HSBC Bank (Turkey)
| Company type | Subsidiary |
|---|---|
| Industry | Banking, Financial services |
| Predecessor | Midland Bank A.Ş. |
| Founded | 1990 |
| Headquarters | Istanbul , Turkey |
Area served | Turkey |
| Products | Corporate, commercial and retail banking services; consumer finance; brokerage and asset management services |
| Parent | HSBC Group |
HSBC Bank A.Ş., the Turkish branch of the HSBC Group, is based in Istanbul.
History
Originally founded in 1990 as Midland Bank A.Ş., it holds the distinction of being the first British bank established in Turkey. The institution adopted the name HSBC Bank A.Ş. in 1999 and experienced substantial growth by acquiring Demirbank T.A.Ş., which was Turkey's fifth-largest private bank at the time, in October 2001. This acquisition followed Demirbank’s intervention by Turkish authorities amid the financial crisis. Included in the deal was Demirbank's brokerage and asset management division, Demir Yatirim, with the integration finalized by December 2001. HSBC Bank A.Ş. also encompasses subsidiaries such as HSBC Ödeme Sistemleri Bilgisayar Teknolojileri Basın Yayın ve Müşteri Hizmetleri A.Ş. and HSBC İnternet ve Telekominikasyon Hizmetleri A.Ş.
Turkish banking
Operating under the HSBC brand, the bank runs approximately 77 branches across Turkey as of July 2020, providing an extensive array of financial products and services to corporate, commercial, and retail clients. Within HSBC’s European network, HSBC Turkey is accountable to HSBC Bank plc.
Bombing
On 20 November 2003, the HSBC headquarters located on Büyükdere Avenue in Istanbul’s Levent neighborhood suffered severe damage during one of the 2003 Istanbul bombings. The attack resulted in three employee fatalities and left 43 others injured. Despite this event, the bank promptly resumed its activities on the following business day by establishing a temporary office in Esentepe and quickly notifying more than 3,000 corporate customers.
Consumer finance
On 8 August 2002, HSBC Bank A.Ş. entered into an agreement to acquire Benkar Tüketici Finansmanı ve Kart Hizmetleri A.Ş., a company specializing in consumer finance and card services, along with the Advantage brand from Boyner Holding A.Ş. The transaction was completed on 19 September 2002, enhancing HSBC’s consumer finance offerings within Turkey.
Regional operations
Until December 2017, HSBC Bank A.Ş. operated four branches in the Turkish Republic of Northern Cyprus (TRNC). These operations were subsequently transferred to ALBANK as part of a strategic realignment within the region.