HSBC Bank (Turkey)

HSBC Bank A.Ş.
Type	Subsidiary of HSBC Holdings plc
Industry	Finance and Insurance; banking; financial services
Founded	1990
Headquarters	Istanbul, Turkey
Number of locations	77 branches in Turkey
Area served	Turkey
Key people	Brian Robertson, Chairman; Selim Kervancı, CEO
Products	Financial services,; credit cards,; mortgage loans
Services	Consumer banking; Corporate banking; Investment banking; Private banking; Wealth management
Number of employees	approx. 2000 (2020)
Subsidiaries	HSBC Yatırım Menkul Değerler A.Ş.; HSBC Portföy Yönetimi A.Ş.; HSBC Ödeme Sistemleri Bilgisayar Teknolojileri Basın Yayın ve Müşteri Hizmetleri A.Ş.; HSBC İnternet ve Telekominikasyon Hizmetleri A.Ş.
Website	www.hsbc.com.tr

Short description: Turkish bank

HSBC Bank A.Ş., the Turkey subsidiary of the HSBC Group, is a bank with its head office in Istanbul.

History

HSBC Bank A.Ş. was established as Midland Bank A.Ş. in 1990. It was a subsidiary of Midland Bank and was the first British bank in Turkey to be established. Then it was renamed HSBC Bank A.Ş. in 1999. In October 2001, HSBC Bank A.Ş. acquired Demirbank T.A.Ş., the fifth-largest private bank in Turkey from the Turkish financial regulator after it was rescued,^[2] during the financial crisis. Demirbank's wholly owned stockbroking and fund management subsidiary, Demir Yatirim was also acquired and the merger of HSBC Bank A.Ş. and Demirbank was successfully^[3] completed in December 2001. Other subsidiaries of HSBC Bank A.Ş. are HSBC Ödeme Sistemleri Bilgisayar Teknolojileri Basın Yayın ve Müşteri Hizmetleri A.Ş., HSBC İnternet ve Telekominikasyon Hizmetleri A.Ş.

Turkish banking

HSBC logo

Under the HSBC brand the bank maintains a network of around 77 branches nationwide (as of July 2020) and offers a comprehensive range of products and services to corporate, commercial and personal customers. HSBC Turkey is part of the European structure within the HSBC Group and therefore reports to HSBC Bank plc.

Bombing

On 20 November 2003, HSBC's headquarters on the Büyükdere Avenue in Levent neighborhood of Şişli, Istanbul were severely damaged in one of a series of bombings in Istanbul in 2003. Three members of HSBC staff lost their lives and a total of 43 were injured in the blasts.

The bank was fully open for business on the following working day, with a temporary headquarters being established in Esentepe, Istanbul and over 3,000 corporate customers informed of the situation on the day of the blast.

Consumer finance

On 8 August 2002, HSBC Bank A.Ş. signed a Sale and Purchase Agreement for the acquisition of Benkar Tuketici Finansmani ve Kart Hizmetleri A.Ş. (Consumer finance and card services) and the Advantage brand from Boyner Holding A.Ş. The purchase of Benkar was completed on 19 September 2002.

Regional operations

HSBC Bank A.Ş. operated 4 branches in the Turkish Republic of Northern Cyprus until the end of 2017. As of 1 December 2017, Friday, HSBC Bank TRNC Operations were transferred to ALBANK.^[4]

References

External links

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Original source: https://en.wikipedia.org/wiki/HSBC Bank (Turkey). Read more

[1] "About us". https://www.reuters.com/article/us-hsbc-turkey-exclusive/exclusive-hsbc-considering-exit-from-turkey-sources-idUSKBN1ZS1R2=HSBC. ^{[|permanent dead link|dead link}}]}

[2] Ercan, M. "The collapse of Demirbank". Case Centre. http://www.thecasecentre.org/educators/products/view?id=19438.

[3] "HSBC acquires Demirbank for $350 million". Hürriyet Daily News. 21 September 2001. http://www.hurriyetdailynews.com/default.aspx?pageid=438&n=hsbc-acquires-demirbank-for-350-million-2001-09-21.

[4] "HSBC Bank TRNC Operations were transferred to ALBANK". https://www.hsbc.com.tr/en/news/hsbc-bank-trnc-operations-were-transferred-to-albank.

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