Today in History – 13/14 June

Etibank is founded

Etibank was founded on June 14, 1935 to finance and operate Turkey’s natural resource extraction. Etibank would produce the mines, industrial raw materials, and energy the industry needed and conduct banking activities to procure the necessary capital for their execution. Of these operations of Etibank, Turkey’s iron mining and iron-steel production was transferred to “Türkiye Demir Çelik İşletmeleri” in 1955, coal mining to “Türkiye Kömür İşletmeleri” in 1957, and electricity production and power stations to “Türkiye Elektrik Kurumu” in 1970.

As the largest mining initiative in Turkey, the Etibank plants produced nearly seventy different products. Etibank was in charge of the entirety of the production of copper, bauxite, wolfram, mercury, boric salts, sulfur, and phosphate in Turkey.

Transferred to the private sector on March 2, 1998, Etibank was dissolved in 2001. Today, only Eti Mine Works continues to operate as a mining-chemical company with a monopoly over the borate minerals in Turkey.