Initially TEB’s reach extended only as far as the region around the Turkish city of Izmit, later becoming well known throughout the country for its financial soundness and knowhow. Subsequently the bank became part of the BNP Paribas Group.
A regional bank which started out in Izmit
In 1927, shortly before the great worldwide economic crisis, a group of small entrepreneurs from Kocaeli province, whose capital is Izmit, came together to set up an institution providing banking and financial services. Thus Kocaeli Bankasi came into being. Despite the slump of the 1930s, Kocaeli Bankasi continued doing business for more than half a century, although it did not achieve much growth during that period.
A leader in Turkey
In 1982 Çolakoğlu, a well-established Turkish industrial concern, acquired Kocaeli Bankasi and transferred its headquarters from Izmit to Istanbul, changing its name to Türk Ekonomi Bankasi (TEB). TEB underwent major changes and became one of the leaders in the banking sector in Turkey. With an ability to provide its customers with a complete range of financial products and services, TEB gained a reputation for being both financially sound and dynamic in its approach. Subsequently TEB became the first bank in Turkey to offer its customers a private banking service and investment banking products.
Sharing history with BNP Paribas
As a global leader in the banking sector, BNP Paribas was in the early 2000s looking for a reliable partner in Turkey. In February 2005, the Bank signed a partnership agreement with TEB. In 2011, two years after the integration of Fortis Bank into the BNP Paribas Group, TEB merged with its Turkish subsidiary, Fortis Bank AŞ. This merger of two large banks was without doubt the most successful in the history of Turkish banking. TEB is now continuing along the growth path and has become one of the leading banking sector players in Turkey.