Banking and Capital Markets

PwC Turkey banking and capital markets teams provide support for legislation and regulatory requirements, make key challenges more understandable with insight and resolve them.

Key findings from the banking and capital markets industry

20th CEO Survey

Banking and capital markets (BCM) organisations are striving to get to grips with a new competitive era in which the bars for innovation and customer expectations keep rising, while costs have to be cut further and faster than ever before.

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How can we help?

Regulatory reforms, more stringent capital requirements, risk management considerations, disruptive technologies, and enhanced reporting requirements are all challenges to growth in banking and capital markets. Sophisticated strategies and solutions will be required for financial institutions to gain a competitive edge.

PwC Turkey professionals and specialists of PwC global network can help transforming challenges into opportunities in key areas of your business including governance, risk and compliance, process improvement, financial reporting and business development strategies.

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Financial Statement Audit

The financial statement audit has never been more important. In today's business environment there is more scrutiny and skepticism of a company's financial statements than ever before. Investors have lost faith in corporate governance and reporting and they expect more: greater reliability, more oversight and clear evidence of internal controls. Corporate management, boards and audit committees, internal and external auditors, analysts and other investment professionals all have important roles to play in rebuilding investor trust by executing their respective responsibilities, keeping in mind both legal obligations and the heightened expectations of investors. Meeting investor expectations begins with the completeness and accuracy of information contained in a company’s financial statements.

If this is your situation
  • You are a regulated entity, either by incorporation or as a result of securities registration for trading purposes and must file audited financial statements.
  • You are a multi-national company and need a consistent, global audit methodology for your financial statements.
  • You are in the process of exploring the feasibility of changing audit firms.
  • You want your current audit firm to concentrate on providing non-audit services to your firm and you need to engage a new auditor.
  • You are concerned that your current auditor does not sufficiently understand your company and industry to perform an effective audit.
How can PwC Turkey help you?

Engagements of PwC include all the current and if need be, prospective accounting auditing and reporting issues and technical consultancy services. Among our audit clients are major conglomerates and companies of Turkey, as well as leading multinational companies and many small- and medium-sized enterprises.

Close follow-up of the prospective regulation and accounting changes, as well as the independent audit services of the financial statements pursuant to the relevant audit standard, prepared in accordance with International Financial Reporting Standards (IFRS) Generally Accepted Accounting Principles in the USA (US GAAP), generally accepted accounting principles issued by the Capital Markets Board, and accounting principles issued by relevant market regulators for different industries and technical assistance related thereto are also included in our services.

Risk Assurance Services

The services we offer under “Risk Assurance Services” focus on the risks in companies operate in banking industry and capital markets gelecekand the development and enhancement of basic controls related to process and technology structures applied to manage these risks, and therefore a more effective management.

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Financial Risk Management

The banking business is continually in the process of change. As improved and cheaper technologies change the characteristics of financial intermediaries, the banking business suffers increased competition; this has been ongoing since the improvements in liberal arrangements since 1980. Hence both international and local financial institutions continually search for efficient ways to benefit from and survive in new business environments, to deflect the threats and sustain their achievements.

In order to achieve this objective, the value created per marginal capital and risk of the institution should be equilibrated at the right point. The Basel II Capital Requirements finalised in 2005, which will be applied from 2008 in Turkey, lie in the middle of the risk, yield and capital equilibrium. Within Basel II, best practices of the most efficient and active risk management have been revised and the industry standard has been redefined. Additionally, it has become obligatory for banks to keep up with these revisions.

With its experience and trust gained in banking and capital markets over 25 years, PwC can provide you with specialised and professional consultancy during the preparation process for Basel II. PwC was involved in the development and finalisation stages of Basel II and has been a market leader in the providing of services to banks and acting as supervisors in their preparation processes, for a long period of time.

According to the periodic banking questionnaires collated by the Banking Regulation and Supervisory Authority (BRSA), Basel II is a priority in Turkish banks’ agendas. The PwC Risk Management department located in Istanbul, one of Turkey’s financial centers, provides assistance during the implementation of this new regime in the Turkish banking system. We can provide you with assistance in:

  • Credit, operational risk management,
  • Developing methods creating strategic competitive power,
  • Designing risk management processes, bases and reporting systems,
  • Improving current systems,
  • Bringing risk management practices in line with legal arrangements.

Our specialised Financial Risk Management team aims to develop practical and applicable solutions and values to design ‘best practices’, providing your firm with solutions that are compatible with your firm’s structure and corporate principles. PwC can present you with both its global and local experience, with the vision of developing a long-term strategic relationship with you.

Banking and Capital Markets Tax Services:

As PwC Turkey, our objectives are to help you manage tax as an operational cost, to support you with unique solutions developed in a cooperative approach, to go beyond the scope of conventional approaches by making the best use of technology and to support you in the race and to keep you one step ahead of your competitiors.

Advisory / Structuring

We are providing tailored solutions to our clients on various matters. The scope of work is quite broad but in order to give brief idea on what we do, here is the matters we have significant expertise on;

  • Tax matters related to derivative products like forwards, swaps, options, warrants and various products
  • Tax advisory services related to Corporate Tax, Income Tax (esp. regarding Temporary Article 67), Banking Insurance Transactions Tax, Value Added Tax, Stamp Tax, Withholding Tax and Resource Utilization Support Fund
  • Tax matters related to Islamic finance products
  • Advising on NPL business and to asset management companies and banks from tax perspective
  • Industry-wide tax matters of the companies operating in financing, leasing, factoring sectors, portfolio management companies and brokerage houses
  • Planning on CFC rules and thin capitalization
  • Tax issues associated with Debt markets
  • Structuring the set-up of private equity investments
  • Overseas re-structuring and re-organizations from tax angle
  • Tax efficient financing structures for Turkish-resident entities

Treasury Solutions

We provide support to our clients to help them make the most of their treasury function. In this context, we provide the following services;

  • Opportunities test for treasury transactions, analyzing cash flow and pooling, leverage/cash surplus investment opportunities, and foreign exchange, interest and credit risks,
  • Fit test for main factors and commercial rationale of tax position,
  • Diagnostic tax review analyzing the characteristics of planned or existing transactions,
  • Advise on tax aspects of intra-group financing, cash pooling, netting and sweeping transactions, derivatives tax planning,
  • Help you maximize efficiencies in cross border transactions,
  • Advise on derivatives tax planning and tax aspects of currency hedging solutions.

Diagnostic Reviews / Due Diligence

We focus on the corporate tax issues and transactional taxes of the Target in the mergers and acquisitions process. Within this regard, we review tax books and returns, and focus on the taxes on a sampling basis for the previous five-year period, to give an idea on the current “transaction tax handling system” of the Target.

We also provide diagnostic reviews and due diligence services, vendor assistance for both buy and sell side and we add value by identifying key matters and critical risks during our reviews and services.

FATCA Support

Being a FATCA compliant FFI has brought significant compliance responsibilities to Turkish financial institutions. The financial institutions should implement some essential procedures such as the due diligence of pre-existing accounts, the identification of new accounts, withholding and reporting to be entitled to FATCA compliant status.

PwC Banking and Capital Markets team offers you support including:

  • Analysis on your current position through determining the business manner and business model of both your company and the subsidiaries subject to FATCA,
  • Creating your FATCA model and preparing your FATCA Compliance Guidebook,
  • Providing tax advisory service throughout the compliance process,
  • Providing trainings to employees for raising awareness, speeding up the decision-making mechanism and sharing technical know-how.

Transfer Pricing

We offer support not only to financial companies but also to other companies that have significant financial transactions in reducing risks by performing special transfer pricing projects for the company’s specific needs and wishes which also complies with Turkish or even worldwide transfer pricing regulations.

The specialised knowledge and experience allows us to provide global best practices including:

  • Transfer pricing diagnostic reviews of groups’ transfer pricing arrangements/documentation,
  • Risk and opportunity analysis where groups directly achieve benefits as to their transfer pricing policies and company documentation systems,
  • Tax inspection advisory for transfer pricing related issues,
  • Assistance at up-front tax rulings,
  • European comparables searches,
  • Reviews for transfer pricing aspects during due diligence and structural business changes.

Being the leader in every developmental area, our dedicated team will help you be at the forefront of the developments. Our experience through various assignments and seminars including our staff’s experience with international transfer pricing groups through secondments and special projects, our international network, and our familiarity to approaches of the Ministry of Finance means that we can offer most state-of-the-art services in this area.

Tax Certification

Tax certification simply means that a sworn financial advisor (SFA) carries out a tax audit of the company and certifies the tax returns.

The tax certification system significantly decreases any erroneous practices that may surface during an inspection by the Ministry of Finance. In addition, although tax certification is not mandatory, companies having their tax returns certified by a SFA are considered as having been audited by the public authorities, and unless there is a serious claim for any form of wrong doing, their accounts are not audited by the tax inspectors.

The scope of tax certification can be summarized under three headings: fieldwork, tax certification, tax calculation and reporting.

We would like to point out that tax certification services not only serve to decrease the risk of undergoing a tax inspection but also help detect and correct erroneous tax implementations at an early stage. In addition, an important added value created by tax certification services is the tax planning opportunities identified and brought to the attention of management during the audit.

Some of the other Sworn Financial Advisory services are:

  • VAT consultancy and certification
  • Certification of the payment of the previous capital
  • Certification of investment allowance
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PwC Turkey Banking and Capital Markets Team


Setting regularly scheduled meetings with our clients enables us to deliver proactive approach at the top-level of customer care.

PwC BCM team provides service to clients that scopes are listed below:

  • Commercial banks
  • Investment banks
  • Investment funds
  • Investment trusts
  • Intermediary firms
  • Exchange markets
  • Custodianbanks
  • Portfolio management firms
  • Leasing firms
  • Factoring firms

PwC in Turkey is among first in big firms to set up a dedicated financial services industry specialisation in tax services. Our Banking and Capital Markets Team (“BCM”) provides a diversity of experience, perspective and ideas and can offer focused, high value solutions and strong implementation capabilities.

Our approach embodies a unique vision from the combination of banking and capital markets laws, tax laws and accounting-finance. Rather than the traditional approach of advisors taking a single aspect into consideration and examining the issue from this particular perspective, our methodology of constructing solutions to the problems involves examining the issues from the widest perspective possible. The team aims to provide consultancy not only to tax departments but to operational departments as well.

The team comprises professionals engaged exclusively in serving on the tax implications of rules and regulations in the banking and capital markets in Turkey. Our specialists have in-depth knowledge of corporate tax, corporate withholding tax, Banking Insurance and Transaction Tax, Stamp Duty, tax incentives, Resource Utilisation Support Fund and other taxes applicable to banks, capital market institutions and other financial institutions operating in Turkey.

Our scale and investment in banking and capital markets sector enables us to deliver integrated approach organised across our line of service covering a broad range of disciplines such as banking, capital market and tax laws; regulations; consultancy on the tax implications of new financial products, cross border leasing, securitisation of assets, restructuring of financial institution; tax related services associated with mergers & acquisitions such as tax structuring and due diligence reviews; FATCA compliance services . The team has various information channels available in major financial centers of the world.


Any deal, whether it’s an acquisition, merger, disposal, IPO, management buyout, fund raising, infrastructure investment, debt restructuring or another form of transaction, involves specific opportunities and risks that needs to be managed well with experience. You need specific know-how and expertise to manage the complexity encountered at every phase of a deal. We have technical knowledge and transaction experience to help your organization all the way to success.

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What keeps organizations to reach sustainable success in the face of constant change? PwC consultants are there to help you come up with clear answers to this question.

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Contact us

Zeynep Uras
Banking and Capital Markets Industry Leader
Tel: +90 212 326 6062

Umurcan Gago
Tax and Legal Services Partner
Tel: +90 212 326 6098

Serkan Tarmur
Advisory Services Partner
Tel: +90 212 376 5304

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