Introduction of the Leading Bank of Northern Cyprus
Established in 1990, İktisatbank works mainly with import companies in the food, automotive, white goods and spare parts sectors in Northern Cyprus. We also work with construction/contracting companies, manufacturers, SMEs and commercial and institutional customers. Since its establishment, the bank has also provided private banking facilities and has continually improved its products and services. From 2000, we began to make significant investments in technological infrastructure.
In 2002, as a result of these investments, we launched the Lemar Advantage Card and pioneered the introduction of Telephone Banking Services in Northern Cyprus.
In 2003, we introduced our Smartcard, the first credit card in Northern Cyprus, and also launched a network of ATM Banking across the country. In 2004, İktisatbank was the first to launch an Internet Banking facility. In 2006, we launched the first Call Center with banking transactions in Northern Cyprus.
Also in 2006, in response to the increase in the number of foreign residents on the island, İktisatbank opened a Multicultural Banking Department to provide clients with pioneering banking services in their own language.
Since 2007, in response to their growing number, İktisatbank has invested in a highly developed training and education system for its employees with both internal and external training courses, thereby improving and developing their knowledge of products and customer services. We were the first bank in Northern Cyprus to apply modern management concepts such as target and budget management, performance evaluation, staff empowerment and delegation.
In 2009, we strengthened our security measures through an Information Technology Disaster Recovery Plan in order to provide protection against potential risks to both the bank and to customer data.
In 2009, İktisatbank was the first bank to offer a mini-loan facility (‘Micro Credit’) to housewives in the Tatlısu area. This was a zero-rate loan offered under İktisatbank's social-responsibility commitment to the community to provide financial assistance with housekeeping. The project continues to this day. In 2010, we were involved in providing finance for SMEs as part of the EU initiative to grant aid of up to 70% to assist with project development.
In 2011, following the Turkish government's agreement to provide assistance in the form of loans to local businesses, İktisatbank was one of the five banks approved to make this type of loan. In 2012 ̶ 13, İktisatbank was once again approved to offer this loan facility to clients. As an active participant in this project, İktisatbank has achieved a share of approximately 50%. In 2014, İktisatbank was authorized to offer an additional government-supported loan facility to the program, providing funding opportunities for investors in the tourism industry.
Since 2008, in order to increase market share, we have pursued a strategy of expanding our branch network. In 2014, with 16 branches, İktisatbank is the largest private bank in Northern Cyprus.
In 2003, the bank's largest shareholder, Mr. Mete Özmerter, founded Umbrella Insurance, which in 2011 became the second-largest insurance company in Northern Cyprus. In 2013, in order to include the insurance company in İktisat Financial Services, its name was changed to İktisat Insurance Ltd.
As the established leader in the Norhern Cyprus’s financial and insurance sectors with more than 20 years of knowledge and experience, the bank's aim now is to pursue international expansion.