Northern Cypriot Bank to Open Turkey Branch, Milliyet Says

Turkey’s banking regulator has given permission to Iktisatbank of Northern Cyprus to open a branch in Istanbul, which will carry out factoring activities, Milliyet reported, citing the bank’s owner Mete Ozmerter.

The bank aims to have six branches in Turkey within three years and will also open branches in Bursa, north-western and Izmir, in western Turkey, the Istanbul-based newspaper quoted Ozmerter as saying.

Iktisatbank also aims to open banks in Kosovo, Georgia and Turkey, Ozmerter said, according to Milliyet. Iktisatbank currently operates with 21 branches in Northern Cyprus, with 50,000 customers and an asset size of 900 million liras ($506 million, Milliyet said.

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To contact the reporter on this story: Sibel Akbay in Istanbul at sakbay@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net

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