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Mahmut Celâlettin "Celâl" Bayar was a Turkish economist and politician who was the third president of Turkey from 1950 to 1960; previously he was the prime minister of Turkey from 1937 to 1939. Bayar began his career in the Committee of Union and Progress, establishing its Izmir and Bursa branches. Following the declaration of the Republic, he founded much of Turkey's early financial institutions, including the country's first bank, İş Bankası. An advocate of liberal economic policies, Mustafa Kemal Atatürk appointed Bayar prime minister in 1937 to liberalize the economy, until he resigned in 1939 under Atatürk's successor, İsmet İnönü. Until 1945, he was a member of Republican People's Party (CHP) which was the sole legal party. In 1946, he founded the Democrat Party along with Adnan Menderes, Fuat Köprülü and Refik Koraltan beginning Turkey's multiparty period, which still goes on to this day. A peaceful transfer of power from the CHP to DP happened in the 1950 elections, after which Bayar as elected Turkey's third president. He was re-elected in 1954 and 1957, serving for 10 years as president. In that period, Menderes was his prime minister. He was overthrown and incarcerated after the 1960 coup d'etat, and advocated for the restoration of rights of former politicians associated with the Democrat Party following his release. He is considered to be the longest-lived former head of state and was the longest-lived state leader until 8 December 2008. Celâl Bayar died on 22 August 1986 at the age of 103 after a brief illness.