Kuveyt Turk offers yet another “first” in participation banking

22.07.2010

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Kuveyt Turk offers yet another “first” in participation banking

22.07.2010

Leading the way to new products in participation banking with the aim of offering innovative investment products to its customers and investors, Kuveyt Turk now offers gold exchange traded fund to the public. Kuveyt Turk, which makes an effort to make gold a financial instrument, opted to issue the first exchange traded fund (ETF) in participation banking to be based on gold. Kuveyt Turk shall offer the Gold Exchange Traded Fund called “GoldPlus” to the public by means of book-building on July 22-23. Upon the completion of the establishment of the fund, Kuveyt Turk shall be the first participation bank in Turkey to have established exchange traded fund in Turkey. 

Making an explanation about the GoldPlus Gold Exchange Traded Fund, Mr. Ufuk Uyan, Chief Executive Officer of Kuveyt Turk Participation Bank Inc., stated that as Kuveyt Turk they had blazed new trails in the participating banking sector. Mr. Uyan continued:

“As participation banks, we are working to provide new products to our customers and investors. In our exchange traded fund study, we decided to issue a gold-based fund by taking our knowledge about gold into consideration. With GoldPlus Gold Exchange Traded Fund, we aim at providing both our existing customers and the entire market with the opportunity to invest in gold on the stock exchange. We intend to offer interest-free new and different investment and treasury products to the market in the coming days and thus to fill the gap in this area.”

Emphasizing that they had entered a niche area in participation banking with GoldPlus and would be the first participation bank to establish an exchange traded fund, Mr. Uyan noted that GoldPlus made a difference as an interest-free financial instrument and added that they were expecting especially institutional investors to show interest in the fund.

Each share of Gold Exchange Traded Fund, which shall be traded under the code GOLDP in the Istanbul Stock Exchange and managed by Bizim Menkul Değerler following initial public offering, shall represent approximately 1 gram of gold. The fund’s portfolio shall be created and managed in accordance with to the principles of the participation banking. Because of the fact that Exchange Traded Fund is an internationally recognized and accepted product, overseas interest in Gold Exchange Traded Fund is also expected. It shall be possible to monitor the written-down value of the fund under the code GOLDPI.

Investors  shall be able to make requests at www.bmd.com.trwww.kuveytturk.com.tr and from Kuveyt Turk branches.

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A Capital Increase of 300 Million TL from Kuveyt Turk

02.07.2010

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A Capital Increase of 300 Million TL from Kuveyt Turk

02.07.2010

After the Extraordinary General Meeting held yesterday, Kuveyt Turk Participation Bank made a decision to increase its capital to 850 million TL with an increase of 300 million TL. In the statement made by Kuveyt Turk, it is said that the capital of the company was increased to 850 million TL with an increase of 300 million TL upon the decision taken during the Extraordinary General Meeting held yesterday. Giving a speech in the Extraordinary General Meeting, where the Members of the Board and the shareholders of Kuveyt Turk were present, CEO of Kuveyt Turk Ufuk Uyan expressed that the paid-up capital of the company which had been 550 million TL was increased by 55% to 850 million TL as of July 21, 2010. Emphasizing that Kuveyt Turk was in a significant process of growth thanks to its equity of $1 billion in 2011, its partnership structure and accordingly its important financial power, Mr. Uyan added "Following this cash capital increase equal to 300 million TL, we shall reach an equity of $1 billion in 2011. This capital increase we realized is a part of our aim to be among the top ten banks of Turkey in terms of assets in 2018, as we shall frequently mention." Mr. Uyan noted that Kuveyt Turk, which renders service with 132 branches now, planned to increase the number of its branches to 145 by the end of the year. "Within the scope of the strategic plan, the number of our branches shall reach 275 by 2014 and approximately 500 by 2018. In line with all these goals, 500 people shall be employed in the coming year” he added. Furthermore, Mr. Uyan indicated that, in line with the Vision 2014 plan they determined as quality of service and human resource and advantage of making use of technology, the primary objective of Kuveyt Turk for 2014 was to be among the leading banks of Turkey in terms of service quality. 2010 YEAR-END GOALS ( x 1000 TL) Net profit: 217,370 Assets: 9,011,849 Cash Credits: 7,060,801 Funds Collected: 7,480,093 Equity: 1,324,576

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Kuwait Finance House receives the Turkish Minister of Finance, Mehmet Şimşek

31.05.2010

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Kuwait Finance House receives the Turkish Minister of Finance, Mehmet Şimşek

31.05.2010

Last week, Kuwait Finance House did the honors for the visit paid by our Minister of Finance, Mehmet Şimşek. The Minister of Finance, Mehmet Şimşek, and the committee accompanying him visited our majority shareholder KFH in Kuwait, where they went last week within the framework of a number of meetings. During the visit, Turkish Minister of Finance Mehmet Şimşek was received by the Chairman of Kuveyt Turk, Mohammed Al-Omar, and the CEO of Kuveyt Turk, Ufuk Uyan. Making an evaluation during the visit, Mehmet Şimşek emphasized that Kuveyt Turk was a very successful company operating in the private sector in Turkey and noted that "Kuveyt Turk has realized a process of success, growth and development within a short time in all of the areas it operates." On the other hand, during his speech, Chairman of Kuveyt Turk Mohammed Al-Omar expressed that the historic friendship between the two countries was an important factor in laying the foundations of Kuveyt Turk 20 years ago. CEO of Kuveyt Turk Ufuk Uyan, in his speech during the visit, underlined that Kuveyt Turk would continue to financially support Turkish companies for the purpose of playing an active role in the development plan.

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Kuwait Finance House and ALAFCO Lease Three AIRBUS A320-200 Aircrafts to THY

25.05.2010

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Kuwait Finance House and ALAFCO Lease Three AIRBUS A320-200 Aircrafts to THY

25.05.2010

Kuwait Finance House (KFH) and ALAFCO Aviation Lease and Finance Company (ALAFCO) leased three Airbus A320-200 passenger aircrafts to Turkish Airlines (THY) under favorable financial terms. Mohammed Sulaiman Al-Omar, CEO of KFH and Chairman of Kuveyt Turk Participation Bank, Ahmad al-Zabin, Chairman and CEO of ALAFCO, Hamdi Topçu, Chairman of THY, and Temel Kotil, CEO of THY, signed an agreement yesterday to add three Airbus A320-200 passenger aircrafts to the THY fleet for seven years. All three aircrafts were made in 2009 and feature a 150-passenger capacity – 12 first class and 138 economy seats. Ahmad al-Zabin, Chairman and CEO of ALAFCO, said that ALAFCO was pleased to contribute to the expansion of the THY fleet and noted that “All three aircrafts leased were delivered by Airbus last year.” “I expect our relationship with THY to grow” Speaking at the closing of the signing ceremony, Mohammed Sulaiman Al-Omar, CEO of KFH and Chairman of the Kuwait Turk Participation Bank, said “We are honored to be helping expand the fleet of THY, a top European airline, by participating in the leasing process. From this point onward, I expect our relationship with THY to grow. Kuwait Finance House is the biggest shareholder of Kuveyt Turk Participation Bank by 62%. Turkish economy has tremendous growth potential. Therefore, as Kuwait Finance House, we constantly pursue opportunities to boost investment through such cooperation.” About Kuwait Finance House: Being the largest shareholder of Kuveyt Turk with a share of 62%, Kuwait Finance House is not only a giant financial institution in Kuwait but also among the leading interest-free financial houses in the world thanks to its total fund of billions of dollars and the modern banking services it offers. About ALAFCO: Being a Kuwait-based Aviation Lease and Finance Company, ALAFCO has several significant customers such as Air Europa, Malaysia Airlines, Saudi Arabia Airlines as well as THY.

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Visit to Kuveyt Turk by the Kuwaiti National Assembly Committee

11.05.2010

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Visit to Kuveyt Turk by the Kuwaiti National Assembly Committee

11.05.2010

Jassem Al-Kharafi, Speaker of the Kuwaiti National Assembly, and the committee accompanying him came to Turkey for the meeting of the Organization of the Islamic Conference and yesterday visited Kuveyt Turk Participation Bank. Jassem Al-Kharafi, Speaker of the Kuwaiti National Assembly, and the committee accompanying him came to Turkey for the meeting of the Organization of the Islamic Conference (OIC) and yesterday visited Kuveyt Turk Participation Bank. During the meeting hosted by the Member of the Board of Kuveyt Turk Participation Bank Fawaz Al – Issa and the CEO of Kuveyt Turk Participation Bank Ufuk Uyan, Speaker of the Kuwaiti National Assembly Jassem Al-Kharafi gave a speech and stated that Kuveyt Turk Participation Bank played a crucial role in terms of social and developmental relations between Turkey and neighboring countries and Gulf countries. “We easily observe an ever-growing economic and financial relation between these two countries from 20 years ago, when Kuveyt Turk came into operation, up to the present” added Jassem Al-Kharafi. "We look at the opportunities in global markets " On the other hand, CEO of Kuveyt Turk Ufuk Uyan expressed their pleasure to host Jassem Al-Kharafi and said 'As Kuveyt Turk, we keep up with global markets. In this direction, we have a representative office in Kazakhstan. We are getting prepared to open a branch in Germany – Manheim within a short time. Furthermore, we continue our works for going into action in Dubai in terms of banking services."

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The Last Hour for EFT at Kuveyt Turk: 17.20

05.04.2010

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The Last Hour for EFT at Kuveyt Turk: 17.20

05.04.2010

Kuveyt Turk has assertively extended the closing time of EFT (Electronic Fund Transfer) to 17.20. Enabling EFT transactions to be carried out until 17:20, which was 17:00 for the last four years, Kuveyt Turk has broken a pivotal new ground. From now on, Kuveyt Turk customers shall have the opportunity to perform unlimited number of EFT transactions until 17.20. Thanks to the new application, it shall be possible to carry out EFT transactions on the Internet branch until 17.20 without any amount limitation and without paying any additional expense. Because of fully automatic EFT systems and a pool system, Kuveyt Turk’s EFTs are transferred to correspondent banks within seconds. In the system, where also incoming EFTs are automatically transferred to customer accounts, money is transferred to customer accounts without delay.

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