Emlak Bank re-enters Turkey's financial sector as participation bank

Published 28.02.2019 00:26

Turkey's third bank, established after the foundation of the Republic in 1923, Emlak Bank was granted a banking license by the Banking Regulation and Supervision Agency (BDDK), according to the Official Gazette published yesterday.

The Emlak Bank will commence operations as a participation bank and is expected to open branches soon.

In December 2018, Treasury and Finance Minister Berat Albayrak announced that the ministry had launched the project to resume operations of Emlak Bank. The Emlak Participation Bank will support the real estate sector by way of providing packages for the manufacture of imported goods used in the sector, Environment and Urbanization Minister Murat Kurum said previously. Emlak Bank is also expected to offer support for industrialists and tourism entrepreneurs investing in Turkey. The Emlak Bank will be Turkey's sixth participation bank.

In the aftermath of the foundation of the Turkish Republic, the Emlak and Eytam Bank was established in 1926 - the third bank after İş Bank and the Sanayi ve Maadin Bank (Industry and Mining Bank). The aim of the bank was to support construction projects in order to facilitate the social and economic development in the nascent republic. In 1946, the bank's name changed to Emlak Bank and lost its banking license in 2001. Its 405 branches were transferred to state lender Ziraat Bank.

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