 In 1993, VakıfBank obtained its first syndicated loan in an amount of "US$ 38.5 million" and established "Vakıf Offshore" in the Turkish Republic of Northern Cyprus.In 1995, VakıfBank overhauled its management structure in order to modernize and conform with contemporary bank management practices.VakıfBank also established its New York branch in order to increase its exposure to international markets.