Our History

Turkish Bank was founded on 1st July 1901, by a few farsighted businessmen and intelligentsia, under the charismatic leadership of Mufti Ziya Efendi, with the aim of encouraging savings to provide finance for the Turkish Community of Cyprus. Its prior function being savings, it was given the name 'Nicosia Moslem Savings Society'.

The Savings Society was registered as a limited liability company in 16 May 1925, with a capital of C£40,000 - (Each share having a nominal value of C£5).

Surviving the Great Depression and the strict limitations of the Second World War, the bank increased its capital in 1943 to C£80,000.- and was renamed 'Turkish Bank of Nicosia Ltd.' with the authority to handle all kinds of banking transactions. By this time, the bank's commercial banking activities had became predominant and would decide its future identity as a "Commercial Bank". The bank played an important role in providing Turkish Business with trade finance allowing them the means to import and export independently. Specifically during the first inter-communal clashes of 1950's it served as the sole financial pillar of the Turkish Community enabling the business sector to function.

In response to its growing volume of business, during the period of 1949-1959, the bank increased its authorized capital (to C£200,000.-) and the number of its personnel (to 33). Branches were opened in the major towns of Famagusta, Larnaca, Limassol and Paphos extending services network throughout the island, and canceling the nominal limitation of being merely a Nicosia Bank it became The Turkish Bank Ltd. in 1972.

Between 1974 and 1983 the bank opened its overseas branches first in the U.K. and then in Turkey. In 1991 the branch networks were incorporated as independent local banks in each location.

Thus, Turkish Bank Ltd. (N. Cyprus), Turkish Bank (U.K) Ltd., and Turkish Bank A.Ş. (Turkey) formed the present Turkish Bank Group.

During the past 20 years, by substantially increasing its share capital and profitability, The Group has established itself as an international bank. Currently as the largest and most prestigious of banks in N. Cyprus, the bank continues to work in coordination with the Turkish and UK subsidiaries while retaining its traditional role of community support and solidarity.