Turkey’s Vakifbank to Open Branch in Erbil

Turkish bank Vakifbank will open a branch in the northern Iraq Kurdish city of Erbil by the end of this year, according to Turkish newspaper Hurriyet Daily on Friday.

“We have submitted an application to the central Iraqi government to open a new branch of the bank in Erbil,” Suleyman Kalkan, Director General of the Vakifbank, was quoted by the paper as saying.

He said that the bank is also planning to open a branch in Syria, adding with the new planned expansions the number of Vakifbank branches will grow from a current 602 to 620.

Vakifbank, the 3rd Turkish bank, was founded on April 13, 1954 under the special law Türkiye Vakıflar Bankası Türk Anonim Ortaklığı Kanunu. VakıfBank’s initial purpose was the management of the cash revenues and expenditures of the charitable foundations set up during the Ottoman Empire period. It was established in Ankara and quickly began conducting banking activities with branch offices in Istanbul, Ankara and Izmir.

(Source: Aswat al-Iraq)

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