Isbank UK marks 50th anniversary with special event in London

LONDON (AA) - Isbank UK celebrated its 50th anniversary with a special event in London, highlighting five decades of fostering economic and cultural ties between Türkiye and the UK.

The evening brought together prominent figures from the Turkish business community in London and featured speeches by Turkish Ambassador to the UK Osman Koray Ertas, Isbank Deputy CEO Ozan Gursoy, and Isbank UK Managing Director Mete Uluyurt.

In his opening remarks, Ertas emphasized the strong and growing trade relationship between Türkiye and the UK, which currently stands at $20 billion, with a target to increase this figure to $30 billion in the coming years.

He also noted the decision to update the free trade agreement between the two nations, with Türkiye being one of the six countries the UK has prioritized for this process.

"We have a strong Turkish business community here in London," said Ertas. "We are witnessing increasing trade and investment on both sides. Despite the challenges we’ve faced, whether economic or geopolitical, we are a resilient society. When we fall, we quickly rise again, and we always manage to move forward."

Ozan Gursoy, deputy general manager of Isbank, reflected on the bank's 50-year journey in the UK and its role in supporting cross-border business between the two countries.

Gursoy highlighted that Isbank UK's foundations were built on more than just financial growth, focusing also on opening doors for Turkish and British businesses and enabling cross-border economic partnerships.

Looking to the future, Gursoy revealed that Isbank UK is planning to acquire a company with a payment system license and launch a UK-based digital banking initiative aimed at reaching a broader market.

- Türkiye's improving economic indicators

He also spoke about the recent economic challenges in Türkiye, including high inflation and a large current account deficit, but expressed optimism about the country's improving economic indicators.

"While there is still much work to be done, we are starting to see positive signs," said Gursoy. "The Central Bank's reserves are improving, and there is no immediate threat of a sudden deterioration in the balance of payments. The banking sector's ability to restructure its credit portfolio will be crucial in navigating the ongoing disinflation process."

Mete Uluyurt, managing director of Isbank UK, emphasized the bank's resilience over the past 50 years, having navigated multiple financial crises and adapting to changing regulations both in the UK and Türkiye.

"We’ve faced difficult economic conditions in both countries at times, but we’ve maintained our resilience. It’s not just about persistence, but about contributing value to the ecosystem we operate in," Uluyurt said.

Founded as a representative office in 1974, Isbank UK transitioned into a full-service branch in 1983, offering a wide range of financial services to individuals and businesses.

Over the past five decades, the bank has played a pivotal role in facilitating cross-border transactions and deepening economic partnerships between the two nations.