Banking licence for Akbank

The Central Bank of Malta, as the competent authority in terms of the Banking Act 1994, recently issued a banking licence to Akbank TAS. The bank is licensed to carry out the business of banking from Malta through the establishment
of a branch and is authorised to
operate with non-residents of Malta in all currencies except the Maltese lira. The branch will be active in international trade transactions and project finance.
Akbank TAS, was incorporated in 1948 as a commercial bank and is the fifth largest bank in Turkey and the third largest private bank in that country in terms of total assets. Its main activities include retail, corporate, merchant and international banking. The bank also
provides investment services, securities brokerage and insurance
services through subsidiaries and affiliates. In this regard it is to be noted that the bank is involved in a joint venture with two major international banks, Banque National de Paris and Dresdner, namely BNP-Ak-Dresdner Bank AS.
Akbank TAS also has a 37 per cent holding in Sabanci Bank Ltd, which is a London-based bank, a branch in Frankfurt, and five other sub branches in Germany. It has also three representative offices in London, Rotterdam and Paris.