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Encyclopedia > Ottoman Bank

The Ottoman Bank (Turkish: Osmanlı Bankası) (formerly Imperial Ottoman Bank, Ottoman Turkish: Bank-ı Osmanî-i Şahane) was founded in 1856 in the Galata business section of İstanbul, the capital of the Ottoman Empire, as a joint venture between British interests, the Banque de Paris et des Pays-Bas of France, and the Ottoman government. Ottoman Turkish (Turkish: or , Ottoman Turkish: ‎ ) was the variant of the Turkish language that was used as the administrative and literary language of the Ottoman Empire. ... 1856 was a leap year starting on Tuesday (see link for calendar). ... Galata or Galatae is a district in Istanbul, the largest city of Turkey. ... The location of Istanbul Province Maiden Tower and Historical Peninsula of Istanbul Istanbul (Turkish: İstanbul) (the former Constantinople, Greek: Κωνσταντινούπολις) is the largest city in Turkey, and arguably the most important. ... Motto دولت ابد مدت Devlet-i Ebed-müddet (The Eternal State) Anthem Ottoman imperial anthem Borders in 1680, see: list of territories Capital Söğüt (1299–1326) Bursa (1326–65) Edirne (1365–1453) Constantinople (İstanbul, 1453–1922) Language(s) Ottoman Turkish Government Monarchy [[Category:Former monarchies}}|Ottoman Empire, 1299]] Sultans  - 1281–1326... A joint venture (often abbreviated JV) is an entity formed between two or more parties to undertake economic activity together. ... BNP Paribas (Euronext: BNP, TYO: 8665 ) is one of the main banks in Europe and France. ...


The opening capital of the Bank consisted of 135,000 shares, 80,000 of which were bought by the English group, and 50,000 of which by the French group, whereas 5,000 shares were allocated to the Ottomans.


It operated as the Imperial Ottoman Bank from 1863 to 1924. Priviliged as a state bank, it carried out the functions of a central bank.


In June 1996, the Ottoman Bank was sold to the Doguş Group, from which point on its banking activities were centred primarily in Turkey. In 2001, the Ottoman Bank became part of the Garanti Bank. DoÄŸuÅŸ Holding (DoÄŸuÅŸ Grubu) is one of the top three largest private-sector conglomerates in Turkey, with a portfolio of 25 companies that cross industry verticals, including one of Turkeys largest banks, Garanti Bank, as well as high-end Porsche, Audi, and Volkswagen dealerships, retail and food... Garanti Bank is the third largest private bank in Turkey with USD$24. ...

Contents

History

On February 4, 1863, seven years after its establishment, the shareholders of the Ottoman Bank signed a contract to form the Imperial Ottoman Bank. Sultan Abdülâziz, who expected to improve his country's economy, which was in a state of financial crisis after the Crimean War, ratified the contract immediately. is the 35th day of the year in the Gregorian calendar. ... Year 1863 (MDCCCLXIII) was a common year starting on Thursday (link will display the full calendar) of the Gregorian calendar (or a common year starting on Saturday of the 12-day slower Julian calendar). ... Abdülâziz (Ottoman Turkish: عبد العزيز ‘Abdü’l-‘AzÄ«z) was the 32nd sultan of the Ottoman Empire and reigned between June 25, 1861 and May 30, 1876. ... Combatants Allies: Second French Empire British Empire Ottoman Empire Kingdom of Sardinia Russian Empire Bulgarian volunteers Casualties 90,000 French 35,000 Turkish 17,500 British 2,194 Sardinian killed, wounded and died of disease ~134,000 killed, wounded and died of disease The Crimean War (1853–1856) was fought...


Tanzimat era's principal renovations in the financial field were the re-establishment of the currency and the foundation of the Ottoman Bank. The Ottoman Bank provided the Treasury with the necessary advances, played an intermediary role during the public debt and acted as a bank of issue, principal function of state banks. The Tanzimat (Ottoman Turkish: تنظيمات), meaning reorganization of the Ottoman Empire, was a period of reformation that began in 1839 and ended with the First Constitutional Era in 1876. ...


On February 18, 1875, the bank was authorized to control the budget, the expenditures and incomes of the state, to ensure reform and control the precarious Ottoman financial situation. The character of the Ottoman Bank as a state bank was fully reaffirmed by extending its right of issue for 20 years and conferring on it the role of Treasurer of the Empire. is the 49th day of the year in the Gregorian calendar. ... 1875 (MDCCCLXXV) was a common year starting on Friday (see link for calendar). ...


The bank continued to help the Ottoman state through providing it several credits after the Balkan Wars, became member of the Council of the Public Debt, and assumed the tobacco monopoly in a limited company. Following the re-establishment of Empire's credit standing, the placing of Turkish loans abroad became possible around 1886. Enabled by the reduction of commitments towards the Treasury around 1890, following the improvement of public finances, the Ottoman Bank undertook a double activity of financing the Turkish economy and promoting other business. Combatants  Ottoman Empire Balkan League: Bulgaria Greece Serbia Montenegro Commanders Ottoman Empire: Nizam PaÅŸa, Zeki PaÅŸa, Esat PaÅŸa, Abdullah PaÅŸa, Ali Rıza PaÅŸa Bulgaria: Vladimir Vazov, Vasil Kutinchev, Nikola Ivanov, Radko Dimitriev Greece:Crown Prince Constantine, Panagiotis Danglis, Pavlos Kountouriotis Serbia:Radomir Putnik, Petar...


Within the frame of merchant banking activities, it was mainly involved with public works and railways, the Beirut Port, the railway line Beirut-Damascus and its later extension to Homs, Hamah and Aleppo. The Bank's financial support continued to some other railway projects including the line Constantinople-Salonica, Smyrna-Kasaba (1892) and the Baghdad Railway [1903). In 1896, the Bank played a major role in the establishment of the Ereğli coal mining company on the Black Sea shore. For other uses, see Beirut (disambiguation). ... For other uses, see Beirut (disambiguation). ... Nickname: The Seal of the Damascus Governorate Syria Syria Governorates Damascus Governorate Government  - Governor Bishr Al Sabban Area  - City 573 km²  (221. ... Homs (Arabic: , transliteration: ) is a western city in Syria and the capital of the Homs Governorate. ... Hama is a province of Syria with currently approximately 350,000 inhabitants. ... Aleppo (or Halab Arabic: , ) is a city in northern Syria, capital of the Aleppo Governorate. ... Map of Constantinople. ... The White Tower The Arch of Galerius Map showing the Thessaloníki prefecture Thessaloníki (Θεσσαλονίκη) is the second-largest city of Greece and is the principal city and the capital of the Greek region of Macedonia. ... Agora of Smyrna Smyrna (Greek: Σμύρνη) is an ancient city (today İzmir in Turkey) that was founded at a very early period at a central and strategic point on the Aegean coast of Anatolia. ... Kasaba is a small town 17 kilometres from Kastamonu, Turkey. ... In the late 19th and early 20th centuries, the Ottoman Empire planned to construct a Baghdad Railway under German control. ... Karadeniz EreÄŸli is a city in Zonguldak Province in Turkey on the Black Sea. ... NASA satellite image of the Black Sea Map of the Black Sea The Black Sea is an inland sea between southeastern Europe and Anatolia that is actually a distant arm of the Atlantic Ocean by way of the Mediterranean Sea. ...


World War I affected the activities of the Bank negatively, since the Bank lost its credibility in front of the Ottoman Empire because of its British and French shareholders, and on the other hand the British and French governments considered the bank as an institution belonging to the enemy. During this time, the British and French executives of the Bank left their posts, and the Ottoman Government abolished the privilege of issuing banknotes. However, its other activities continued. “The Great War ” redirects here. ...


After the War of Independence and the proclamation of the Republic of Turkey, the regulation of the relations with the new state was set up on March 10, 1924. The name of the Bank was changed from the Imperial Ottoman Bank back to the Ottoman Bank. The Bank's role as a state bank remained, however it was extended on a temporary basis due to the Turkish government's intention to establish its own Central Bank, which was realized in 1931. Combatants   Turkish Revolutionaries   Soviet Union[1][2][3] United Kingdom Greece France Armenia Ottoman Empire Georgia Commanders Mustafa Kemal İsmet İnönü Kazım Karabekir Ali Fuat Cebesoy Fevzi Çakmak George Milne Henri Gouraud Papoulas Georgios Hatzianestis Drastamat Kanayan Movses Silikyan Süleyman Åžefik Pasha The Turkish War of Independence... March 10 is the 69th day of the year (70th in leap years) in the Gregorian calendar. ... Year 1924 (MCMXXIV) was a leap year starting on Tuesday (link will display the full calendar) of the Gregorian calendar. ...


In 1933, the Ottoman Bank became a commercial bank, and finally in 1952 it turned into a private institution.


In 1996, the Ottoman Bank was sold to Doğuş Group, and from then on its commercial banking activity focused mainly on Turkey. On July 31, 2001, it merged with Körfez Bankasi. On December 21, 2001, it was incorporated in its principal shareholder, Garanti Bank. At the time of its merger, the Ottoman Bank had a network of 58 branches and around 1,400 personnel.[1] DoÄŸuÅŸ Holding (DoÄŸuÅŸ Grubu) is one of the top three largest private-sector conglomerates in Turkey, with a portfolio of 25 companies that cross industry verticals, including one of Turkeys largest banks, Garanti Bank, as well as high-end Porsche, Audi, and Volkswagen dealerships, retail and food... is the 212th day of the year (213th in leap years) in the Gregorian calendar. ... Year 2001 (MMI) was a common year starting on Monday (link displays the 2001 Gregorian calendar). ... December 21 is the 355th day of the year (356th in leap years) in the Gregorian calendar. ... Year 2001 (MMI) was a common year starting on Monday (link displays the 2001 Gregorian calendar). ... Garanti Bank is the third largest private bank in Turkey with USD$24. ...


Personnel structure

The Bank was an institution with no nationailty in essence. However, the group of higher officials was the only level subject to a national criterion. For all other employees, from branch managers to clerks and servants, the Bank did not apply any policy depending on a criterion of nationality or ethnicity that resulted in a personnel pattern not observed in any other European bank.


The general manager and his deputy were British or French, reflecting the majority share held by the two nations. An exception was in the period during World War I, when the general manager and his deputy, being citizens of hostile countries, had been forced to leave the country. During this time, until they could return to their posts in 1918 following the Armistice of Mudros, the Bank was administered by Ottomans of Armenian and Greek ethnicity. The Armistice of Mudros (30 October 1918), which ended the hostilities on Middle Eastern theatre of World War I between Ottoman Empire and Allies, was signed by the Minister of Marine Affairs Rauf Bey) and the British Admiral Somerset Arthur Gough-Calthorpe), on the aboard HMS Agamemnon in Moudros port...


The top level officials and most of the branch managers were Europeans. The middle level officials and some branch managers were non-Muslim Ottomans of Greek, Armenian, Jewish and Christian Arab ethnicity. The bottom of the hierarchy was made up by Muslim Ottomans performing services as clerks, couriers, guards and doorkeepers. Islam and Judaism: This article is part of a series on Jewish history and discusses the history of Islam and Judaism, as they have interacted with each other for 1200 years, from the seventh century up until the end of the 19th century. ... Christian Arabs are found mainly in Lebanon, with significant other populations in Iraq (e. ...


Compared to the proportion of the different population of the empire, the number of the non-Muslim personnel was relative high. The reason for this employment pattern was the background of non-Muslims with western language skills, accounting and banking education, and culturally western orientation. Such requirements for the occupations in the Ottoman Bank could be acquired mainly by non-Muslims up to the forming of the Republic of Turkey.[2]

Notable general managers

Portrait of Lord DAbernon by Augustus John, oil on canvas, c. ... Berç Keresteciyan, aka Berç Türker Keresteciyan or Berç Keresteciyan Türker, (1870-1949) was a Turkish bank executive and politician of Armenian descent. ...

Branch activities

From its beginning, the Bank continually opened new branches all around the Ottoman Empire, building a network of around 80 branches just before the outbreak of World War I.


During the period after World War I, most of the branches had to be closed, while new branches were established in the Near East between 1920-1930 to serve British interests. The Near East is a term commonly used by archaeologists, geographers and historians, less commonly by journalists and commentators, to refer to the region encompassing Anatolia (the Asian portion of modern Turkey), the Levant (modern Israel/Palestine, the West Bank, the Gaza Strip, Jordan, Syria and Lebanon), Georgia, Armenia, and...


Following the Suez Canal crisis in 1956, Egytian government nationalized all the five branches in the country. In 1958, the Bank extended its network to East African countries such as Kenya, Uganda, Tanzania and Rhodesia (now Zimbabwe) to meet the demand of its shareholders. Other countries in this region, where the Ottoman Bank opened branches, were Qatar (1956), Abu-Dhabi (1962) and Muscat (1969). Combatants Israel United Kingdom France Egypt Commanders Moshe Dayan Charles Keightley Pierre Barjot Gamal Abdel Nasser Abdel Hakim Amer Strength 175,000 Israeli 45,000 British 34,000 French 70,000 Casualties 197 Israeli KIA 56 British KIA 91 British WIA 10 French KIA 43 French WIA 650 KIA 2...  Eastern Africa (UN subregion)  East African Community  Central African Federation (defunct)  geographic, including above East Africa or Eastern Africa is the easternmost region of the African continent, variably defined by geography or geopolitics. ... Southern Rhodesia, todays Zimbabwe. ... Abu Dhabi is bordered by the Persian Gulf, Saudi Arabia and Oman Emirate Abu Dhabi Government  - Sheikh Khalifa bin Zayed Al Nahayan Area  - City 67,340 km²  (26,000. ... Several things are known as Muscat: Muscat, or Mascat is the capital of the Sultanate of Oman, also known as sultanate of Muscat. ...


With the increasing trend of transferring foreign-owned banking business to local ownership in many countries, the Bank sold 1969 its branches in London, Cyprus, Sudan, Jordan, East Africa, the Emirates and Rhodesia to National and Grindlays Bank (recently Grindlays Bank). The branches in France and Switzerland were regrouped in a separate company called Banque Ottoman, which later was transferred to Grindlays Bank. This article is about the capital of England and the United Kingdom. ...  Eastern Africa (UN subregion)  East African Community  Central African Federation (defunct)  geographic, including above East Africa or Eastern Africa is the easternmost region of the African continent, variably defined by geography or geopolitics. ... Motto God, Nation, Royal Family Anthem Ishy Bilady Capital (and largest city) Abu Dhabi Official languages Arabic Demonym Emirati Government Federal constitutional monarchy  -  President Khalifa bin Zayed Al Nahayan  -  Prime Minister Mohammed bin Rashid Al Maktoum Establishment December 2, 1971  Area  -  Total 83,600 km² (116th) 32,278 sq mi... Southern Rhodesia, todays Zimbabwe. ... Standard Chartered Bank (LSE: STAN, SEHK: 2888) is a British bank headquartered in London with operations in more than fifty countries. ...

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District Larnaka  - Mayor Andreas Moyseos Population (2001)  - City 72,000 Time zone EET (UTC+2) Website: http://www. ... Isparta is a city in Turkey and the provincial capital of the Isparta Province. ... Nickname: Alexandria on the map of Egypt Map of Alexandria Coordinates: , Country Egypt Founded 334 BC Government  - Governor Adel Labib Population (2001)  - City 3,500,000 Time zone EET (UTC+2)  - Summer (DST) EEST (UTC+3) Twin Cities  - Baltimore  United States  - Cleveland  United States  - ConstanÅ£a  Romania  - Durban  South Africa... City flag City coat of arms Motto: Fluctuat nec mergitur (Latin: Tossed by the waves, she does not sink) The Eiffel Tower in Paris, as seen from the esplanade du Trocadéro. ... Antalya (formerly known as Adalia; from Pamphylian Greek: Αττάλεια Attália) is a large town and tourist destination, situated on the Mediterranean coast of southwestern Turkey. ... Port Said (postcard around 1915) Port Said (31. ... 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Dohodno Zdanie is a theatre building which is considered a symbol of the city Rousse (also transliterated as Ruse or Russe; Bulgarian: ; formerly also Rustchuk) is the fifth-largest city in Bulgaria, with a population of 176,115. ... This article is about the city of Mersin, see Mersin Province, (named İçel province until 2002), for information about the surrounding area. ... Baghdad (Arabic: ) is the capital of Iraq and of Baghdad Governorate. ... Location of Basra Basra (also known as Başrah or Basara; historically sometimes called Busra, Busrah, and early on Bassorah; Arabic: البصرة, Al-Basrah) is the second largest city of Iraq with an estimated population of about 1,377,000 in 2003. ... Ankara is the capital of Turkey and the countrys second largest city after İstanbul. ... Aleppo (or Halab Arabic: , ) is a city in northern Syria, capital of the Aleppo Governorate. ... 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Avicennas tomb in Hamedan Hamadan or Hamedan ( Persian: همدان ) is the capital city of Hamadan Province of Iran. ... This article or section does not cite any references or sources. ...

Ottoman Bank Museum

The building in the Voyvoda Street (a.k.a. Bankalar Caddesi, banks street) in Karaköy, Istanbul, built by the renowned French-Turkish architect Alexander Vallaury in 1890 and used as the headquarters of the Ottoman Bank from its openning to service on May 27, 1892 until 1999, hosts today the Ottoman Bank Museum in addition to Karaköy branch of Garanti Bank and its area directorates on the ground floor, the Ottoman Bank Archives and Research Center on the upper floors. Karaköy, the modern name for the ancient Galata, is a commercial neighborhood in the BeyoÄŸlu district of Istanbul, Turkey, located at the northern part of the Golden Horn mouth on the European side of Bosphorus. ... Istanbul (Turkish: , Greek: , historically Byzantium and later Constantinople; see other names) is Turkeys most populous city, and its cultural and financial center. ... Alexander Vallaury (1850-1921) was a French-Turkish architect, who founded architectural education and lectured in the School of Fine Arts in Istanbul, Turkey. ... is the 147th day of the year (148th in leap years) in the Gregorian calendar. ... 1892 (MDCCCXCII) was a leap year starting on Friday (see link for calendar). ...


The objects and documents displayed in the museum provide an insight into the late Ottoman and early Republican period. The museum displays the economic, social and political environment of the times through market operations, bank branches, customer files and personnel files in a combination of both chronological and thematic approaches.


Four bank vaults, located at the center of the main exhibit hall, are used to display archival series such as stocks and bonds, accounting books, customer files, deposit cards, personnel files and photographs. The largest two-storied vault hosts the banknotes and silver coins issued between 1863 and 1914 together with the story, design, registration and samples of each. This article or section does not adequately cite its references or sources. ...


The museum is open everyday from 10 am to 6 pm.[3]


See also

The 1986 Ottoman Bank Takeover was the seizing of the Ottoman Bank in Constantinople, Ottoman Empire on August 26, 1896 by members of the Armenian Revolutionary Federation (Dashnak Party). ... Other Turkish Topics Culture - Education Geography - History - Politics Turkey Portal The Central Bank of the Republic of Turkey (CBRT) (Turkish: ) is the central bank of Turkey and is founded as a joint stock company with the exclusive right to issue banknotes in Turkey. ... Berç Keresteciyan, aka Berç Türker Keresteciyan or Berç Keresteciyan Türker, (1870-1949) was a Turkish bank executive and politician of Armenian descent. ...

Book on the Bank

  • The Imperial Ottoman Bank, André Autheman[4]

Footnotes

References


 

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