Founded in 1955 as a privately owned deposit bank,[1] it was taken over by the government's TMSF in 2002, because of a $2.5bn capital shortfall,[2] and merged into Halkbank in November 2004.
[1] At the time Pamukbank had 172 branches and 4000 employees.
[2] Pamukbank was formerly owned by Çukurova Holding, and in 2013, Çukurova chairman Mehmet Emin Karamehmet was sentenced to seven years in prison for misuse of loans from Pamukbank.
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