Best bank 2025: İşbank
İşbank’s banking services stood out in 2024, driven by a year of strong growth, digital innovation, and dedication to sustainable finance.
The bank demonstrated strong financial performance last year, with total assets growing by 35.5% to stand at TL3.32 trillion ($83 billion), while net income reached TL45.5 billion. The bank also recorded a 115.4% increase in net fees and commissions, as well as a 41.4% rise in loans.
On the digital front, İşbank continued to enhance its flagship mobile platform, İşCep. Now offering over 750 features, the app is accessed more than 20 million times daily and serves 15 million customers. A key highlight was the continued growth of the “My Life” platform within İşCep, which offers personalised financial insights and lifestyle services, attracting over 5 million users during 2024.
Maxi, the bank’s AI-powered assistant, handled 103 million conversations in 2024. Enhanced with new features to help users better manage their finances, it now enables 24/7 money transfers, visualises income and expenses via bar charts, and provides insights into recurring transactions.
The bank also made significant strides in sustainability. In 2024, it raised TL4.5 billion through Turkey’s first public green bond offering, achieving 87.6% of its TL300 billion sustainable finance target. Notably, the bank accelerated its carbon neutrality goal from 2035 to 2026, further highlighting its commitment to ensuring environmental responsibility.
Best investment bank 2025: Citi
Driven by a series of landmark transactions and strategic advisory mandates, Citi stood out as a key player in Turkey’s investment banking landscape in 2024.
Last year, the bank led the Republic of Turkey’s $3 billion 10-year bond – the largest international bond in the country’s history – which was more than three times oversubscribed and marked the lowest spread to US Treasuries achieved by the country since 2019.
The deal was part of a wider range of DCM transactions, including Şişecam’s $1.1 billion dual-tranche issue, the largest corporate bond from Turkey, and Akbank’s $600 million AT1, the first public AT1 from Turkey in over five years. Citi also led debut issuances for Erdemir and GDZ Elektrik, expanding access to international markets for Turkish corporates and utilities.
The bank’s advisory strength was evident in the $120 million Pegasus Airlines block trade – the largest in Turkey in 2024 – priced at the tightest discount in four years. It also advised on the $310 million take-private of Global Ports Holding, a complex cross-border deal that enabled Turkish shareholders to regain control of a London-listed asset. In the fintech space, Citi led Colendi’s $65 million Series B raise, an important milestone that allowed the company to activate its digital banking licence and scale its operations.
Best digital bank 2025: İşbank
İşbank has distinguished itself as a leader in Turkey’s digital banking sector, demonstrating impressive growth and innovation in 2024, which solidifies its award as Turkey’s best digital bank. İşbank made significant strides in enhancing customer engagement and expanding its digital services, evidenced by the success of its Nays app, which reached 4.5 million users by the end of 2024. Notably, this includes 2.3 million non-İşbank users, reflecting its wide-ranging appeal and an addition of 1.5 million new users since the end of 2023.
The bank’s AI-powered assistant, Maxi, handled over 103 million dialogues across 11.5 million users throughout the year, effectively supporting transactional processes and significantly alleviating the workload on customer call centres. This integration of AI technology has not only streamlined operations but also improved user experience dramatically.
Across its open banking services, İşbank reported a 500% increase in transaction volume, reaching TL3 billion ($75 million) in 2024, with 1 million active users engaging through this platform. API-driven transactions amassed a noteworthy TL355.9 billion, generating substantial revenue of TL32.5 million, underlining the bank’s adeptness in leveraging technology to drive financial transactions.
Moreover, the 2024 introduction of a digital supplier financing platform alongside the DijiKolay SME bundle resulted in a 58% rise in monthly applications and a 71% increase in monthly sales within two months of its launch, showing robust growth and commitment to supporting small and medium enterprises. İşbank also prioritised entrepreneurship by launching digital onboarding for startups and the İşCep Startup Mode, which expanded access to tailored banking services and tools specifically designed for entrepreneurs.
These initiatives collectively showcase İşbank’s transformative approach to digital banking, marking it as a frontrunner in its field and a deserving winner of this prestigious accolade.
Best digital bank for SMEs 2025: QNB Bank
QNB Bank has emerged as a leader by offering comprehensive, accessible and user-friendly digital solutions tailored to business needs. Its Digital Bridge platform enabled over 28,000 new customer acquisitions in 2024, while deepening engagement with more than 300,000 existing clients. The platform’s active customer base grew significantly, with a 71% activity rate and a notable rise in single-sign-on usage
QNB’s strategy focused on simplifying onboarding, enhancing user experience, and expanding service offerings. Key innovations included lifetime free access to e-invoicing and e-transformation services, free e-commerce and pre-accounting tools, and the launch of a demo platform to educate potential users. The bank also introduced new features like carbon footprint management, restaurant and HR solutions, and open banking tools such as All Banks and Request Payment.
Security enhancements, including two-factor authentication and NFC-based ID verification, further strengthened the platform’s reliability. Meanwhile, QNBPay simplified digital payments and collections for SMEs, offering seamless integration and instalment options.
Best bank for SMEs 2025: TEB
TEB has demonstrated a significant commitment to enhancing the SME sector in Turkey through various innovative approaches and targeted financial solutions, securing its position as Turkey’s best bank for SMEs. In 2024, TEB notably achieved a milestone by reaching sustainable SME financing of €100 million ($116 million) through the issue of a Tier-2 bond to the International Finance Corporation. This initiative specifically supports climate-focused, women-owned and agricultural businesses, underscoring TEB’s dedication to diverse and inclusive economic growth.
In the same vein, TEB further developed its pioneering e-invoice financing platform in 2024. This service not only brings breakthroughs in automated accounting conversions and risk alert systems but also integrates daily transaction analysis – developed through strategic fintech partnerships. This enhancement is pivotal in providing SMEs with real-time financial insights, fostering better business decision-making.
Further asserting its technological strides, TEB enhanced its Atlas tool in 2024. This digital tool revolutionises relationship manager workflows by enabling real-time client tracking, efficient visit planning, and meticulous monitoring of sales opportunities, thereby improving service delivery and client satisfaction.
Moreover, TEB’s commitment to SME digitalisation is further supported by securing €25 million from the European Bank for Reconstruction and Development under its new Digital Transformation Financing Facility in April 2024. This funding is aimed expressly at advancing digital capacities in the manufacturing SME sector.
Rounding off TEB’s 2024 innovations are the Smart Pricing, Digital Financials Automated Spread, and Mass Credit Allocation tools. These tools collectively streamline the lending process, enabling automation of credit decisions and facilitating rapid service delivery at the initial point of contact. Each of these initiatives exemplifies TEB’s strategic and forward-thinking approach to serving Turkey’s SMEs with efficiency and tailored financial solutions.
Best bank for ESG 2025: QNB Bank
QNB Bank has demonstrated substantial growth in its commitment to sustainable financing within Turkey, meriting its award as Turkey’s best bank for ESG. Between 2023 and 2024, the bank’s sustainable finance volume impressively increased from $1.1 billion to $2.1 billion, a near doubling of its previous figure. This includes $685 million in sustainable bonds, highlighting the bank’s aggressive strides towards promoting environmentally friendly investment options.
In the realm of trade finance, green and blue loans escalated from a modest $26 million in 2023 to a significant $245 million in 2024. Critically, QNB Bank also allocated $400 million in ESG loans, specifically targeting small and medium enterprises, with a remarkable total of 4,695 loans. This funding is crucial for catalysing ESG initiatives at the grassroots business level, thereby influencing broader ecological and social change within Turkey’s economy.
Institutionally, QNB Bank has advanced its strategic approach to ESG compliance and risk management. In 2024, the bank adopted the Partnership for Carbon Accounting Financials methodology to develop its 2050 net-zero strategies and legislated sector-specific emissions targets. Moreover, integrating the Network for Greening the Financial System climate scenarios into risk assessment frameworks further underscores the bank’s proactive stance on environmental risk management.
Employee involvement and adherence to strong ethical guidelines form another pillar of QNB Bank’s ESG efforts. In 2024, over 11,800 employees received training on ESG standards, achieving high completion rates exceeding 89% across various programmes, which ensures high compliance and awareness levels internally. Additionally, updating its Exclusion List to curb funding for environmentally detrimental activities shows the bank’s committed grasp on responsible banking, refusing to support unsustainable forestry, tropical logging, hazardous chemical industries, and any activities encroaching on indigenous lands. This comprehensive approach rendered QNB Bank a leader in Turkey’s sustainable banking sector, setting high benchmarks for the industry.
Best bank for sustainable finance 2025: Garanti BBVA
Garanti BBVA has demonstrated remarkable leadership in sustainable finance across Turkey, earning it the distinction of being awarded Turkey’s best bank for sustainable finance. Over the course of one year, the bank’s sustainable finance portfolio witnessed a profound year-on-year growth of 136%, increasing from TL72.4 billion ($1.8 billion) in 2023 to TL171.4 billion in 2024. This achievement significantly surpassed the bank’s annual target by 41%.
In a detailed analysis of different sectors within the bank, the growth in sustainable financing was robust across the board. The retail segment experienced a surge of 183%, amounting to TL77.4 billion. Meanwhile, the corporate and investment banking sector enjoyed a growth of 141%, reaching a total of TL35.2 billion in 2024. These statistics illuminate Garanti BBVA’s proactive approach in meeting the rising demand for sustainable financial products.
The review period also saw the introduction of several innovative green financial products by Garanti BBVA. These included the electric bicycle loan, green auto loan, EV charging station loan, and building insulation loan. Each product is oriented towards fostering environmentally conscious decisions among consumers and corporations alike.
Garanti BBVA issued a 367-day syndicated loan incorporating sustainability criteria and launched a sustainability-themed loan package specifically tailored to support emissions reduction efforts. These initiatives reflect the bank’s strategic alignment with global sustainability goals and its commitment to progressive financial solutions.
Lastly, Garanti BBVA’s dedication to environmental and sustainability standards is further evidenced by its achievement of an “A” grade in both CDP’s climate change and water security assessments in 2024. The bank has also set concrete interim decarbonisation targets for high-emission sectors to be reached by 2030, paving the way for responsible and sustainable industry practices. Through these combined efforts, Garanti BBVA continues to set benchmarks in sustainable banking in Turkey.
Best bank for customer experience 2025: Akbank
Akbank stands out as a deserving candidate for Turkey’s best bank for customer experience, revolutionising customer engagement and facilitating state-of-the-art digital solutions across its platform.
In 2024, Akbank launched Mobil Panthes, an impressive digital loyalty programme that swiftly grew to be the sector’s largest, attracting over 2.5 million users. This initiative demonstrated significant appeal amongst the younger demographic, and contributed towards the custom of 18- to 26-year-olds growing by 10%.
Akbank introduced an AI-powered digital assistant this same year, which managed over 200 end-to-end transactions. This tool significantly enhanced customer experience by resolving issues in real time via proactive push notifications. The integration of such advanced AI technologies exemplifies Akbank’s dedication to cutting-edge innovation.
Another notable advancement was the implementation of fully digital onboarding, a process streamlined by digital ID verification that allows new customers to open accounts instantly. This method has significantly improved conversion rates, indicating high efficiency and user satisfaction.
The adoption of a new digital money request and cash flow management tool by Akbank led to a 15-fold increase in youth allowance transactions during Eid in 2024, showcasing the bank’s capability to meet customer needs during peak periods.
Finally, Akbank’s vigorous focus on digital engagement is evidenced by an astounding 96%–97% of customers actively utilising digital platforms, logging into mobile services more than 30 times per month on average – an exceptional rate that further fortifies Akbank’s position as a leader in customer experience within the Turkish banking sector.
Best securities house 2025: ÜNLÜ & Co
ÜNLÜ & Co has established itself as a preeminent securities house in Turkey, demonstrating robust capabilities and strategic expertise across a variety of financial transactions in 2024, earning its nomination as Turkey’s best securities house.
In the realm of initial public offerings, ÜNLÜ & Co successfully managed the IPO of Oba Makarna under notably difficult market conditions. This accomplishment not only reinforced their execution capabilities but also showcased their resilience and innovative approach in the equity capital markets (ECM) sphere.
The firm also played a pivotal role in advising Koç Holding on the sale of Tat Gıda for over $250 million. This transaction is noted as a significant local-to-local M&A, highlighting ÜNLÜ & Co’s influence in structuring and navigating complex deals within the Turkish market.
ÜNLÜ & Co’s dominance is further underscored by their estimated 30% market share in Turkish M&A for 2024. Achieving such a market share, particularly during a period marked by extended deal cycles, speaks volumes about the firm’s enduring leadership and its deep-rooted understanding of market dynamics.
Moreover, the firm also skilfully marketed a Turkish lira bond for Coca-Cola to foreign investors, an initiative that illustrated their capability to attract international investment by leveraging high-yield opportunities juxtaposed with local currency exposure.
Lastly, ÜNLÜ & Co supported Eczacıbaşı’s strategic expansion across borders with the acquisition of Jeesr Industries in Morocco. This transaction not only highlights ÜNLÜ & Co’s cross-border transactional expertise but also its capacity to facilitate Turkish corporate expansion on an international scale.
These diverse yet consistent high-stakes achievements in 2024 exemplify why ÜNLÜ & Co stands earns Euromoney’s award as Turkey’s best securities house.
Best bank transition strategy 2025: Akbank
Akbank, recognised for its forward-thinking efforts towards achieving net-zero commitments in Turkey, takes the country award for best bank transition strategy.
The bank has established clear decarbonisation targets for key high-emission sectors such as electricity generation and real estate. These goals are complemented by an ambitious plan to cease all coal-related financing by 2040.
Akbank’s rigorous approach includes the public disclosure of absolute emissions and intensity metrics, adhering to standards set by the Net-Zero Banking Alliance (NZBA), highlighting its dedication to transparency and environmental accountability.
In terms of governance, Akbank has bolstered its framework with the establishment of a climate change and sustainability management department in 2024. This strategic move signifies the bank’s commitment to environmental issues at an organisational level.
The sustainability committee, inclusive of senior management such as the CEO and board members, underscores a high level of leadership accountability and strategic alignment with international standards, including the Science-Based Targets initiative, Task Force on Climate-Related Financial Disclosures and NZBA.
Akbank also excels in integrating advanced risk assessment tools within its operational framework. The Climate Risk Evaluation Tool (CRET) is particularly pivotal in embedding transition and physical risks into lending decisions.
This capability is instrumental in guiding the bank’s engagement in key national policy developments, such as the Green Asset Ratio and the Climate Transition Finance Handbook. Moreover, Akbank has revisited its sustainable finance framework to better facilitate transition finance in sectors that are traditionally challenging to decarbonise, demonstrating leadership and proactive engagement in shaping a sustainable financial landscape in Turkey.
