The Story of Sümerbank from Its Establishment to its Bankruptcy

Sümerbank was founded on July 11, 1933 by Ataturk It was established as part of a large project initiated for the economic development of Turkey.

Atatürk, Turkey, which missed the industrial revolution in those years, economic independence and industrialization He believed it was necessary. Atatürk, who thought that Turkey should change its situation because it was importing almost all of its needs, took important steps in this regard, and one of the most important of these steps was Sümerbank!

Sümerbank went beyond being a bank and became an important milestone in the history of Turkey’s economic and social development!

Sümerbank is not just a bank but also a industry and development model It was designed as. It played a key role in the industrialization and social development of the country for nearly 70 years after its establishment in 1933.

So much so that Sümerbank, built many new factories. Among these, there were important factories that contributed greatly to the industrialization of Turkey, such as Kayseri Cloth Factory, Izmit Paper Factory, Ereğli Cloth Factory and Nazilli Cloth Factory.

Sumerbank, from textile to porcelain, from stationery to carpet, from cement to brick Until then, it was producing many products that we cannot count and meeting the needs of the country.

The factories within Sümerbank aimed not only at economic development but also at social development.

Ataturk, with a great vision, said that these factories were also a social transformation center He thought that this should happen and carried out studies in this direction.

For this reason, in all Sümerbank factories, factory libraries, hospitals, sports fields, lodgings and movie theaters, etc. various social opportunities was offered to employees.

By the 1950s, Sümerbank had a total of 17 institutions and 35 factories affiliated with 17 institutions had.

Even your own finances Sumerbank, which provides its own banking activities, was continuing all its activities with a great balance.

It has grown over time, has approximately 500 stores, and employs more than 40 thousand employees. With 41 factories and 43 bank branches It had become one of Turkey’s largest holding organizations.

However, in 1987, it was decided to privatize this deep-rooted and revolutionary institution.

Firstly To the Public Partnership Administration The first step was taken towards the privatization of the transferred Sümerbank and its subsidiaries.

In 1988, Sümerbank Group of Companies was established and organizations belonging to Sümerbank be customized one by one started.

According to Hürriyet’s news, regarding this issue the then finance minister “In privatization, you sell and sell and it never ends. We were such a communist country. We were the epitome of communism. Transportation, cement, paper, sugar, everything belongs to the state. One remaining barber shop is in the hands of private enterprises.” It is known that he said his words.

The banking unit was sold to Garipoğlu Group of Companies and privatized in 1995.

$103.4 million Sümerbank’s banking unit, which is known to have been sold in exchange for money, was operated by Hayyam Garipoğlu for approximately 4 years.

According to the news made by Hürriyet, on December 22, 1999, with the decision of the Banking Regulation and Supervision Agency (BRSA), Sümerbank Transferred to TMSF and was taken from Garipoğlu.

In the details in the same news, it is stated that the interior of Sümerbank was filled with the money of that time. 248 trillion liras were evacuated details are included. So much so that it is stated that the bank’s assets were consumed with loans taken by Efektifbank, which was opened for offshore banking, and 36 unnamed family companies, which were not repaid.

So much so that it is called a ghost bank. Real customers of Efektifbank It is known that he beat Garipoğlu.

Garipoğlu, who was tried on charges of embezzlement and qualified fraud, spent only 17 months in prison!

According to sources, although various lawsuits were filed against Hayyam Garipoğlu, who was brought to justice for the crimes we mentioned, only 17 months spent behind bars.

In the following years, he faced much more serious accusations and, according to the news by Sabah, red bulletin removed.

Let’s go back to Sümerbank. This bank, founded with the vision of Atatürk, ended its activities in 2002.

In 2001, following its transfer to SDIF in 1999 Oyak Group was purchased by.

Activities carried out under the name of Sümerbank It ended in 2002.

In summary, this context has a very important place in Turkey’s industrialization and social development process, thanks to Atatürk’s vision and leadership. the story of a long-established institution We have covered.

What are you thinking? What would change in our lives if Sümerbank still existed with the same philosophy?

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