking customers. With a strong and extensive domestic distribution network of 962 branches and more than 16,000 employees, Akbank operates from its Head Office in Istanbul and 23 regional directorates across Turkey. In addition to offering services through branches - the Bank’s traditional delivery channel - Akbank also serves customers through Akbank Direkt Internet, the Telephone Banking Center, more than 4,000 ATMs and more than 290,000 POS terminals as well as other high-tech channels. Citigroup has held a 20% strategic equity stake in Akbank between January 2007 and May 2012. In May 2012, Citigroup reduced its ownership to 9,9%. This partnership has enhanced Consumer Banking activities with joint ATM usage and credit card applications such as Citi Axess and Citi Wings; additionally, it has aided in creating joint corporate banking and project finance business opportunities. These activities continue within a strong cooperative framework."
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