Establishment of the İsbank of Turkey

While Mustafa Kemal Pasha was researching how he could use the money returned to him in the most appropriate way for the country, the idea of establishing a national bank was conveyed to him. Since Mustafa Kemal Pasha believed that a national institution was needed due to the negative attitude of foreign financial institutions, especially the Ottoman Bank, towards the republican government, he put 250,000 liras of this money as capital in the Turkish İş Bank, which was decided to be established.

Mahmut Celal Bey (Bayar), the founding general manager of the İşbank of Turkey, provided information that would elaborate on Hasan Rıza Bey's statement above. Mahmut Celal Bey stated that Muammer Bey, Mustafa Kemal Pasha's father-in-law, came to him during his tenure as the Deputy Minister of Settlement, Reconstruction and Settlement and told him that the import and export businesses were in the hands of Greeks, Armenians and Jews and that there were difficulties after the victory. Muammer Bey stated that Mustafa Kemal Pasha was thinking of establishing an export company with 250,000 liras, but wanted to get Mahmut Celal Bey's opinion. Mahmut Celal Bey stated that an export company would also be beneficial for the country, but that Mustafa Kemal Pasha's name should not be directly mentioned in commercial affairs, and that it would be appropriate to make an attempt in a way that would benefit the public. When Muammer Bey asked him what kind of initiative he recommended, he suggested the establishment of a bank.


Mustafa Kemal Pasha also stated that the idea of establishing a bank came from Mahmut Celal Bey. Mustafa Kemal Pasha explained the purpose of the establishment of the bank as developing the savings consciousness of the people and providing examples of industrialization that the state could not realize by working for the people:

"With the Republic, we needed an institution that would bring the concept of saving to the modest means of our people today and expand its activities not for certain individuals but for the people, develop them within the structure of this national bank, and give examples of industrialization that the state could not think of these days with its budget. Celal Bey took Muammer Bey's desire as an opportunity to remind us of this duty."

Mahmut Celal Bey said that he believed that banking, which he considered to be very important, could not be successful without the patronage of Mustafa Kemal Pasha.[8] Mahmut Celal Bey explained that at a time when the complex "Turks cannot be bankers."[9] When they said that they were bankers and that they were going to establish a bank, both foreigners and Turks believed that it would not work out, and they were given six months to live.


Kazım Pasha (Özalp) informed that Mustafa Kemal Pasha had discussed with Mahmut Celal Bey how to provide capital for the bank and that Mustafa Kemal Pasha had said that he would put the money he had into the bank. In this meeting, it was agreed that announcements would be made to the parliamentarians, merchants and some rich people and they would be asked to participate in the capital, and it was even agreed that some coercion could be used.[11] Mahmut Celal Bey stated that he went to those he could influence, and that they gave him a share for 1000 liras, and since they knew that Mustafa Kemal Pasha was behind it, they bought shares as if they were gifts to the Red Crescent.