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Following the culmination of World War I in 1918 and the subsequent dissolution of the Ottoman Empire in 1922, Turkey was declared a republic and Mustafa Kemal Atatürk was elected by parliament as the first president of Turkey. Atatürk was quick to realise that the government needed a national bank to rebuild Turkey's economy following the debacle of the war. ??bank, the first truly national bank in the Turkish Republic was founded on 26 August 1924 at the First Economy Congress in ?zmir.
Atatürk appointed Celâl Bayar, his close aide and then the Minister of Exchange Construction and Settlement as the president of the newly formed bank. ??bank began operations with two branches and 37 staff under the leadership of Celâl Bayar, its first general manager. The bank was established with a capital of 1 TL Million of which 250'000 TL was covered by Atatürk, and the rest by private investors. In 1927 the capital was raised by 2 Million TL so it could be merged with the National Credit Bank as equal partners.
