Türkiye İş Bankası'nın yapısı-gelişimi ve bankacılık sektöründeki yeri
Structure development and position of T.İş Bank in the banking sector
- Tez No: 94815
- Danışmanlar: DOÇ. DR. ERİŞAH ARICAN
- Tez Türü: Yüksek Lisans
- Konular: Bankacılık, Banking
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 2000
- Dil: Türkçe
- Üniversite: Marmara Üniversitesi
- Enstitü: Bankacılık ve Sigortacılık Enstitüsü
- Ana Bilim Dalı: Bankacılık Ana Bilim Dalı
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 148
Özet
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Özet (Çeviri)
T.R. MARMARA UNIVERSITY INSTITUTE OF BANKING AND INSURANCE MAIN SUBJECT: BANKING STRUCTURE - DEVELOPMENT AND POSITION OF T. IS BANK IN THE BANKING SECTOR MASTER THESIS (SUMMARY) Yasemin SEVEN Istanbul- 2000143 İşbank was established as a quasi- government bank by Kemal Atatürk. Accounting to legend, he founded the bank's capital using what was left of the gold sent to him by Muslim community of India to fight against occupying Greek forces. Atatürk himself owned 28% of the shares. The rest ended up in the hands of his comrades in arms, the treasury and, later the pension fund for the bank's employees. The bank prospered quickly because it has a virtual monopoly and used its funds to established companies which themselves remained virtual monopolies for a long time. When Atatürk died he left his İşbank shares to the Republican People's Party (RPP), which was then in power in Turkey as the country's sole political party. After the 1980 coup the generals closed down all politicals parties including RPP, Its İşbank stocks were transferred to the treasury, making the state the biggest shareholder, with 39% of the bank. In late 1980s the RPP was resurrected and its new administrators sued the treasury for the return of its shares. The treasury fought back. But when the government needed the RPP' s support the control a deeply fragmented parliament, the treasury was ordered to give it back its shares, making RPP one of the few political parties in the world to own a significant share of a large bank. İş Bank saved itself from becoming another bankrupt state bank through the discreet machinations of the professional managers, who slowly gathered enough shares to make the pension fund the biggest shareholder. When Turkey's generals seized power in 1980, the pension fund owned just over 30% of İş Bank, making it the biggest single shareholder. But it lost the position when the RPP block was given to the treasury, whose stake rose to 39%. The bank's managers slowly started increasing the pension fund's stock until it grew to 45%. This meant that with smaller shareholders, it had a majority over the treasury. The flotation of the treasury's stake left the bank with two large shareholders and a publicly traded portion of equity. The pension fund holds 45% and the RPP 28%, with144 27% traded on the stock market. The two important questions that have to be answered are how will the board seats be distributed and how much influence the RPP has over the management. İş Bank's ownership of a large number of companies ahs historical reasons. The bank was established only months after Turkey became independent from the Ottoman Empire in 1923 and part of its role was to stimulate industrialization. It not only provided loans but also used its resources to set up majority-owned enterprises such as Şişe Cam, the monopoly glassmaker and now one of the largest glass companies in the world. Turkey's largest insurance and reinsurance companies are also owned by the bank. Other companies were inherited when they defaulted on loans to İş bank. In the early decades of the republic, when it played a major role in government development policy, İş Bank owned 290 companies and was the country's biggest conglomerate. İş Bank has stakes includeing many majority stakes in 79 companies and it has unconsolidated subsidiaries in a wide range of sectors including textiles and cars as well as glass and insurance. For the first time in Turkey, by the privatization of İş Bank, a scheme has been established to attract large numbers of small investors. It achieved sales five times greater than the most recorded so far for a public offering, aiming to sell shares worth 100 billion to 500,000 people. The idea was to make it possible for the small investor to make money from what the government likes to think of as privatization. As a result of the successful 630 billion USD public offering, many small investors were motivated and the profile of privatization in the eyes of public was raised. Furthermore, İş Bank invests heavily in the most recent banking technology. It has Turkey's largest network and more than 1200 ATM's. It was the first to introduce online computer technology at its branches and since 1984, has invested 150 million USD in information technology. On this front, İş Bank is well ahead of its peers, employing some of the most advanced financial technology. İ--.J *:145 Even though İş Bank is the largest and the most credible private bank in Turkey with 77 participations, some of which are on a global scale, it displays a declining trend in some very important aspects. Unless the necessary precautions are taken, it will be forced to fall behind in the fierce competition prevailing in the banking sector in Turkey. At the end of 1998, total assets of Yapı Kredi Bank has increased to a value greater than that of İş Bank, acquiring the number one position held by İş Bank in terms of total assets. While its competitors have increased their total assets by, on average, 17%, that of İş Bank has remained at 9%. Although İş Bank applies much more selective criteria in choosing its debtors than its competitors, the percentage of credits in legal follow-up has increased from 1.1% in 1994 to 2.5% in 1997 (of all the credits supplied). Although İş Bank had accumulated 12.3% of total deposits of all banks in 1990, as a result of the aggressive pricing policies of competing banks, this rate has decreased to 6.3% by the third quarter of 1998. İş Bank has the lowest ratio of the amount of deposits to the total number of branches as well as the lowest ratio of deposits to the total number of personnel, profitability per head, credits per branch and credits per personnel. Still it has the highest ratio of personnel expenditures to total assets. Therefore, 54% of total operational expenses consists of personnel costs. Contrary to the competing banks' employment policy, İş Bank recruits personnel with a medium level of education, instead of those with a high level of education. This fact results in İş Bank's falling behind its rivals in the fiercely competitive environment of today. Moreover, the breakthrough developments accomplished by İş Bank personnel have been imitated and improved by other banks, putting them to much more effective uses than those applied by İşbank.146 Even though the year-end profit values seem to be sufficiently high, the underlying reason behind this achievement is that the value of the sales of participations since 1994 has exceeded 1 million USD. Even though the bank has claimed that it has fulfilled all its commitments and responsibilities for these participations, the fact that even the profitable participations have been sold points to the conclusion that the real reason behind these sales is to increase the year-end profit. Due to its credibility, İş Bank has succeeded in obtaining foreign credits more easily and at lower rates than its competitors. However, especially in the last few years, its rivals such as Garanti Bank, have managed to obtain greater loans at the same rates. Thus, İş Bank has lost yet another superiority over its competitors. Due to the trustworthy reputation of the bank, İş Bank has accumulated more deposits than its competitors. It used to be that even if İş Bank would provide lower interest rates (for deposits) than the rival banks, investors would still prefer İş Bank over its competitors due to the consideration that deposits in İş Bank carried little or no risk. However, after the government promised full guarantee for bank deposits, customers started to prefer banks supplying higher interest rates. Especially after the breakthrough development (implemented by certain banks) of decreasing the minimum repurchase agreement amount considerably, has led to the customers' transferring their investments to these banks. However, the most important and possibly the only reason why İş Bank has lost its competitive power over its competitors is that it has failed to alter its state-controlled, bureaucratic and inflexible structure. Among the ten directors present in the board of directors of İş Bank, four represent the Retirement Fund, two represent CHP and the remaining four directors assume the responsibility of the outstanding İş Bank shares. Just like in the other state-controlled institutions, İş Bank is manipulated to achieve political goals, despite the fact that it is a private institution. In spite of its 75 year long credibility, it is not possible for such a bank to compete with the aggressive, revolutionary and profit-oriented banks of the private sector. In order for İş Bank to147 recover its number one position in the banking sector again, it has to break from this governmental influence.
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