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1901: A "Savings Box" in Cyprus
Kantarcı Kamil Efendi proposed to establish a "Savings Box" after
recognizing the need to provide financial services to the Turkish community
in Cyprus. Under the leadership of Mufti Hafiz Ziyai Efendi, the well
known businessmen of the time united their financial means to establish
"Nicosia Savings Box". The Box resolved to collect as deposit one shilling
per week from the public and invest the sum under the supervision of
the Box's custodian, Hacı İbrahim Efendi. The Box began to help tradesmen
in need of financial support starting by humble figures.
1906: A new work place and a new "Box Custodian"
Raif Efendi of Akaça was elected custodian with a monthly salary
of 3 Cyprus Liras. The Box was moved to a newly rented shop at the Tüccarbaşı
Market where it was to settle for the following seven years.
1913: Capital Increase...
The box moved to a small shop across today's İş Hanı. Since, in time,
the revenues became less than sufficient, part of the donation by Debbağ
Derviş Efendi (C£ 2500) to an education foundation was transferred to
the Box.
1915: Towards being a full-fledged Bank...
In 1915, Retmi Bey became the new custodian of the Box, and Hulusi
Bey his aide. The Box, overcoming many difficulties, continued to operate
in its new premises across today's 'Waqf Administration' for the next
10 years.
1925: The Nicosia Moslem Savings Bank Ltd.
The Box was turned into the Nicosia Moslem Savings Bank Ltd. ( Lefkofla
‹slam ‹ddihar Bankası Ltd.) within the framework of the Cypriot Limited
Liability Act with a nominal capital of 40,000 Cyp. Liras, divided to
C£5 registered shares each.
1927: New cadres for work...
Pencizade Suphi Bey took over the Bank's direction after Retmi Bey
and worked till 1932. After him, Behiç Bey became director and stayed
in office for five years. Meanwhile, Sir Mehmet Münür, Deputy of Foundation,
Hasan Hilmi Bey of Köfünye, Ahmet Pertev Bey and Hüseyin Cahit Bey gave
immense support to the company as inspectors.
1937: Years of crisis...
The Bank had undergone other crises before and the one in 1915 was
overcome by the loan granted by the Ottoman Bank of Turkey. The year
1937 was also marked by a crisis but the Bank mastered it with the directors'
outstanding endeavor and the public support offered to them.
1938: Modern management...
The directors decided to transform the company into a modern bank
in order to meet the growing public demand. ‹brahim Orhan Bey was appointed
manager on the condition of him getting a modern education in banking.
He completed his studies at ‹fl Bank of Turkey. Upon receival of his
certificate of merit in 1939, he returned to Cyprus and became the General
Manager of the Bank. Mr. Orhan, contributing immensely to the development
of the Bank, stayed as the General Manager until his retirement in 1972.
1943: The Nicosia Turkish Bank Ltd.
The Bank developed rapidly under its modern direction. Its name was
changed into The Nicosia Turkish Bank Ltd. (Lefkofla Türk Bankası Ltd.)
and its capital was raised to 80,000 Cyp. Liras. It acquired a new and
modern face and proceeded to work as a commercial bank that met the
needs of the times.
1949: The First Branch Office and still newer ones...
The Bank opened its first branch office in Magosa with the aim of
extending its services to the whole island. The branch in Larnaka was
opened in 1955, the one in Limasol in 1958 and the one in Baf in 1959.
With a registered capital of C£ 200,000 and an extensive network of
correspondents, the Bank improved its capacity, performance and profitability
year-on-year. The Larnaka Branch opening (1955) Board of Directors (1955)
İbrahim Orhan Bey
1963: The Supporter of the Turkish Cypriot community...
After the unfortunate incidents of 1963, when terrorist activities
of EOKA escalated and during the dark days of 1963-1974, the Bank played
a vital role single handedly in the financial and economic life of the
Turkish Cypriots. By helping to build an independent commercial sector
and by financing the private housing projects of the middle income people,
the Bank proved herself once again as the most dependable institution
in the life of the Turkish people of Cyprus.
1973: Change of name and office...
The name of the Bank was changed for one final time: it became "Turkish
Bank Ltd." (Türk Bankası Ltd.) Also, same year, a modern building was
erected just by the old one situated in central Nicosia, which was being
used as the Head Office since 1949. This new building to which annexes
were added in 1980, 85 and 90, is still the HQs of Turkish Bank Ltd.
1974: Expanding into Europe...
All the assets and liabilities of the Bank were converted into Turkish
Lira after Turkey's Peace Initiative on Cyprus. While new branch offices
were being established in Cyprus, the Bank was also branching out to
England. It opened two offices in London, one being in Harringay and
the other in Elephant&Castle.
1982: The First Step to Turkey...
The Turkish Bank Ltd. opened its first branch office and Local Directorate
in Turkey and gradually established its presence in the country's financial
sector.
1984: A New Era...
In that year's General Assembly, Mr. Tanju Özyol was elected as the
Chairman of the Bank. After his successful career in Akbank, one of
the largest private sector banks of Turkey, Mr. Özyol had joined the
company in 1979 as the Head of Regional Management in London. After
this change of top management and ownership, the Bank's performance
increased even more in succeeding years.
1985: Supportive of Culture and the Arts...
The Bank offered support to Turkish Cypriot artists by establishing
an "arts and culture fund" and initiated the publication of a periodical
concerning cultural and artistic affairs of the island. Furthermore,
it began publishing an "Economic Bulletin" reviewing the financial events
taking place in Cyprus.
1988: A Growing Network...
The Turkish Bank Ltd. opened its second branch office in İzmir. The branch office in Mersin followed suit a year later, further developing the services network of the Bank in the mainland.
1990: Historical, Yet Modern...
Main branch in Istanbul was moved to one of the best known historical
buildings in town, built in Art Nouveau style. The interior design of
the building is very modern though, creating a stark contrast with the
exterior. Same year, our Head Office in London moved to a new location,
south of the City, in Borough.
1991: A Turning Point - Three Banks out of One...
In Turkey, Turkish Bank registered itself as a separate, independent
bank leaving behind its foreign branch office status. Similarly, in
England, Turkish Bank (UK) Ltd., a separate entity with full banking
licence was established. Thus, Turkish Bank became a Group consisting
of 3 banks, namely Turkish Bank Ltd. (Cyprus), Turkish Bank A.fi. (Turkey)
and Turkish Bank (UK) Ltd. This new structure created an environment
conducive to providing faster, more diverse and more efficient banking
services to our customers.
1992: Banking Oscars...
In order to incite and appraise young bankers for their innovative
work in finance, Turkish Bank established a prize named after Mr. Ahmed
Dallı, a legendary manager of İş Bankası and Akbank. Also known as the
"Banking Oscars" in the media, the competition which takes place annually,
is the first and only of its kind in Turkey.
1993: Issuing Cards...
Turkish Bank began to offer MasterCard services to its customers,
in 1992. The next year, an ATM network was established in Cyprus and
the first regional ATM card, the Turkishcard, was issued for the benefit
of the clients. In the same year, Turkish Bank A.fi. began to mediate
for American Express' credit card transactions in US currency. In 1998,
this service was extended to our London bank.
1994: The Arrival of a Doyen...
Mr. Hamit Belli, after a career spanning almost 40 years in Akbank
(the last 14 as the General Manager of the bank), joined ranks with
the Turkish Bank A.fi. as the Chairman and the General Manager. Mr.
Belli's efforts gave the Bank a new stimulus, as well as a new corporate
identity.
1995: The number of branch offices increases both at
home and abroad...
Turkish Bank A.fi. opened seven new branches and thus increased the
total number of branch offices to fourteen in Turkey. Turkish Bank Ltd.'s
branch office in Taflkınköy / Cyprus was inaugurated in the same year.
The year before, Turkish Bank (UK) Ltd. had opened its 3rd branch in
Dalston, a neighbourhood of London where an extensive Turkish community
lives and works. In 1995, Elephant&Castle branch office was moved to
the management building near London Bridge where a branch was needed.
Another development that year was the launch of our highly rated monthly
periodical "Ekonomik Rapor" which aims to analyze and comment on economic
and fiscal developments in Turkey in a very objective and concise manner.
1996: Saray Insurance Ltd.
In order to address the insurance requirements of its customers more
extensively, Turkish Bank transformed its insurance services department
into a full-service insurance company named Saray Insurance Ltd. (Saray
Sigorta Ltd.)
1998: Turkish Investment Inc.
Turkish Bank A.Ş. established the Turkish Investment (Turkish Yatırım
A.Ş.) in order to transfer its brokerage activities to an autonomous
company. The Securities Department of the Turkish Bank Ltd. in Cyprus
became an agent of the Turkish Investment under the authorization of
the Turkish Capital Market Board (SPK).
2000: Towards the 100th year...
The Group, always abiding by its basic principle of "not engaging
in any business activity other than finance", stepped into the new millennium
with a 100 years of experience in banking, a strong sense of mission
and a very sound balance sheet structure. This year, Turkish Bank started
to provide POS services to businesses accepting credit card payments.
An electronic information network between the branch offices was established
to enable the transfers within three jurisdictions to be settled in
the shortest time possible. Also, in the same year, restoration work
was started in all the branch offices.
2001: The Turkish Bank Group Today...
In its centennial year, the Turkish Bank Group, giving emphasis to technological
developments, has established a Call Center in Turkish Yatırım, its
brokerage subsidiary. An Internet brokerage service is planned during
the second half of the year. The Group's present website (www.turkishbank.com)
is also being further developed to provide Internet banking services
to its clients. The Turkish Bank Group has acquired a well-deserved
place within the sector with its emphasis on prudency, client satisfaction
and "relationship banking". Turkish Bank has created a unique environment
of "mutual trust" with its clients, based on its close, one-to-one banking
approach. This environment is reinforced by the Group's ability to diversify,
not only in product terms, but geographically as well. The network established
between Turkey, England and Cyprus is an important asset which will,
no doubt, shape the future of the Bank.
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