OYAK

OYAK (Ordu Yardımlaşma Kurumu), translated into the Army Solidarity Organization in English, is a Turkish charity and pension fund with around 363,000 members. The OYAK Holding Investment Subsidiary Group is one of the largest industrial groups in Turkey.[4] The group co-owns Oyak-Renault, a car manufacturer, and steel producer Erdemir. The group was the former owner of Oyak Bank (sold to ING Bank in 2007) and the Oypa supermarket chain. In 2012 it was rated BB+/stable by Standard & Poor's.[5]

OYAK
Typepension fund
Founded1 March 1961[1]
HeadquartersAnkara, Turkey
ProductsFinancial Services
Revenue$9.8bn[2]
Number of employees
29,000[3]
Websitewww.oyak.com.tr
Footnotes / references
Total Assets = $19.3bn[2]

OYAK provides members with "supplementary retirement benefits" apart from the official retirement fund, T.C.Emekli Sandığı/SSK, to which they are primarily affiliated. In addition to retirement benefits, OYAK pays disability benefits to members when they become partially or fully disabled, and provides death benefits to the deceased's heirs.

OYAK is a private entity that is subject to Turkish civic and commercial law. OYAK, also provides members with services such as personal loans, home loans, and retirement income systems.

Structure

OYAK Group companies

In the industrial sector, the OYAK Group 's companies include iron and steel, chemistry, cement manufacturing, electricity and automotive.

Affiliated companies

Affiliated companies and investments include:

  • OYAK Construction (Oyak Insaat), founded 1982, in Turkey [6]
  • OYAK Yatirim Ortakligi AS (investment company, part-floated on the Istanbul Stock Exchange as OYAYO.IS)[7]
  • Oyak-Renault (49%)[8]
  • OYAK Securities (Oyak Yatirim), founded 1982[9]
  • Erdemir (steel), acquired in 2005

Subsidiary companies
  • OMSAN Lojistik AŞ; A logistics company founded in 1978 as a subsidiary of OYAK. It has subsidiaries in France, Romania, Morocco, and a company named OMFESA in Spain. It has approximately 240 personnel, and a fleet consisting of 871 vehicles.

References
  1. OYAK Yatirim, About Oyak Group
  2. OYAK, 16 Aug 2019, OYAK in Numbers
  3. OYAK, OYAK Group Subsidiaries
  4. Euromoney, Oyak: Army advances on the investment front
  5. Standard & Poor's, 4 December 2012, Summary: OYAK (Ordu Yardimlasma Kurumu)
  6. securities.com, Oyak Insaat A S
  7. reuters.com, OYAK Yatirim Ortakligi AS (OYAYO.IS)
  8. https://www.oyak-renault.com/hakkinda/
  9. Oyak Yatirim, About Oyak Securities
  • www.oyak.com.tr
  • Military-Economic Structure in Turkey: Present Situation, Problems, and Solutions, İsmet Akça, TESEV, July 2010. ISBN 978-605-5832-45-2
  • The Turkish Aid and Institution Law, passed in 1961.
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