Turkey OKs Nicosia bank

Nicosia - Anatolia News Agency

Turkish Cyprus’ Near East Bank has received a green light from the Banking Supervision and Regulatory Agency (BDDK) to open a representative office in Turkey.

The bank received approval from the BDDK on Aug. 8, and plans to open its first representative office in Istanbul, Near East Bank’s Assistant General Manager Kozan Karahurt said in a written statement. This will be the first and only Turkish Cypriot bank to set up an office in Turkey.

Near East Bank has 12 branches in Turkish Cyprus, and has increased its personnel by more than 70 percent over the past year.