Ottoman Bank

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Description:
The Ottoman Bank () (formerly Imperial Ottoman Bank, ) 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.

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. Privileged 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.

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.

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 Ottoman public debt and acted as a bank of issue, principal function of state banks.

On February 18, 1875, the bank...
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