A 70 - year story of TSKB

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A 70 - year story of TSKB


Provision of medium-long term loans to the private sector on a project basis

Founded with the mission of supporting the development of the Turkish private sector, TSKB played key roles in development and investment banking. Its activities included providing medium and long-term loans on a project basis, technical advisory to project sponsors and preliminary studies, leadership and initiatives for the formation of the capital market. In the same period, TSKB was the only bank capable of supplying the foreign currency loans required to finance imports. It was also the only institution to handle the cash sales of the foreign currency released under the Marshall aid fund.

Firsts and Areas of Leadership 

  • Providing medium-long term loans to the private sector on a project basis
  • Technical advisory to project sponsors
  • Initial studies and leadership for the establishment of the capital market
  • The only institution able to lend the necessary foreign currency as loans for imports, when the country was suffering a shortage of foreign currency.
  • The only institution to handle the cash sales of the foreign currency released from the Marshall aid fund.


Initial public offerings from the stock portfolio

TSKB acted as an issuer, underwriter and guarantor of corporate bonds and initial public offerings from its stock portfolio. It became the first institution in Türkiye whose accounts and records were audited by an international independent auditor. TSKB played an important role in Türkiye’s industrialization; a wide range of different products such as the first Turkish bus, the first Turkish car, motor vehicle tires, LPG gas cannisters, high voltage cable, batteries, cardboard, plastic and acrylic fibers were realized with the support of the Bank's loans.

Firsts and Areas of Leadership 

  • Issuer, underwriter and guarantor of corporate bonds
  • Initial public offerings from the stock portfolio
  • The first independent audit by an international independent auditor
  • TSKB IFC's first affiliate in Türkiye
  • Loan support for the production of the first Turkish bus, the first Turkish car, motor vehicle tires, LPG gas cannisters and high voltage cable
  • Loans to support the first Turkish music vinyl record and the first film industry in Türkiye
  • Loans to support the first Turkish battery, first soft drink, toilet paper, pencils, cardboard, plastic and acrylic fibers 


Large scale research services for the industry and service sectors

TSKB undertook activities to promote private equity investments in Türkiye's developing regions. Completing its first long-term bond issuance at this time, TSKB also secured its first funding from the European market through medium-term syndicated loans. In what was a groundbreaking development at the time, the Bank began to offer comprehensive research services to the industrial and service sectors.

Firsts and Areas of Leadership 

  • Promotion of private equity investments in developing regions
  • The first long-term bond issue carried out in its own capacity
  • Obtaining funds from the European market through medium-term syndicated loans
  • Large-scale research services for the industrial and service sectors


Initial public offerings of companies through underwriting of the balance 

As part of TSKB's development and investment banking mission, the Bank unabatedly maintained its fund transfer activities to the private sector. The 1980s was marked by some very important developments in TSKB's international relations, one being the Banks’ successful issuance of its bonds (Samurai bonds) in the Japanese capital market. The Bank provided new resources by diversifying its relations with European and Japanese financial institutions. In the same period, TSKB was involved in the preparation of Türkiye’s Privatization Master Plan, providing privatization advisory services to the publicly owned cement factories.

Firsts and Areas of Leadership 

  • Established a short-term econometric model for the Turkish economy
  • Established the fund flow model for the financial sector in Türkiye
  • Foreign currency investment loans with currency risk protection (FERIS)
  • Issue of its own bonds in international capital markets (Tokyo),
  • Organized producer surveys for various sectors
  • Procurement of buyer loans from the European and Japanese financial institutions (1970s and 1980s)
  • Advisory service in textile and other sectors in cooperation with international advisory institutions,
  • Privatization advisory service to state-owned cement factories
  • Preparation of Türkiye’s Privatization Master Plan
  • Initial public offerings of companies with the method of underwriting the entire amount of unsold shares
  • Establishment of capital market relations with the Islamic Development Bank
  • Bank bond and bank guaranteed bond applications
  • Loans provided to fund the first dental prosthesis in Türkiye, Türkiye’s first modern packaging, first double blade razor, first sports shoes produced with modern methods, first high-tech journalism and the first encyclopedia in Turkish
  • Loan support for the first application of contemporary greenhouse floriculture


Management of the Venture Capital Fund established by the European Investment Bank

As TSKB stepped up its activity in investment banking, it continued to develop and diversify its cooperation with international banks. The Bank signed long-term foreign exchange and interest rate swap agreements with international finance institutions. In Uzbekistan, advisory services were provided to the European Bank for Reconstruction and Development (EBRD). In the same period, successful public offering work was carried out. Pioneering the establishment of the over-the-counter bond and stock markets in Türkiye, the Bank became more active in this field with the launch of the BIST. It continued to work as one of the leading institutions of the capital markets.

Firsts and Areas of Leadership 

  • Signing long-term foreign currency and interest rate swap agreements with international banks
  • Provision of medium-term TL-denominated loans with variable interest rates to the industrial sector
  • Advisory services provided to the World Bank (EBRD) in Uzbekistan
  • Management of the Venture Capital Fund established by the European Investment Bank (EIB)
  • Voluntary participation in the World Bank-supported “Risk Management Review” program


Sustainable Bank of the Year in the Eastern European Region

Continuing to develop its international funding sources into the new millennium, TSKB successfully completed its first international syndication and Murabaha loans. Within the scope of APEX Banking, the investment and growth projects of many SMEs were financed through commercial banks and financial leasing companies. With the concept of sustainability gaining importance on a global scale, TSKB became the first Turkish bank to establish an Environmental Management System in full compliance with the ISO 14001 standard, in line with its goal of shaping all work processes within the framework of a philosophy based on sustainability. In addition, work began on “environmentally-themed” loans. During this period, the Bank laid down the foundations of the social responsibility projects which it would carry out in line with its goal of creating social awareness in the field of environmental sustainability. Being the first carbon neutral bank of Türkiye, TSKB won the title of Türkiye's Sustainable Bank for three consecutive years in the Eastern Europe Region within the scope of the Sustainable Banking Awards, organized in partnership with the FT and IFC. During this period, the Bank also closely monitored sustainability efforts in the international arena, becoming a member of the United Nations Environment Program Finance Initiative (UNEP FI), and shared its commitment, which is within the framework of the UN Global Principles, with the public.

Firsts and Areas of Leadership 

  • Establishment of a loan to promote a healthier environment, and the first work on "environmental criteria" for loans
  • The first bank to establish a real estate valuation company approved by the Capital Markets Board (CMB)
  • Coordination secretariat service within the framework of the Istanbul Approach
  • Creation of the “Risk-based loan pricing model”
  • The first Turkish bank to provide a loan from the French Development Agency (AFD)
  • The first and only Turkish bank to be a partner in the European Investment Fund (EIF)
  • Obtained the ISO 14001 Environmental Management System Certificate
  • The first Turkish bank to measure and off-set its carbon footprint
  • Launch of the most comprehensive environmental-themed information portal
  • Awarded as “Sustainable Bank of the Year” in the Eastern European Region in 2008, 2009 and 2010


Türkiye's First Green/Sustainable Bond Issuances

TSKB stood out with its renewable energy and energy efficiency projects in the 2010s. Financing a large number of renewable energy, energy and resource efficiency projects, TSKB played an important role in meeting Türkiye's increasing demand for energy as well as tackling the global climate crisis. The low level of interest rates, having fallen rapidly in the wake of the 2008 global financial crisis, presented new opportunities to offer new products and services in the banking sector. Standing out with its experience in this field, TSKB offered investors new and competitive alternative investment opportunities with its capital protected and guaranteed products. In addition, it continued to add value to its stakeholders by taking on key roles in the privatization of electricity distribution grids, asset trading and acquisition financing activities, bond issuances and public offerings in Türkiye. The themes of sustainable tourism and resource efficiency were included within the scope of TSKB's loan portfolio during this period. The Bank successfully pressed ahead with its resource diversification activities through the issuance of Eurobonds. Closely following international regulations and best practices as well as maintaining full compliance with the legal regulations in the field of corporate governance, TSKB effected continuous improvements in this direction. In the Corporate Governance Awards organized by the Türkiye Corporate Governance Association (TCGA), TSKB was ranked 1st on three occasions, 2nd twice and 3rd on one occasion. The only bank in Türkiye to gain membership of the Long-Term Investors Club (LTIC), TSKB was also the only bank from Türkiye to gain membership of the European Long-Term Investors Association (ELTI) and the International Development Finance Club (IDFC). TSKB signed the low carbon economy transition declarations published by the European Long-Term Investors Association (ELTI) and the International Development Finance Club (IDFC) within the scope of the Climate Summit (COP21 Summit) in 2015. The bank was also included in the "BIST Sustainability Index", which includes Borsa Istanbul listed companies which have demonstrated a high performance in corporate sustainability. Strengthening its leading position in the field of sustainability, TSKB became the first Turkish institution to issue “Green/Sustainable Bonds” in the international markets in 2016. Spurred on by the interest in this issuance, TSKB broke new ground in the world in 2017 with the issuance of Sustainable Subordinated Bonds. TSKB took an important step in the field of social inclusion in 2016 by when it provided a special resources to finance investments to be undertaken by companies which support women's employment by considering gender equality in the work environment, as well as occupational health and safety investments in Türkiye. Carrying its pioneering approach in the field of sustainability to the field of reporting, TSKB published the private sector’s first Integrated Report in 2017, having published the first GRI Sustainability Report in the banking sector. With its experience in the field of sustainable development, TSKB was involved in an important project in 2017 where it undertook the coordination of the Ministry of Development's “Project of Current Situation Analysis of Türkiye within the Scope of Sustainable Development Goals” together with its affiliate, Escarus. Adding women's employment to its range of sustainability-themed social responsibility projects, which it has been carrying out since the early 2000s, TSKB achieved significant strides towards strengthening future women employees in the fields of education and equality of opportunity. In 2018, TSKB provided the highest amount of resources in its history, signing a USD 400 million loan agreement as part of the “Access to Inclusive Finance Project” with the International Bank for Reconstruction and Development (IBRD), a World Bank organization. This injected new impetus to TSKB's work in the field of inclusive finance, which had been added to its mission in the previous year. TSKB undertook another first in 2018 when it became the first financial institution to provide funds from the Asian Infrastructure Investment Bank (AIIB) to be transferred to private sector companies. With this resource, USD 200 million would be provided for renewable energy, energy efficiency, transportation, energy transmission, waste water management and telecommunication investments to be realized by companies throughout Türkiye. The Bank offered increasingly value-added services to the business world and investors with its advisory solutions, which it defines as “the product of a common mind”. TSKB successfully completed 63 advisory projects in more than 20 sectors in 2018. In 2019, TSKB joined the UNEP-FI Principles of Responsible Banking as a founding signatory as part of its sustainable banking efforts. In the same year, the Bank broke new ground by becoming the first Turkish bank to obtain Treasury and Finance guaranteed long-term funds from the Development Bank of China (CDB). Restructuring its Advisory and Investment Banking service models, TSKB successfully pressed ahead with its social responsibility projects in the field of inclusion and equal opportunity. 

Firsts and Areas of Leadership 

  • Disbursement of loans for a healthier environment
  • The first GRI-approved sustainability report in the Turkish finance sector
  • Participation in the Carbon Disclosure Project
  • Signing of the UN Global Compact
  • Launch of the most comprehensive energy efficiency portal
  • Institution with the Highest Corporate Governance Rating
  • The first Turkish bank to receive the Greenhouse Gas Verification Certificate
  • Winner of the CDP Türkiye 2013 Climate Change Leaders award and the CDP Türkiye 2015 Climate Disclosure Leadership Award
  • Participation in the BIST Sustainability Index
  • Founding signatory of the UNEP FI Principles of Responsible Banking


Concrete Contribution to the SDGs with Innovative Banking Applications

On 16 March 2020, immediately after the first cases of Covid-19 emerged in Türkiye and upon the declaration of the pandemic by the World Health Organization, Türkiye Sınai Bank issued the first lease certificate in the food industry. With this issuance, a resource of TL 75 million was provided to Altınmarka Gıda Sanayi ve Ticaret A.Ş. (Altınmarka). On 2 June 2020, TSKB issued a series of statements to mark its 70th anniversary, where it provided reassurance that it was ready for the next 70 years in Türkiye's development journey. Entering the league of the Best Banks on a Global Scale in July 2020 with its Environmental, Social and Governance (ESG) Risk Rating, TSKB was ranked first among the Turkish banks. With an ESG risk rating of 16.7, TSKB was positioned in the second percentile worldwide, placing the Bank in 6th position among 372 banks. In August 2020, TSKB announced the SDG loan model, a new first in the field of sustainability financing. It was announced in a press release that the first support with this loan model had been provided to Altınmarka. Another important development which took place in August 2020 was the official appointment of Ms. Ece Börü, who had previously served as the Deputy General Manager, as the General Manager. With this appointment, Ms. Ece Börü became the first woman to serve as the general manager of TSKB. Announcing that it established the Green Swan Platform in October 2020 to jointly fight the climate crisis, TSKB announced that it had sought to bring together representatives of the public and private sectors together with NGOs, international organizations, academics, students and members of the media under the platform. Introducing a loan agreement indexed to the ESG rating at the end of 2020, TSKB provided loans from four different global banks from four countries under the coordination of ING Bank with regard to sustainability and loans. Continuing to break new ground in 2021, TSKB introduced innovative instruments to the Turkish Capital Markets with the issue of lease certificates under the themes of sustainability, SDGs and carbon reduction. With these issuances, TSKB received a number of prestigious awards on international platforms. Adding new steps to its sustainable banking journey with steps such as a club loan agreement indexed to the ESG rating, a sustainability-themed syndicated loan and a third sustainable bond issuance, the Bank went on to further improve its ESG rating in 2021. In the same year, TSKB expanded its lending activities to provide direct support to the SDGs with an afforestation project. TSKB extended support to aerial seeding, which was set out by the Ministry of Forestry, under the Ecording social initiative. The Climate Risks report, published in line with the recommendations of the TCFD (Task Force on Climate-related Financial Disclosures), was another first in the Turkish banking sector in which TSKB maintained its commitment to target-based reporting. The general manager of TSKB, who continued to make a name for herself in Türkiye and in the world with her successful practices, was selected as one of the 13 women leaders in the field of sustainability in the Asian Region.

Firsts and Areas of Leadership 

  • TSKB led the management of the International Development Finance Club
  • Support extended for the report of "Türkiye's Gender Equality Scorecard in 81 Provinces"
  • The first sustainable lease certificate issuances in the Turkish food and health sectors
  • The sixth bank in the global finance world and the first among Turkish banks to be awarded an ESG risk rating
  • Türkiye's first SDG Loan Model
  • Appointment of the first woman as a general manager of TSKB
  • Establishment of the Green Swan Platform to combat the climate crisis
  • First club loan agreement indexed to the ESG rating
  • The first lease certificate issuances with the theme of Sustainability, SDGs and the Transition to a Low Carbon Economy
  • Providing loans for the world's first investment to enables the unlimited recycling of plastic bottles
  • Received Best Bank of the Year in Sustainable Finance award from Euromoney
  • Syndicated Loan Indexed to Sustainability Criteria
  • Received the “Islamic Finance Deal of the Year in Europe” award from The Banker
  • The first “Climate Risks Report” of the Turkish banking sector, published by taking the TCFD recommendations into account.
  • Third Sustainable Eurobond issuance
  • The TSKB General Manager, Ms. Ece Börü included among 13 women leaders in the Asian Region's Women Sustainability Leaders Hall of Fame
  • Türkiye Bonds & Loans Awards - Islamic Financial Transaction of the Year, First Prize