AKbank - anybody using them?

Primrose

Noticed in the week-end press that Akbank are paying 5.9% interest on one year savings bonds. Have never heard of them and wonder if anybody else here has saved with them? Whilst I'm tempted because of the good rate, I'd like to know their history first.

tom188

AKBank_Website wrote:

Established in 2001 Akbank N. V. is authorised & regulated by De Nederlandsche Bank. The head office has been established in Rotterdam with branches in London & Essen. Akbank N. V. is a wholly owned subsidiary of Akbank T.A.S., the largest private sector bank in Turkey with regard to profitability and market value as of year-end 2004. In addition to core banking activities, Akbank T.A.S. also offers a wide range of retail, commercial, corporate, private banking and international trade finance services. Non-banking financial, capital market and investment services are provided by the Bank’s subsidiaries including Ak Leasing, Ak Securities, Ak Investment Fund, Ak Asset Management and Ak Pension Fund.

Akbank T.A.S., founded in 1948, makes part from of one of the leading industrial and financial conglomerate in Turkey, the Sabancı Group. The Sabancı Group consists of 64 businesses, asset in very various sectors in more than 12 countries.

Selected as Turkey’s Best Bank in 2004 by The Banker & Euromoney, Akbank T.A.S.’s gross profit at the end of 2004 stood at TL 1,495 trillion (approximately US$ 1,091 million) while assets totalled TL 35,424 trillion (approximately US$ 25,862 million). The Bank’s capital adequacy ratio is 36.09%, one of the highest in the Turkish banking sector.

With more than 600 branches Akbank T.A.S. focuses on providing quality services to a large retail and corporate customer portfolio with its cutting edge technology and experienced banking staff. Akbank N. V. strives to provide competitive corporate banking activities and trade finance for mainly trade operations between the EU and Turkey, as well as savings products for the Dutch, British & German private market with very attractive interest rates and conditions.

We are participants of the Dutch Central Bank’s deposit protection scheme as well as UK Financial Services Compensation Scheme (FSCS), which was set up under the Financial Services and Markets Act 2000. You may be entitled to compensation from these schemes if we cannot meet our obligations. This depends on the type of business and circumstances of the claim.

It is normal for deposits with banks regulated in the UK and the Netherlands to be protected by either or both of those compensation schemes. In the unlikely event that we are unable to repay the funds in your Account, compensation may be available from both schemes. The Dutch scheme affords the first €20,000 (or sterling equivalent) of your total deposits held with us. FSCS affords 100% protection to the first £2,000 of a depositor’s total deposits with the Bank and 90% of the next £33,000 amounting to a maximum payout of £31,700.

In practice, this means customers with deposits at our UK branch may be protected up to £31,700, same as a customer of a UK bank to which only the FSCS applies. The compensation limit of £31,700 applies to each depositor for the total of your deposits with the Bank, regardless of how many accounts you hold or whether you are a single or joint account holder.

So your money is protected in the same way as with any bank. Ive no experience of their service though.

Limes

I opened one of their AK Savings accounts in November and everything went extremely smoothly. The rate wasn't bad then and the paper statement they sent to confirm the opening balance came through very quickly. Was impressed with it compared to some other accounts I've opened.

Gabriel-Ernest

Their FSA number is 450390 and they're EEA passported into the UK regulatory environment, so no regulatory problems there.