Sümerbank

A year earlier, in 1932, President Mustafa Kemal Atatürk and Prime Minister İsmet İnönü had secured a foreign credit loan worth 8.5 million Turkish liras from the Soviet Union (which offered the lowest interest rates to Turkey in that period) for the construction of Sümerbank's first textile factory in Kayseri.

[2] The Soviet Union also provided credit loans and technical assistance for Turkey's First Five-Year Industrial Plan (Birinci Beş Yıllık Sanayi Planı, 1934–1938) which was partially influenced by the First Five-Year Economic Plan (1928–1932) of the Soviet Union.

Starting from 1929, the global Great Depression, which lasted until the end of the Second World War in 1945, also badly hit the rapidly growing (since 1923) but still weak and fragile Turkish economy.

Due to the lack of a strong private sector in Turkey in those years, large scale investments by the government were necessary for initiating the industrialization efforts in the country.

Sümerbank's factories and plants, which represented the state-led industrialization in the Turkish textile sector for decades, were gradually closed and sold starting from 2002, when Oyak Bank acquired Sümerbank and decided to terminate the company's operations in this field, due to the highly developed private sector and saturated market in the Turkish textile industry by the early 2000s.