VakifBank International

What VakifBank International does

VakifBank International AG is an Austrian-licensed bank headquartered in Vienna, founded in 1999, that operates a four-location branch network across Vienna, Frankfurt, Cologne, and Budapest, supported by approximately 70 employees. It is a 100% wholly-owned subsidiary of Türkiye Vakiflar Bankasi T.A.O., the second-largest state-owned Turkish bank, and is structured as an Aktiengesellschaft under Austrian law, supervised by the Finanzmarktaufsicht (FMA) with deposit protection up to EUR 100,000 per person via Einlagensicherung AUSTRIA. The bank holds a full banking license (Vollbankkonzession) for over 20 years and is compliant with BWG, GDPR, FM-GwG, FATCA, CRS, and EU CRR disclosure obligations.

The product portfolio is concentrated and focused: term deposits (Termingeld) up to 2.80% p.a. for private customers (EUR 1,000 minimum) and up to 2.60% p.a. for corporate clients (EUR 50,000 minimum), savings books (Sparbuch) up to 2.70% p.a., current accounts (Girokonto) with free intra-EU EUR transactions, and Turkey remittances (Türkei Überweisungen) priced on a tiered schedule from EUR 7.00 to 0.25% plus EUR 20 fixed expense. Customer acquisition combines branch-based advisory with a digital onboarding platform (konto.vakifbank.at) using WebID Solutions and CRIF GmbH video-identification, enabling ~5-minute term deposit account opening without a physical visit. Core technology is a traditional core banking system with partner-led identity verification rather than proprietary AI or in-house fintech infrastructure.

Revenue is generated primarily through interest-rate spreads on deposits and transaction fees on Turkey-bound transfers. The go-to-market targets two segments: Turkish-diaspora retail customers in Austria and Germany seeking secure EUR-denominated savings with favorable Turkey remittance terms, and corporate clients placing term deposits and operating business current accounts. Marketing is conducted via a multilingual website, LinkedIn, and Facebook, while distribution relies on branches plus the digital onboarding funnel. No public revenue figures, funding rounds, M&A, or awards are disclosed in the available data.

Name

VakifBank International

Legal name

VakifBank International AG

Website

https://vakifbank.at

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

11–50 employees

Short description

VakifBank International AG is a Vienna-headquartered, Austrian-licensed bank serving the Turkish diaspora and corporate clients across Austria, Germany, and Hungary via term deposits, savings books, current accounts, and Turkey remittances. It is a wholly-owned subsidiary of Türkiye Vakiflar Bankasi T.A.O.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Commercial Banking (52211), Depository Credit Intermediation (5221)

SIC

State Commercial Banks (6022), National Commercial Banks (6021)

akta.pro primary industry

SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)

akta.pro secondary industries

Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG), Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI)

Keywords

• Retail banking services
• Term deposit accounts
• Savings accounts
• International money transfers
• Cross-border banking

Headquarters

HQ city

Vienna

HQ country

Austria

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Interest Rate Spread: The bank generates revenue primarily through interest rate spreads on savings products including term deposits and savings books. Interest is paid to customers on their deposits while the bank earns through lending and investment activities.
2. International Transfer Fees: Fees charged for international money transfers to Turkey, with tiered pricing based on transfer amount (e.g., up to EUR 7.00 for transfers up to EUR 200, with additional fixed expenses of EUR 20.00).
3. Account Management Services: Free account opening and account management for term deposits and savings accounts. Current accounts and business accounts generate revenue through transaction fees and services.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

VakifBank International AG is an Austrian-licensed credit institution that fundamentally offers savings and payment products: fixed-term deposits (Termingeld) for both private and corporate customers with terms from 3 months to 5 years, savings books (Sparbuch), current accounts (Girokonto), and international money transfers to Türkiye. All retail savings products are offered free of charge for account opening and management, with deposits protected up to EUR 100,000 per person by Einlagensicherung AUSTRIA GesmbH.

Product overview

VakifBank International AG operates as a traditional bank offering a focused portfolio of savings and banking products. The core offering centers on three main product lines: Termingeld (time deposits) for secure fixed-rate savings with terms from 3 months to 5 years, Sparbuch (savings books) as the classic fixed-rate savings account, and Girokonto (current accounts) for everyday banking with EU transaction benefits. The product suite also includes specialized offerings: Türkei Überweisungen for international transfers to Turkey, Studentenkonto for students with international transfer needs, and VakıfBank-Vermögenssparen as a wealth savings add-on. All products are protected by Austrian deposit insurance up to EUR 100,000 and can be accessed through the Vienna branch, online platforms, and German branch locations.

Differentiator

Problem solved

Functional benefit

Products and services

• Termingeld (Time Deposit) - Private Fixed-term deposit account for private customers with guaranteed interest rates for the agreed maturity period, terms from 3 months to 5 years, minimum investment EUR 1,000, marketed at up to 2.80% p.a. on special new-deposit offers.
• Termingeld (Time Deposit) - Corporate Fixed-term deposit product for corporate/business customers with tiered guaranteed interest rates across tenors from 1 month (2.00%) to 5 years (2.60%), minimum investment EUR 50,000 (or USD equivalent), with free account management.
• Sparbuch (Savings Book) Classic fixed-rate savings account (savings book) for private customers, guaranteed interest, investment terms 6 months to 5 years, minimum EUR 1,000, with tiered rates by tenor on both new deposits and extensions (up to 2.70% p.a.).
• Girokonto (Current Account) Flexible current account for daily banking needs, with free euro transactions within the EU and favorable transaction fees for transfers to and from Türkiye; eligible for Austrian deposit protection up to EUR 100,000 per person.
• Türkei Überweisungen (Transfers to Türkiye) International money transfer service enabling customers to send funds to accounts at Türkiye Vakıflar Bankası T.A.O., processed through VakifBank International AG with competitive tiered fees based on amount.
• Studentenkonto (Student Account) Account designed for students, particularly those with connections to Türkiye, with free account opening and management in the first year; positioned for international transfers from Türkiye at favorable fees.
• VakıfBank-Vermögenssparen (Wealth Savings) Special wealth savings product with fixed interest rates, available under specific conditions (version 01.01.2025), designed for customers seeking structured savings solutions at VakifBank International AG.

Quantifiable outcome

• Deposit protection up to EUR 100,000 per person through Austrian deposit guarantee scheme

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature2 records

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Emerging players

• Revolut Ltd: UK-headquartered digital bank offering multi-currency accounts, EUR/TRY transfers, and savings products across the EEA. Threatens the deposit and remittance franchise of diaspora-focused banks as customers adopt it as a primary account.
• Wise plc: Global digital remittance and multi-currency account platform with strong EUR↔TRY corridor. Competes directly with VakifBank's Türkei Überweisungen product on price and UX, and increasingly on holding balances.

Broad incumbents

• UniCredit Bank Austria: Major Austrian universal bank (part of UniCredit Group) with full retail, corporate, and treasury offerings. Sets the pricing and product benchmark that VakifBank must beat in the local Austrian deposit market.
• Erste Group Bank AG: Largest Austrian-headquartered universal bank with deep CEE/DACH retail and SME franchise. Competes for the same retail and corporate deposits in Austria but at vastly greater scale and product breadth; benchmark for domestic deposit competition.
• Western Union Company: Global money-transfer incumbent with deep Türkiye corridor and agent network. Competes with VakifBank's remittance product on reach, though it lacks the deposit-account and parent-bank transfer-rail integration.

Direct peers

• Eurogiro A/S: Cross-border payment network for financial institutions, including postal banks and diaspora-focused banks. Comparable to VakifBank's core cross-border Türkiye-transfer capability, though Eurogiro is infrastructure rather than a retail bank.
• Ziraat Bank International AG: Austrian-licensed subsidiary of TC Ziraat Bankası (Turkey's largest state-owned bank), headquartered in Vienna with branches in DACH. Directly comparable as a Turkish state-bank subsidiary serving the diaspora via deposits and remittances, competing head-to-head for the same customer base.
• Türkiye İş Bankası (İşbank) German branches: One of Turkey's largest private banks, with a German presence serving Turkish-descent retail and SME customers with deposits and remittances. Direct competitor for the German side of VakifBank's diaspora franchise.
• Halkbank (Türkiye Halk Bankası) European branches: Turkish state-owned bank with European representative operations serving the diaspora. Comparable Turkish state-bank ownership structure and target customer segment.
• DenizBank AG: Austrian bank majority-owned by Emirates NBD and historically linked to the Sberbank group; serves Turkish-diaspora customers in Austria with deposits and Türkiye-linked products. Same niche positioning, same regulatory home, near-identical product set.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/international.vakifbank
• LinkedInlinkedin.com/company/vakifbank-international-ag

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about VakifBank International