Creditwest Bank

What Creditwest Bank does

Creditwest Bank Ltd. is a privately-held commercial bank headquartered in Nicosia, Northern Cyprus, operating under Altınbaş Holding (Altınbaş family-owned conglomerate). Founded in 1993 as Altınbaş Bank and rebranded in 2006, the bank serves retail consumers, SMEs, commercial enterprises, high-net-worth individuals, agricultural producers, and expatriate clients through 13 concept branches across Northern Cyprus, with end-2019 total assets of 4,089 million TL and owner's equity of 280 million TL.

The product portfolio spans deposits (Time Deposits, Current, FLX, First, Gold, Silver accounts) in TL/GBP/USD/EUR, lending products (consumer loans, Credithome mortgages including no-guarantor expat mortgages, Autocredit vehicle financing, SME, professional, agricultural, and non-cash loans), credit cards (Noble and West Card), private banking (derivatives, eurobonds, FX trading via CWFX platform for clients with minimum 5 million TL), insurance (through wholly-owned Creditwest Insurance Ltd. via 24 agencies), and money transfer services (SWIFT, MoneyGram Super Agent since 2007). The digital banking suite includes Internet Banking, the West Notifier mobile app, Local Pay (the first contactless mobile payment in Northern Cyprus), and the Creditfast appointment/credit-application app, supported by the Starcard/Cardplus consortium network that delivers the largest ATM/POS footprint on the island.

Revenue is generated primarily through interest income on lending, transaction and commission fees (transfers, POS, cards, insurance), foreign exchange and proprietary CWFX platform revenue, and private banking management/trading fees. Distribution is a hybrid of branch-led relationship banking, self-serve digital channels, and a five-bank consortium card network. The bank holds ISO 27001:2013 certification, IFRS-compliant reporting audited since 2007, and a JCR AA+ investment rating (affirmed 2019), and operates subsidiaries including Starcard LTD (2005), Creditwest Engine Solutions (fintech), and the EMIC joint venture (2015) with the Islamic Corporation for the Development of the Private Sector.

Name

Creditwest Bank

Legal name

Creditwest Bank Ltd.

Website

https://creditwestbank.com

Company type

Private

Founded year

1993

Operating status

Operating

Headcount range

251–500 employees

Short description

Creditwest Bank is a privately-held commercial bank headquartered in Northern Cyprus, serving retail, commercial, SME, agricultural, expat, and private banking clients through 13 branches, proprietary digital platforms (Local Pay, West Notifier, Creditfast), and an in-house insurance subsidiary, under Altınbaş Holding ownership.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Commercial Banking (522110), Commercial Banking (52211), Depository Credit Intermediation (5221), Credit Card Issuing (52221)

SIC

National Commercial Banks (6021), State Commercial Banks (6022), Personal Credit Institutions (6141)

akta.pro primary industry

Credit Cards & Revolving Credit (FSABAAAC)

Keywords

• Retail banking services
• Commercial banking
• Private banking
• Digital banking
• Expat mortgages

Headquarters

HQ city

Nicosia

HQ country

Cyprus

HQ region

Europe

Offices14 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Interest Income: Traditional banking interest income from lending products including mortgages, consumer loans, auto loans, commercial loans, SME loans, and professional loans. Interest is earned on time deposits, current accounts, and loan portfolios.
2. Transaction and Commission Fees: Fees from money transfers (SWIFT, MoneyGram, Turkish Lira transfers), POS transactions, credit card transactions, ATM withdrawals, and account maintenance. Commissions on insurance products through Creditwest Insurance.
3. Foreign Exchange Revenue: Revenue from currency exchange services, FX trading platform commissions, and gains from currency position management through proprietary CWFX platform for private banking customers.
4. Private Banking Services: Investment products including bonds, eurobonds, stocks, forward contracts, currency swaps, currency options, and DCD (Dual Currency Deposits) with management and trading fees for high-net-worth customers (minimum 5 million TL).
5. Insurance Commission: Commission revenue from Creditwest Insurance Ltd., offering vehicle, property, home contents, personal accident, lift, golf, boat insurance, and loss of rental income cover through 24 agencies.

Pricing tiers

Go-to-market motion2 records

Distribution channels9 records

Marketing channels7 records

Core offering

Creditwest Bank provides retail, commercial, and private banking services in Northern Cyprus, including deposit accounts (TL, GBP, USD, EUR), consumer and commercial loans, mortgages, vehicle financing, money transfers, foreign exchange trading, and credit cards. It also offers insurance products through Creditwest Insurance Ltd. and operates digital banking channels (Internet Banking, West Notifier, Local Pay, Creditfast, CWFX) alongside 13 physical branches and the largest ATM/POS network in Northern Cyprus via the Starcard/Cardplus partnership.

Product overview

Creditwest Bank is a comprehensive financial services institution operating primarily in Northern Cyprus with a multi-channel banking platform. The product portfolio encompasses personal banking (savings accounts including Time Deposits, Current, FLX, First, Gold, and Silver accounts; personal loans including Consumer, credithome mortgages, and Autocredit vehicle financing), commercial banking (SME Loans, Professional Loans, Cash Management, POS terminals), private banking (specialized deposit and investment products for high-net-worth clients), credit cards (Noble Card and West Card), digital banking (Internet Banking, West Notifier mobile app, Local Pay contactless payments, Creditfast app), and insurance services through Creditwest Insurance subsidiary. The bank also offers foreign exchange services, money transfers via SWIFT and MoneyGram, and investment products including bonds, stocks, and derivatives through the Borsa Istanbul connection. The digital banking suite enables customers to perform all banking transactions including money transfers, currency exchange, utility payments, and loan applications without visiting branches.

Differentiator

Problem solved

Functional benefit

Brands

• Creditwest Insurance: Insurance subsidiary offering vehicle, property, home contents, personal accident, lift, golf, boat insurance and loss of rental income cover through 24 agencies within TRNC
• Creditwest Digital
• Local Pay
• West Notifier
• Creditfast
• CWFX Exchange

Products and services

• Time Deposit Accounts Fixed-term deposits available in Turkish Lira, GBP, USD and EUR with terms from 30 to 367 days. Interest is paid net after tax; deposits up to EUR 20,000 are guaranteed under Savings Deposit Insurance.
• Current Account Functional transactional account for individual customers enabling utility bill payments, EFT, credit card payments, and ATM withdrawals.
• FLX Account Flexible savings account allowing customers to convert balances between currencies before maturity to benefit from both interest accrued and currency appreciation. Minimum 250,000 TL balance, 6-month or 1-year terms.
• First Account Savings account for securing children's future with regular monthly investments. Available in TRY, GBP, EUR, or USD with no commission charges.
• Gold Account Gold investment account allowing customers to invest in the gold market without physical purchase, with 24-karat appraisal and option to cash out in TL or foreign exchange.
• Silver Account Precious metals savings account for diversifying investment portfolios. Silver is valued at internationally published prices with 99.9/100 purity.
• credithome (Mortgage) Mortgage product for purchasing homes in North Cyprus with up to 180 months maturity, fixed and variable rate options, available to international passport holders and Turkish Cypriots.
• Autocredit Vehicle financing with up to 50% financing and installment periods up to 72 months. Covers new and used vehicles up to 10 years old.
• Consumer Loan Personal loans with installments up to 60 months, available in TRY, GBP, USD, or EUR for various financial needs.
• Best Account Overdraft account linked to current account providing instant access to pre-agreed overdraft limit for utility bills, credit card payments, and standing orders.
• Utility Bill Payments Free utility bill payment service available via branches, direct debits, or West Notifier mobile banking application for various service providers.
• Money Transfers International and domestic money transfer services via SWIFT, MoneyGram (Super Agent since 2007), and Turkish Lira transfers.
• Expat Mortgage Mortgage for international passport holders and Turkish Cypriots with no guarantor required, up to 50% financing, 10-year repayment option, max 75,000 GBP.
• Cash Loan Business financing including overdraft accounts, installment loans, cheque redemption accounts, and spot loans. Also includes farmers' loans for agriculture, animal husbandry, citrus growing, and dairy sector.
• SME Loans Small and Medium Enterprise financing with equal installments up to 60 months and/or overdraft accounts, with interest rates starting from 11.88%.
• Professional Loan Self-employed professional financing for sectors including Accounting, Pharmacy, Veterinary, Law, Nutrition, and Medical Laboratory, with installments up to 60 months.
• Non-Cash Loan Guarantee-based financing including Letters of Guarantee, Letters of Credit, and Non-cash Cheque Limits for business transactions.
• Cash Management Comprehensive cash handling services including deposits from daily sales, salary payments, EFT/SWIFT transactions, cheque collections, and management.
• POS Terminals Point of Sale terminal services for merchants, including standard POS and Mobile POS (no telephone/electricity required), with installation and Cardplus support.
• Private Banking High-value banking service for clients with 5 million TL or above, offering custom-made alternatives, dedicated expert team, privileged solutions, and exclusive events.
• Broken Date Deposit Flexible-term deposit with freedom to select any term from 32 to 720 days when opening a TL/EUR/USD/GBP account.
• Swap Deposit Account TL deposit account with minimum 1 million TL offering aggressive interest rates with currency swap features; minimum 3-month term.
• Forward Contract Customized OTC contract promising to buy or sell specific currency amount at specified price on a future date, for hedging or speculative purposes.
• Currency Swaps Two-legged transaction combining spot and forward transactions for currency exchange between parties at defined rates within a specified timeframe.
• Currency Options (Vanilla) Contract granting right to buy or sell specified currency at specified exchange rate on a specified date, with option seller obliged to carry out the transaction.
• DCD (Dual Currency Deposit) Structured product combining time deposit with a currency option, offering extra yield through option premium while accepting currency risk.
• Eurobond Long-term investment in EUR or USD denominated bonds issued by governments or corporations, with 5-30 year maturity and high secondary market liquidity.
• Bonds Debt investment products including Government, Bank and Corporate Bonds from Turkish Treasury, Banks or Companies with various maturity options.
• Stocks

Quantifiable outcome

• 11% market share, ranked first among privately-owned banks in Northern Cyprus (up from 1% in 2006)
• +4 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature4 records

Partnerships

Ten partnerships are on record, tiered minor and core.

• EMIC (with ICD and partners)minorStrategic or Co-development Partner · 1 January 2015EMIC was established by Creditwest Bank together with The Islamic Cooperation for the Development of the Private Sector (ICD) and other partners in 2015 for Islamic finance development.
• ICD (Islamic Cooperation for the Development of the Private Sector)minorStrategic or Co-development Partner · 1 January 2015Strategic partnership with ICD to establish EMIC for Islamic finance products and services development in the region.
• ICC Turkey (International Commercial Chambers)minorOthers · 1 January 2012Creditwest Bank has been a member of ICC (International Commercial Chambers) Turkey since 2012, supporting international trade and commercial activities.
• Oyak InvestmentminorChannel Partner/ Reseller/ Distributor · 1 January 2010Partnership with Oyak Investment enables Creditwest Bank customers to trade on Borsa Istanbul (Istanbul Stock Exchange), providing access to Turkish capital markets.
• MoneygramcoreChannel Partner/ Reseller/ Distributor · 1 January 2007Creditwest Bank serves as Moneygram's Super Agent on the Island since 2007, enabling international money transfer services for customers throughout Northern Cyprus.
• Turkish EximbankminorStrategic or Co-development Partner · 1 January 2007Cooperation with Turkish Eximbank enables import loans under favorable conditions for the purchase of goods made in Turkey, supporting trade financing for commercial customers.
• Starcard LTD (5 Local Banks Consortium)coreStrategic or Co-development Partner · 1 January 2005Starcard LTD was established in cooperation with 5 local banks to create the largest ATM, POS, and credit card network in Northern Cyprus. This Cardplus network provides comprehensive card payment infrastructure.
• Creditwest Insurance Ltd. Partners (Tawasul Insurance, Global Insurance, Union Insurance)coreStrategic or Co-development Partner · 1 January 1996Creditwest Insurance Ltd. operates insurance services through partnership with Tawasul Insurance Services LLC, Global Insurance, and Union Insurance, offering comprehensive coverage including vehicle, property, home contents, personal accident, lift, golf, boat insurance through 24 agencies in TRNC.
• AON RE Benfield Reassurance BrokeringcoreStrategic or Co-development Partner · 1 January 1996Creditwest Insurance works in partnership with AON RE Benfield Reassurance Brokering in Turkey for reinsurance support, ensuring capacity for large insurance risks and financial stability.
• Swiss Re InsurancecoreStrategic or Co-development Partner · 1 January 1996Partnership with Swiss Re Insurance for reinsurance arrangements, providing additional financial backing and risk management capabilities for Creditwest Insurance operations.

Scale indicators10 records

Recent moves17 records

Expansion highlights6 records

Market position

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/CreditwestBank
• Instagraminstagram.com/creditwestbank
• Xx.com/Creditwest_Bank
• LinkedInlinkedin.com/company/creditwest-bank-north-cyprus-

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Creditwest Bank