About Us
TURK EXIMBANK IN BRIEF
In the early 1980s, traditional import substitution policies began being replaced by foreign oriented policies and thereafter exportation gained a high degree of importance to the Turkish economy. The task of supporting exports within this reorganization process was undertaken by Turk Eximbank, established in 1987. Turk Eximbank was established in 1987 as Türkiye’s official export credit agency and began to implement its programs at the beginning of 1988.
Turk Eximbank meets the financial needs of export sectors in line with the developments taking place in the global and Turkish economies. When doing so, the Bank serves extensive lineup of customers ranging from domestic manufacturers to international contractors and carriers, and from those involved in the tourism industry to those providing FC earning services such as software and project development and consultancy.
Turk Eximbank conducts “International Credit and Guarantee” programs aimed at developing economic and political relations between Türkiye and other countries and “Credit Insurance” programs that cover export sector’s exposure against political and commercial risks, as well as “Export Credit” programs, which provide the export sector with low cost financing.
Since its establishment, Turk Eximbank has been constantly introducing new credit programs that address the demands and needs of exporters while making changes in existing programs in order to provide customers with the financing that they need.
MAIN OBJECTIVES OF TURK EXIMBANK
As the sole official export credit agency in Türkiye, Turk Eximbank plays an especially important role through its policies in support of exports. The Bank’s main objectives are:
- Increasing the volume of exports;
- Diversification of export goods and services;
- Developing new export markets;
- Increasing the exporters’ share of international trade and providing necessary support for their initiatives;
- Gaining competitiveness and bringing assurance to exporters, overseas contractors and investors on the international markets; and
- Promoting and supporting the production and sale of investment goods for export through overseas investments.
As a means of aiding export development, Turk Eximbank offers specialized financial services to exporters, export‑oriented manufacturers, and overseas investors and contractors through a variety of short, medium‑ and long‑term cash and non‑cash credit, insurance and guarantee programs.
FULLY-INTEGRATED SERVICE
Today, Turk Eximbank serves exporters with exactly the same systems deployed by those in the most advanced countries. The Bank supplies an extensive lineup of financing products to international contractors, investors, shippers, tourism operators, and other cross border businesses. Furthermore, unlike the export credit agencies of many other countries, Turk Eximbank’s ability to combine credit, guarantee, and insurance products under the same roof allows it to provide its customers with fully integrated service.
SUPPORTING SUSTAINABLE GROWTH
Ever since its inception, Turk Eximbank has been steadily increasing volume and different kinds of credit resources that it supplies to exporters, especially SMEs, in line with their needs and demands while also improving the terms, conditions, and limits of its lendings. Turk Eximbank strives to increase the share of high added value goods in Türkiye’s overall export mix. Besides offering export credits, the Bank also seeks to expand its geographical footprint by taking part in international projects and trade finance and to encourage Turkish exporters to venture into new markets by eliminating their country risks through credit insurance.
PRIORITY TO SMEs
In all of the lending programs, give priority to firms based in the so-called priority development areas and to SMEs.
CAPITAL STRUCTURE
The Bank has passed to the Registered Equity System, according to Turkish Trade Law No.6102.
The upper limit of the capital of the Bank is 50,000,000,000.00 (Fifty Billion) Turkish Liras divided into 50,000,000,000.00 (Fifty Billion) units of registered share certificates each with a nominal value of 1 TRY. Issued capital of the Bank is 35,700,000,000.00 (Thirty Five Billion Seven Hundred Million) Turkish Liras divided into 35,700,000,000 (Thirty Five Billion Seven Hundred Million) units of registered share certificates each with a nominal value of 1 TRY.
23,900,000,000.00 (Twenty Three Billion Nine Hundred Million) Turkish Liras representing former capital has been fully paid. From the increased portion equal to 11,800,000,000.00 (Eleven Billion Eight Hundred Million) Turkish Liras have been paid in cash by the Treasury.
The entire capital of the Bank belongs to the Treasury.
TURK EXIMBANK’S ROLE IN FUNDING EXPORT ACTIVITIES
Turk Eximbank’s role in funding export activities has steadily increased over the years. The two most important reasons for this are, first, to eliminate the direct export incentives implemented in previous years in accordance with Türkiye’s liabilities against international institutions regulating the world trade, and second, due to the commitment of Türkiye about compliance with the commercial and competition policies of the EU as well as of the Customs Union established in 1996. As a result of these developments, the funding of exports through credit, guarantee and insurance programs has become the most significant stimulant in the market in terms of increasing the competitiveness of Turkish exports on international markets. The export credit insurance system that gained currency in Türkiye at the end of the 1950s was re introduced by Turk Eximbank in 1989. The system was initially designed to provide cover against commercial and political risks only for short term export claims, but its scope was later expanded to cover medium and long term goods and services claims. The operational framework of Turk Eximbank according to its “Establishment Principles and Charter” is shaped by its annual programs. These programs, which the Executive Board must follow, enter into force by decision of the Supreme Advisory and Credit Guidance Committee.
The Supreme Advisory and Credit Guidance Committee is chaired by the afiliated Minister and comprises:
- The Deputy Minister of Treasury and Finance,
- The Deputy Minister of Commerce,
- The Deputy Minister of Industry and Technology,
- The Chairman of the Central Bank of the Republic of Türkiye,
- The Deputy Chairman of Strategy and Budget,
- The Chairman and Vice-Chairman of the Board of Directors and the General Manager of the Bank are natural members of the Board.
Within the framework of the objectives of the annual programs, whether generally or related to country or sector specific groups, Turk Eximbank’s Board of Directors and its General Directorate are authorized to carry out assignments within the limits of a range of credit transaction, guarantee and insurance programs.
History
Historical Overview
The establishment of Türk Eximbank was resulted from the export growth strategy adopted by Turkey in the early 1980s. The composition of Turkish exports shifted from predominantly agricultural goods to industrial goods. This created increased financing needs for exporters, which in turn resulted in increased pressure on commercial banks in Turkey. For these reasons, the decision was taken to establish an official export credit agency, in accordance with general practices in most of the developed world.
Türk Eximbank was chartered by the Cabinet on the 21st August 1987 by Decree no.87/11914, following the order of Law No. 3332 (March 1987) by maintaining the juridical and legal personality of State Investment Bank. In effect, according to the charter, Türk Eximbank took over the set up, legal entity, capital and assets of the State Investment Bank, but at the same time was transformed into a joint stock company subject to the provisions of Private Law. The Articles of Association were proclaimed in Trade Register Newspaper on the 11th August 1987.
The Principles Regarding Establishment and Duties of the Export Credit Bank of Turkey”, which has since been repealed, was prepared to reflect the changes in legislation required regarding the activites of the Bank in line with the Principles Appendix to Decision No. 87/11914 regulating the establishment of the Bank, Turkish Commercial Code No. 6102, banking legislation, and global financial and economic developments that have occurred since the Bank’s establishment, and was published in the Offical Gazette dated 23 February 2013 as an attachment to Decision 2013/4286 of the Board of Ministers.
Türk Eximbank has played a crucial role in securing the stable export growth experienced in late 1980s following Turkey’s agreement to eliminate export subsidies in accordance with GATT/WTO provisions and the subsequent elimination of all direct incentives to exports. Since its establishment, Türk Eximbank has continued to diversify and expand its activities so as to meet the requirements of Turkey’s economic policy in a better way. The globalisation and internationalisation of markets are creating greater challenges for the Turkish firms, but are also offering new opportunities. With the conscious that opening to new markets is as important as keeping existing market shares, the instruments of trade and project finance need to be enlarged in order to meet the new challenges of an increasingly integrated world economy. To this end, the Bank has introduced a wide range of innovative measures and facilities to improve its services and has made diligent efforts to build up its financial strength and enhance its corporate capability. Efforts at Türk Eximbank have focused on achieving product and country diversification of Turkish exports, encouraging further changes in the composition of exports towards high technological products.
Türk Eximbank currently supports Turkish exporters, contractors and investors through various credit, guarantee and insurance programs. The Bank does not compete, but works closely with commercial banks encouraging them to increase their support for the export sector. As well as providing direct lending, the Bank also provides insurance and guarantees to Turkish commercial banks to encourage them to finance export transactions backed by sales made on deferred payment terms. In this way, Türk Eximbank channels some portion of commercial banks’ funds into export financing.
Türk Eximbank is committed to confirming to the internationally accepted rules and regulations such as the OECD Consensus. After the establishment of a Customs Union between Turkey and the EU in 1996, Turkey made arrangements to harmonize its legislation with that of the EU in related fields, including officially supported export credits. Among Türk Eximbank’s programs, buyers’ credit, guarantee and insurance programs are subject to this legislation.
Türk Eximbank is a full member of the Berne Union since April 1994 and the founder member of the Aman Union since 2009. The Bank also represents Turkey at the Group on Export Credits and Credit Guarantees and the Participants Group (in which Turkey has an observer status) of the OECD. Türk Eximbank makes efforts to improve its international relations with export credit agencies (ECAs) and always seeks all available alternative opportunities for co-operation to provide financing for projects undertaken in cooperation with Turkish and foreign partners in third countries.
Management
BOARD OF DIRECTORS
Osman ÇELİK – Chairman of Board of Directors
Deputy Minister Mr. Osman Çelik was born on 1964 in Erzincan-Kemaliye. He graduated from Middle East Technical University, Faculty of Economics and Administrative Sciences, Department of Economics. He worked as an Economist at the State Institute of Statistics between 1986-1987. Between 1988-1995, he worked as a Specialist and Chief Specialist at the Project Evaluation and Preparation Directorate of Faisal Finans Kurumu. He worked as Project and Marketing Manager at İhlas Finans Kurumu between 1995-1999.
He served as the Assistant General Manager of Anadolu Finans Kurumu between 2000-2005. Between 2006 and 2015, he assumed the duties of Assistant General Manager responsible for Credits and Commercial Banking, respectively, and General Manager as of June 2015, at Türkiye Finans Katılım Bankası.
Between 2000 and 2005, he served as Assistant General Manager of Anadolu Finans Kurumu. From 2006 to 2015, he held the positions of Assistant General Manager for Credits and Assistant General Manager for Commercial Banking, respectively, at Türkiye Finans Katılım Bankası. As of June 2015, he assumed the position of General Manager of Türkiye Finans Katılım Bankası.
Mr. Çelik was appointed as the Undersecretary of the Republic of Turkey Ministry of Treasury and Finance on June 29, 2016. During his tenure as Undersecretary, he served as a Member of the Executive Board of the Islamic Development Bank and also acted as the G-20 Turkey Sherpa. During the same period, he also held positions as a Governor in the World Bank, European Bank for Reconstruction and Development (EBRD), Asian Development Bank, Black Sea Trade and Development Bank, Ecobank, and Asian Infrastructure Investment Bank. Additionally, he served as a member of the Financial Stability Board (FSB), Financial Stability Committee, Coordination Board for Interest-Free Financing, and the Executive Board of the Small and Medium Enterprises Development Organization (KOSGEB).
Between 2017 and 2021, Çelik held the positions of Chairman of the Board, Board Member, and Chairman of the Audit Committee at Türk Eximbank. Starting from October 2018, he served as a Board Member and Chairman of the Credit Committee at Vakıf Katılım Bankası A.Ş. As of March 25, 2022, he was appointed as the General Manager of Vakıf Katılım Bankası.
As of July 21, 2023, Mr. Osman Çelik has been appointed as the Deputy Minister of Treasury and Finance. Additionally, he is currently serving as the Chairman of the Board of Directors of Türk Eximbank.
ÖZGÜR VOLKAN AĞAR – Vice Chairman of Board of Directors
Özgür Volkan AĞAR was born in Ankara on 1972 and completed his primary and secondary education in the same city. He graduated from the Department of Public Administration at Ankara University's Faculty of Political Sciences in 1994. He pursued his master's degree in Public Administration at Carnegie Mellon University in the United States.
In January 1996, he started his career as an Assistant Foreign Trade Specialist at the General Directorate of Import of T.R. Prime Ministry's Undersecretariat for Foreign Trade. In 1999, he served as a Foreign Trade Specialist at the General Directorate of Import. In 2005, he became a Branch Manager at the General Directorate of Export. From 2007 to 2009, he held the position of Commercial Attaché at the Consulate General of Georgia in Batumi. In 2009, he assumed the role of Department Head in the General Directorate of Export.
In 2010, he served as the Deputy Director General of the Export General Directorate at the Ministry of Economy. From January 2016, he held the position of Director General of the Export General Directorate at the Ministry of Trade for six years. Finally, on March 17, 2022, he was appointed as the Deputy Minister of Trade at the Ministry of Trade.
As of July 2023, Özgür Volkan AĞAR is a member of the Board of Directors at Türk Eximbank and has been serving as the Vice Chairman since the same date.
Ali GÜNEY - Member of the Board / General Manager
Rize, 1964. Ali Güney who was graduated from the Faculty of Economics and Administrative Sciences of Marmara University took charge in the Fund Management Directorate of Faisal Financial Institution between the years of 1990-1993. He assumed the duty of Deputy Manager in the Fund Management and Treasury Directorate of Ihlas Financial Institution within the period of 1995-1999. Güney who performed duty as the Fund Management and Treasury Manager in Anadolu Financial Institution between the years of 1999-2005 executed the duty of Treasury Manager in Turkiye Finans Katılım Bankası within the period of 2006-2009 and the duty of Deputy General Manager responsible for the Treasury and Financial Institutions between the years of 2009-2015. Güney took charge as the Deputy General Manager responsible for the Treasury and Strategy in Vakıf Katılım Bankası A.Ş. between the years of 2015-2019.
Güney has been taking charge as the Board of Directors Member and the General Manager of Turk Eximbank since 17 October 2019.
Nail OLPAK - Member of the Board / Member of the Audit Committee
Nail Olpak was born in Burdur, İbecik, in 1961 and graduated from Aydın High School. Olpak graduated from Istanbul Technical University, Faculty of Machinery, and completed his master's degree in the field of Energy at Yıldız Technical University. Olpak started his career at Umar Makina A.Ş.; he worked as Assistant Factory Manager at Özgün A.Ş., as a senior manager at Cankurtaran Holding, and left there as Vice Chairman.
Nail Olpak later founded NORA Elektrik Malzemeleri A.Ş. and PAK Yatırım İnşaat A.Ş. Currently; he is acting as the Chairman of the Board of Directors of these two companies and the Member of the Board of the subsidiaries of the same. Nail OLPAK, currently also continues his duties as Chairman of the Board of Directors and Executive Committee at Foreign Economic Relations Board (DEİK), Board Member at Turkey Export Credit Bank A.Ş. (TURK EXIMBANK), Board Member at TURKCELL İletişim Hizmetleri A.Ş., Member of the Board of Directors at Istanbul Development Agency (ISTKA), Member of the Coordination Board for the Improvement of the Investment Environment (YOIKK), Chairman at World Turkish Business Council (DTİK), D. Member of the Advisory Board at Independent Industrialists' and Businessmen's Association (MUSIAD), Founders Board Member at International Technological Economic and Social Research Foundation (UTESAV), Member of the Board of Trustees at Tourism Development and Education Foundation (TUGEV), Founders Board Member at Spreading Knowledge Foundation, Member of the Board of Trustees at Huzur Hospital Foundation, Member of the Board of Trustees at Human Development and Social Education Foundation (IGETEV), Member of the Board of Trustees at Istanbul Medeniyet University Supporting Foundation, Member of the Board of Trustees at Kandilli Club Foundation, Member of the Chamber of Mechanical Engineers (TMMOB), Member of the Mimar Sinan Engineers Union (MSMB), and a member of Aydın High School Alumni Association (ALMED).
Nail Olpak also served as the 5th term Chairman of MUSIAD (Independent Industrialists' and Businessmen's Association) and Chairman of the High Advisory Board of MUSIAD, Vice Chairman of IBF (International Business Forum), Executive Board Member of B20 Turkey, Assembly Member of ITO (Istanbul Chamber of Commerce), Board Member of IDTM (Istanbul) World Trade Center), Board Member of Huzur Hospital Foundation, Board Member of ENVERDER (Energy Efficiency Association), Board Member and (YİH) High Advisory Board Member of MMG (Architects and Engineers Group), Founding Committee Member of Turkish-Japanese University, Member of the Board of Trustees of Information Commercialization Center (BTM), Advisory Board Member of ITU Mechanical Faculty, and Member of the Board of Directors of Muallimköy Teknoloji Bölgesi A.Ş. (Informatics Valley).
Nail Olpak was awarded an Honorary Doctorate in International Relations by Ahi Evran University and Mehmet Akif Ersoy University. Nail Olpak, married with two sons, an architect and a Mechatronics Engineer, speaks English fluently.
Mustafa GÜLTEPE- Member of Board of Directors
Mustafa Gültepe was born in 1968 in Tonya-Trabzon. He graduated from Dokuz Eylül University Industrial Engineering Department in 1990. Gültepe completed his MBA master’s degree at Istanbul University in 1997 and got into the sector at Taha Tekstil in 1992 after graduation. He is the founding partner and chairman of the board of Talu Tekstil, which was incorporated in 1994 as a subsidiary of Taha Group. Gültepe has been in the ready-made garment industry for 30 years. He owns production facilities in Istanbul, Sakarya and Malatya, and employs approximately 4,000 people.
Between 2017-2021, he served as the Chairman of the Board of Sakarya 1st Organized Industrial Zone.
Gültepe has been on the Board of Directors of Istanbul Ready Made Garment And Apparel Exporters’ Association (IHKIB) since 2010; he served as the Vice-Chairman of the Board of Directors between 2014-2018, and in the elections held in April 2018, he became the Chairman of the Board of Directors of İHKİB and still continues this duty. Gültepe was elected as the Chairman of the Turkish Exporters Assembly on 13 June 2022.
Mustafa Gültepe, who also serves as the Vice Chairman of DEİK and İhracatı Geliştirme A.Ş., is married, has three children, and speaks English.
Since October 17, 2022, Gültepe has been serving as a Member of the Board of Directors at Turkish Eximbank.
Didem Bahar ÖZGÜN YILMAZ – Member of Board of Directors and Audit Committee
Ankara, 1973. She graduated from the Department of Statistics at Middle East Technical University in 1995. She completed her master's degree in Economics at the University of Michigan (USA) between 2000 and 2002.
She started his career as an Assistant Specialist at the Undersecretariat of the Treasury of Prime Ministry in 1996. Between 2004 and 2007, she served as a Section Manager at the Undersecretariat of the Treasury, Directorate General of Economic Research. Between 2007 and 2013, she was a Department Head, and from 2013 to 2018, she served as Assistant General Manager at the same institution.
Yılmaz, who worked as the Department Head and Deputy General Manager at the General Directorate of Economic Programs and Researches of the Ministry of Treasury and Finance from 2019 to 2023, continues his duty as the Assistant General Manager.
Yılmaz has been a Member of the Board of Directors of Türk Eximbank as of July 2023 and a Member of the Audit Committee since July 28, 2023.
SENIOR MANAGEMENT
Necdet KARADENİZ - Deputy General Manager (Credit Allocation)
Iğdır, 1959. Necdet Karadeniz graduated from Istanbul Technical University, Faculty of Metallurgy, Metallurgical Engineering Department, and has a master’s degree in the field of Business Management from Istanbul University. Mr. Karadeniz, who started his career in 1987 at Iktisat Bank, chronologically worked for the Türkiye Emlak Bank, Türkiye Finans Katılım, Alternatifbank and T.R. Ziraat Bank, under the title of Director and Head of Department, and has attended to Turk Eximbank in December, 2012. Mr. Karadeniz has been working as the Deputy General Manager of Turk Eximbank since 26th May 2017.
Mustafa Çağrı ALTINDAĞ - Deputy General Manager (Marketing)
Kocaeli, 1977. Mr. Altındağ graduated from Faculty of Business Administration of Istanbul University and he started his career as an inspector in inspection board at Tekstil Bankası A.Ş. Between the years of 2004-2010, Mr. Altındağ served as, Marketing Manager, the Head of Finance and Accounting Department of Creditwest Factoring Services A.Ş. and then he served as Commercial Banking Customer Relations Manager, Head of Multinational Corporations Department and Corporate Banking Assistant President of Citibank between the years of 2010-2019. Mr. Altındağ has been working as the Deputy General Manager of Türk Eximbank since 20th December 2019.
Taner YAVUZ - Deputy General Manager (Strategy and Finance)
Istanbul, 1970. After graduating from Boğaziçi University, Department of Economics, Mr. Yavuz started his banking career as an Inspector at Yapı Kredi Bank in 1994. Mr. Yavuz worked as MIS Reporting and Budgeting Manager between 1998-2006, as the Senior Manager of Financial Planning, Analysis and Group Reporting at Credit Europe Bank (Romania) in 2007, and as the Senior Manager of Financial Planning and Corporate Performance Management at Türkiye Finans Katılım Bankası in 2009. He assumed different responsibilities in Strategy and Finance fields until 2017 and also served as the Deputy General Manager for a while. In 2018, he was appointed to Vakıf Emeklilik ve Hayat A.Ş. as the Group Manager responsible for Financial Management and continued to work there until December 2019. Mr. Yavuz joined Türk Eximbank as Head of Financial Affairs Department in January 2020 and stood proxy as Head of Strategy Department. Mr. Yavuz has been working as the Deputy General Manager of Türk Eximbank since 28th June 2021.
Hakan UZUN - Deputy General Manager (Treasury / Finance/International Credits)
Kocaeli, 1968. Mr. Uzun graduated from the Mechanical Engineering Department of Middle East Technical University and completed his master's degree at the University of Illinois in the USA between the years of 1992-1995. He started his banking career at Körfezbank in 1996 and served as a senior manager in the fields Treasury and Financial Markets in several private banks, and then he worked as Group Manager in charge of Treasury in ING Bank Türkiye between the years of 2008-2011. Mr. Uzun took charge in Türkiye Finans Katılım Bankası between the years of 2011-2019 and he held the position of Deputy General Manager in charge of Treasury. Mr. Uzun has been working as the Deputy General Manager of Türk Eximbank since 20th December 2019.
Erdem OKUR - Deputy General Manager (Information Technologies and Operation)
Zonguldak, 1977. Okur graduated from the Middle East Technical University Department of Computer Engineering and completed his master’s studies in the Marmara University Department of Business Administration. Okur started his business life in 1998, served in the information technology fields at Aselsan, Garanti Technology, and Akbank, respectively, and then joined Turk Eximbank in 2015. Mr. Okur has been working as the Deputy General Manager of Turk Eximbank since 19th July 2019.
Company Details
Company Details
Company Type | Joint Stock Company |
Company Name | Export Credit Bank of Türkiye |
Person in Charge | Executives of Export Credit Bank of Türkiye |
Trade Registry Office | Istanbul |
Trade Registry Number | 845859 |
Local Tax Office | Large Taxpayer Office |
Local Tax Identification Number | 8790022987 |
Mersis No | 0879002298700034 |
EFT Code | 0016 |
SWIFT Code | TIKBTR2A |
Dealing Code | EXIM |
Audit Authority | Banking Regulation and Supervision Agency |
Capital Structure |
The Bank has passed to the Registered Equity System, according to Turkish Trade Law No.6102. The upper limit of the capital of the Bank is 120,000,000,000.00 (One Hundred Twenty Billion) Turkish Liras divided into 120,000,000,000.00 (One Hundred Twenty Billion) units of registered share certificates each with a nominal value of 1 TRY. Issued capital of the Bank is 35,700,000,000.00 (Thirty Five Billion Seven Hundred Million) Turkish Liras divided into 35,700,000,000 (Thirty Five Billion Seven Hundred Million) units of registered share certificates each with a nominal value of 1 TRY. 23,900,000,000.00 (Twenty Three Billion Nine Hundred Million) Turkish Liras representing former capital has been fully paid. From the increased portion equal to 11,800,000,000.00 (Eleven Billion Eight Hundred Million) Turkish Liras have been paid in cash by the Treasury. The entire capital of the Bank belongs to the Treasury. |
Head Office Address
Inkılap District, Dr. Adnan Büyükdeniz Str. No:19 34768 Ümraniye / ISTANBUL
Telephone: +90 216 666 55 00
Fax: +90 216 666 55 99