OYAK

OYAK
Company typePension fund
BIST: OYYAT
Founded1 March 1961[1]
HeadquartersAnkara, Turkey
ProductsFinancial services
RevenueUS$16.35 billion (2023)
Total assetsUS$30.25 billion (2023)
Number of employees
38,796[2]
ParentMinistry of National
Defense[3]
Websitewww.oyak.com.tr [4]

Ordu Yardımlaşma Kurumu (OYAK) (lit. Military Solidarity Institution), is a Turkish charity and complementary pension fund with around 470,484 members.

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.[citation needed]

OYAK is the Turkish Military pension fund.[5] OYAK is a private entity that is subject to Turkish civic and commercial law. OYAK, also offers services such as consumer loans, housing loans, pension system, stock market investment support to its members.[6]

The OYAK Holding Investment Subsidiary Group is one of the largest industrial groups in Turkey.[7] The group was the former owner of ING Oyak Bank (sold to ING Bank in 2007) and the Oypa supermarket chain. In 2012, it was rated BB+/stable by Standard & Poor's.[8] The group co-owns car manufacturer Oyak-Renault and steel producer Erdemir. OYAK Group of Companies added Sagra to its structure in April 2021.[9] OYAK is on the global coal exit list published by Urgewald because it owns İsken Sugözü power station.[10]

  1. ^ OYAK Yatirim, About Oyak Group
  2. ^ OYAK, OYAK Group Subsidiaries
  3. ^ Terkoğlu, Barış (21 June 2021). "Üzgünüm ama Sedat Peker haklı çıktı". Cumhuriyet (in Turkish). Retrieved 19 September 2021.
  4. ^ OYAK, 16 Aug 2019o, OYAK in Numbers
  5. ^ "Turkey's Army Pension Fund to Sell Two Stakes to Taiwan Cement". Bloomberg.com. 28 November 2023. Retrieved 31 December 2023.
  6. ^ Gazete, Banka (21 November 2021). "Oyak Yatırım hisse önerileri". Gazete Banka. p. https://gazetebanka.com/. Retrieved 21 November 2021.
  7. ^ Euromoney, Oyak: Army advances on the investment front
  8. ^ Standard & Poor's, 4 December 2012, Summary: OYAK (Ordu Yardimlasma Kurumu)
  9. ^ Gazete, Banka (23 November 2021). "Sagra OYAK ile pazar payını ikiye, ihracatını beşe katlayacak". Gazete Banka. p. https://gazetebanka.com/. Retrieved 23 November 2021.
  10. ^ "Global Coal Exit List". www.coalexit.org. Retrieved 6 October 2022.