On 30 October 2001, HSBC completed the purchase of Demirbank TAS from the Turkish Banking Regulator for £248 million. Demirbank TAS was merged with the bank’s existing subsidiary in Turkey, HSBC Bank A.S. on 14 December 2001, creating a combined business with a balance sheet of £1.4 billion and capital of £170 million. The combined business operates through a multi-channel delivery system including the internet, automated teller machines (‘ATMs’) and call centres under the HSBC name. It has a network of 168 branches and offices in 38 cities providing a comprehensive range of personal, corporate, treasury, capital markets, stockbroking, fund management and investment banking services across the Turkish market.