TurkishBank UK

What TurkishBank UK does

TurkishBank UK (legal entity: Turkish Bank (UK) Limited) is a privately held UK-incorporated bank and the British arm of the TurkishBank Group, a 120-year-old financial services conglomerate originating in Cyprus in 1901 and operating in Turkey, North Cyprus, and the United Kingdom since 1974. The bank is positioned as the pre-eminent institution serving the banking needs of the Turkish-speaking community in Britain, offering personal deposit products (notice accounts, fixed term deposits, multi-currency current accounts in GBP, USD, EUR, and TRY), property lending and mortgages, contactless Visa debit cards, business banking including trade finance and foreign exchange, and dedicated non-resident relationship banking from its Mayfair branch with Platinum and Elite service tiers.

The bank's technology stack is built on Temenos core banking software (used across all group entities) and includes an internet banking platform with Open Banking APIs, a mobile banking application, and a Confirmation of Payee-integrated Faster Payments service. TurkishBank UK has been one of only 13 UK banks to hold direct membership across all three UK retail payment systems (Bacs, Faster Payments, and Image Clearing System) since 2017. At the Group level, the bank operates the T-Gate fintech ecosystem platform (connecting fintechs with investors across Istanbul, London, and Nicosia) and the Open Investment platform (an advisory offering that reportedly doubled TurkishBank Turkey's balance sheet within two years of launch).

The bank's revenue model is dominated by net interest income from mortgages and commercial lending, supplemented by transaction fees (telegraphic transfer fees ranging from £12.50 to tiered 0.1%–0.2% take rates, 3% card conversion fees, and 2% cash withdrawal fees), FX margins, and trade finance. Distribution is exclusively through six London branches, a customer contact centre, internet banking, and dedicated relationship managers — with no third-party distributors or agents. The bank is authorised by the Prudential Regulation Authority, regulated by the Financial Conduct Authority (Firm Reference Number 204566), and deposits are FSCS-protected up to £120,000 per eligible account holder.

Name

TurkishBank UK

Legal name

Turkish Bank (UK) Limited

Website

https://turkishbank.co.uk

Company type

Private

Founded year

1974

Operating status

Operating

Headcount range

101–250 employees

Short description

TurkishBank UK is a privately held FCA/PRA-regulated bank serving the Turkish and Turkish Cypriot community in Britain, offering personal deposits, mortgages, contactless debit cards, trade finance, and FX across six London branches. It is the UK arm of the 120-year-old TurkishBank Group, with a dedicated Mayfair relationship banking operation for non-resident high-net-worth clients in multiple currencies.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Depository Credit Intermediation (5221), Commercial Banking (522110)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industries

SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC), Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG)

Keywords

• Retail banking services
• Commercial banking
• Mortgage lending
• Foreign exchange services
• Non-resident banking

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income: The bank earns interest income from mortgage lending (property lending) and commercial finance activities. Interest is calculated daily and paid on various deposit accounts.
2. Transaction and Transfer Fees: Fee income from outgoing transfers (telegraphic charges abroad), online payments, and foreign exchange transactions. Rates vary by amount and destination.
3. Card Transaction Fees: Revenue from debit card usage including conversion fees (3% of sterling value for overseas transactions) and transaction fees (2% minimum £2, maximum £5 for cash withdrawals abroad).
4. Deposit Taking: The bank accepts deposits in GBP, TRY, USD, and EUR through various deposit products including notice accounts, fixed term deposits, and current accounts.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

TurkishBank UK is a privately held retail and commercial bank providing deposit products (notice accounts, fixed term deposits, current accounts in GBP, USD, EUR, TRY), mortgage and property lending, contactless debit cards, business banking (commercial finance, trade finance, foreign exchange), and dedicated relationship banking for non-resident customers. The bank operates six branches across London with internet banking and a customer contact center, serving both UK residents and the Turkish/Turkish Cypriot diaspora with FSCS-protected deposits up to £120,000.

Product overview

TurkishBank UK operates as a retail and commercial bank providing a comprehensive suite of banking products and services. The core offering consists of personal deposit products (notice accounts, fixed term deposits, savings accounts, current accounts in multiple currencies including GBP, TRY, USD, EUR), business banking services (deposit accounts, commercial finance, foreign exchange, trade finance, payment services), and mortgage/property lending products. The bank differentiates through its digital banking platform (Internet/Online Banking) with Open Banking capabilities, contactless debit cards, and dedicated global banking services for non-residents. The bank serves both UK residents and international customers, with premium tiers (Platinum and Elite) for high-net-worth non-resident customers managed from Mayfair. All products are protected under FSCS up to £120,000 and the bank is regulated by FCA and PRA.

Differentiator

Problem solved

Functional benefit

Brands

• T-Gate: A fintech ecosystem platform and regional entrepreneurial hub bringing together financial-technology firms and investors, creating value-added opportunities. Part of TurkishBank Group's digital transformation program.
• Open Investment

Products and services

• Internet Banking / Online Banking Digital banking platform enabling customers to access accounts, make transfers, view statements, and manage finances online with Open Banking integration. Serves both Consumer and Business banking customers.
• Personal Deposit Products Range of personal savings and deposit accounts including notice accounts (35/60/90 day), fixed term deposits, basic savings accounts, call accounts, Turkish Lira fixed deposits, current accounts, and easy access deposit accounts in multiple currencies (GBP, USD, EUR, TRY).
• Property Lending / Mortgages Mortgage products for UK property purchases available to both UK residents and non-residents, including financing for residential and commercial properties with flexible terms.
• Contactless Debit Card Visa-branded debit card with contactless payment capability for purchases up to £30, worldwide ATM withdrawals, and online/in-store purchases. Includes daily limits of £1,500 and 6 transactions per day.
• Business Deposit Products Business banking accounts including Business Account, Account Switching service via Payment Switching Service, and Dormant Account reactivation.
• Finance For Business Commercial finance and mortgage products for business expansion and property purchases. Offers loans up to 60% LTV for London properties and 50% outside London, with repayment periods up to five years.
• Foreign Exchange Services Spot Foreign Exchange service for buying or selling foreign currency with value date following within two working days of the trade date.
• Trade Finance Trade finance services for importers and exporters, facilitating international trade transactions.
• Business Payment Services Business payment services including domestic and international transfers, standing orders, and direct debits.
• Global Banking / Non-Resident Banking Banking services for non-UK residents including dedicated Relationship Banking in Mayfair with premium tiers (Platinum with £250,000 minimum and Elite with £50,000 minimum). Supports GBP, TRY, USD, and EUR accounts.
• Direct Saving Specialized savings product offering higher interest rates including 60 Day Notice Account, One-Year, Two-Year, and Three-Year Fixed Term Deposits with competitive rates for balances above £5,000.
• Customer Contact Center Customer support service available via phone (0800 032 0480) and email for account inquiries, support, and assistance.

Quantifiable outcome

• Assets under advice on Open Investment platform doubled TurkishBank Turkey's balance sheet within two years of launch
• +1 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature4 records

Partnerships

One partnership is on record.

• TemenoscoreTechnology or IntegrationTurkishBank Group uses Temenos banking software across all group banks. The software provider has been supportive of the group's operations despite the size of the bank's operation. The partnership enables fintechs to develop apps that can be marketed to Temenos users worldwide.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Weatherbys Bank: UK private bank offering personal, business and equine-sector banking; similar boutique scale, FCA/PRA authorisation and FSCS protection, with comparable client-tiered relationship services.
• Gatehouse Bank: UK Sharia-compliant bank offering savings, property finance and current accounts to a defined community, with similar boutique, FSCS-protected, FCA/PRA-regulated proposition and comparable deposit-tiered relationship banking model.
• Al Rayan Bank: UK-regulated bank serving a specific religious and ethnic community (British Muslims) with Sharia-compliant retail and business banking, comparable in scale, niche positioning, FCA/PRA authorisation and FSCS protection to TurkishBank UK.
• Hampden & Co: Edinburgh-based private bank providing bespoke banking and mortgages to high-net-worth clients; comparable boutique positioning, relationship-led model and focus on property lending like TurkishBank UK's Mayfair service.
• Cynergy Bank: UK challenger commercial bank offering business lending, savings and mortgages; competes with TurkishBank UK in the UK SME and property finance segment with similar scale and branch-light operations.

Broad incumbents

• Metro Bank: UK challenger high-street bank offering retail and SME banking with a multi-branch London footprint; broader scale but overlapping on relationship banking, current accounts and SME lending with TurkishBank UK.
• ICBC Standard Bank (UK): UK-regulated banking subsidiary of a Chinese state-owned bank serving ethnic community and trade finance clients; comparable in combining diaspora-banking, trade finance and FX services with FCA/PRA oversight.
• Arbuthnot Latham: UK private bank offering retail, business and wealth services to HNW and commercial clients with a relationship-banking model; broader in scope than TurkishBank UK but competes for similar HNW non-resident and SME deposits.

Regional players

• Kuveyt Türk Participation Bank: Turkish participation bank with UK correspondent and community reach; comparable diaspora-anchored, cross-border banking proposition targeted at Turkish-speaking customers, although it primarily operates in Turkey.

Emerging players

• Tide: UK digital business banking platform targeting SMEs with current accounts, payments and lending; competes with TurkishBank UK's business banking arm on SME acquisition but via a digital-only, no-branch model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 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 TurkishBank UK