Creditwest Bank, which is a pioneer in the finance sector with its innovative solutions, was established in 1993 in Cyprus under the name ‘Altınbaş Bank’. The first branch of the Bank was opened in 1994 in Sarayönü, Cyprus. Creditwest Bank now has 8 branches, including the branches, opened in Nicosia, Famagusta, Kyrenia, and Güzelyurt in 2000, and provides services throughout the whole island.
Creditwest Bank has expanded its customer portfolio and continued to increase its product range with its excellent service quality and customer satisfaction. Altınbaş Bank, which has significant achievements in line with its targets, has established Starcard LTD in 2005, which was established in cooperation with 5 local banks, and nowadays has the largest ATM, POS and credit card network in Northern Cyprus.
In 2006, with the vision of Altınbaş Group to act as an international financial network, it was decided to merge all financial institutions under ‘Creditwest’ brand. Within this framework, in 2006, Altınbaş Bank, the oldest financial institution of the group, was named as Creditwest Bank Cyprus and accelerated its infrastructure investments.
With the professionalization and the institutionalization of the Bank’s management, the Creditwest Bank Cyprus rapidly expanded its individual and commercial customer portfolios. Creditwest Bank Cyprus improved its personnel capacity during this period and switched to customer service system in 2010. The market share of the Bank was 1% in 2006 when the Bank initiated its restructuring process, and as a result of this successful restructuring period, the market share of the Bank has now reached up to 11%.
Creditwest bank is increasing its success day by day with the financial solutions it offers to its customers, and showed an average growth rate of 30% in total assets over the last 7 years and has grown
3 times more than the banking sector of Cyprus. As of the end of 2018, Creditwest Bank Cyprus increased its total assets to 4,089 million TL with its 12 branches, increased its owner’s equity to 280 million TL and ranked first among the privately-owned banks in Northern Cyprus.
Creditwest Bank gives significant importance to compliance with the international accounting standards and transparency; in 2018, JCR (International Rating Organisation) has confirmed the rating for Creditwest Bank in ‘very high-level investment’ category and the rating was affirmed as “AA+”.
Today, Creditwest Bank Cyprus continues its successful projects in the finance sector with its increasing growth potential. In 2014, Creditwest Bank launched its Private Banking services, and in 2015, expanded its services through the Mobile Banking service. In 2016, Creditwest Bank merged all its technological services under ‘Creditwest Digital’ brand, and in 2020, the number of concept branches increased to 10.
Creditwest Bank, with the responsibility of being the largest privately-owned bank in Northern Cyprus, continues to invest in the community and Cyprus with its projects, including the ‘20th year anniversary 20.000 saplings project’, Cyprus Economic Summit, internship program, and Altınada Film Festival.