‘Our unmatchable Expertise of Expat Banking, Digital Banking, Agriculture Banking and Commercial Banking is growing day by day.’
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 13 branches, including branches, opened in the districts of Nicosia, Famagusta, Kyrenia, and Güzelyurt in 2000, and provides services throughout the whole island.
Creditwest Bank has expanded its customer portfolio and continues to increase its product range, with it’s excellent service and customer satisfaction. Altınbaş Bank, which has significant achievements in line with its targets, established Starcard LTD in 2005. This was developed in cooperation with 5 local banks, and now 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, 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 at 1% in 2006 when the Bank initiated its restructuring process, and attributable to the successful restructuring period, the market share of the Bank reached 11% within a short period of time, which retained the same level through hard work up untill today. Creditwest bank is increasing its success day by day with the financial solutions it offers to it’s customers, and has reiterated it’s year-on year growth in asset size with a %14 sharp increase. As of the end of 2019, Creditwest Bank Cyprus increased its total assets to 4,089 million TL with its 13 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 2019, JCR (International Rating Organisation) 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 the ‘Creditwest Digital’ brand, and in 2020, the number of concept branches increased to 13.
Creditwest Bank’s Financial Reports are prepared in accordance with IFRS standards and comply with international regulations. Since 2007 Creditwest bank also serves as Moneygram’s Super Agent on the Island. Cooperation with Turkish Eximbank has also enabled import loans under favorable conditions for the purchase of goods made in Turkey.
Thanks to the cooperation with Oyak Investment, our investors have the opportunity to trade on Borsa Istanbul. Since 2012 Creditwest Bank is a member of ICC (International Commercial Chambers) Turkey. Creditwest Bank established EMIC in 2015 with The Islamic Cooperation for the Development of the Private Sector (ICD) and other partners.
LEADER IN TECHNOLOGY
By continuously investing in its infrastructure and human resources, Creditwest Bank today has become able to provide all banking transactions through Internet Banking, Mobile Banking and the West Notifier application. Thanks to Creditwest Bank Digital banking, our customers can easily perform all daily needed banking services such as money transfers, foreign currency exchange, utility bill payments, loan applications and open e-deposits at special rates and carry out e-currency exchanges without coming to the branch. Customers can pay for their purchases safely and quickly via Local Pay, which is the first contactless mobile payment method in Northern Cyprus. Moreover, the internet that customers use while accessing Creditwest Digital applications is provided by Creditwest Bank.
Creditwest Bank established Creditwest Engine Solutions to expand its experience in financial technology across the Island and develop the Fintech industry.
LEADER IN SOCIAL RESPONSIBILITY
With the responsibility of being the largest privately-owned bank in North Cyprus, in its 20th year project we planted 20,000 saplings, organised the ‘Here is My idea Project Competition ‘ for Women Entrepreneurs, hosted the ‘Cyprus Economic Summit’, and put on the ‘I want to Try Myself Intership Program’ . We also work with the ‘Cyprus Turkish Education Foundation’ and continue to invest in the Cyprus society by offering scholarships, which provide oppertunities to both needy and successful students every year.
With providing women entrepreneurs the ‘Creditwoman’ program and support programs for small businesses, farmers, producers and manufacturers, Creditwest Bank is progressing towards becoming the leading bank in North Cyprus.