Ottoman Bank

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Ottoman Bank


a major foreign commercial bank in Turkey; the country’s fifth largest commercial bank in the early 1970’s. The bank was founded in Istanbul in 1863 by a consortium of British banks (including the Big Five) and French banks (including the Bank of Paris and the Netherlands). Its original charter, a concession agreement with the government of the Ottoman Empire, was due to run out in 1975. Originally called the Ottoman Imperial Bank, it received the name Ottoman Bank in 1925, after Turkey was declared a republic (1923).

Until 1932 the Ottoman Bank performed the functions of a bank of issue, was the government banker, and handled accounts with European creditor countries related to the state foreign debt. A major colonial bank, it was the conduit for Anglo-French capital in the Middle East and a number of African colonies, where it had branches. By the early 1970’s its branches had passed to Grindlays Bank (London), whose capital is partly owned by Lloyds Bank and Citibank of New York, and to the Paris branch of Grindlays, the Grindlay Ottoman Bank. The Ottoman Bank kept its 92 branches in Turkey and was a partner in the subsidiary banks of Grindlays Bank.

The Ottoman Bank has an office in London and a branch in Paris. On Jan. 1, 1973, its balance was £140.7 million. Its deposits amounted to £113.8 million; loans £67.7 million; and capital and reserves, £6.25 million.


References in periodicals archive ?
The conference is hosted at a building of great cultural importance for the town of Larnaca, the "House of Arts and Literature" that is housed in the renovated elegant and grand Ottoman Bank structure.
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ySTANBUL (CyHAN)- Five online exhibitions from the research collection of the ystanbul-based SALT art space's Ottoman Bank Archive are now available through the Google Cultural Institute.
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I arrived in 1965 to take over, for what was supposed to be three weeks, the running of The Ottoman Bank from then manager David Gillespie, who had to return to the UK for medical treatment.
No more will you be able to claim "the cheque is in the post" My first cheque book was issued by the Ottoman Bank of Kampala when I was 21.
One of Turkey's largest holding companies -- Dogus -- owns one of the "Big Four", Garanti, plus two other smaller banks, the Ottoman Bank and Korfez bank.
BNP Paribas Securities Services offers securities services in Belgium, France, Germany, Greece, Italy, Ireland, Luxembourg, Netherlands, Portugal and Spain, as well as in Turkey through a co-operation agreement with Ottoman Bank, the leading local provider.
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Based on the extensive use of both financial and diplomatic sources, including the newly-available archives of the Imperial Ottoman Bank, this economic history places Ottoman finances in the context of the larger political and diplomatic history of the Empire.
DCR) has assigned a 'BBB+' (Triple-B-Plus) rating to the issue of US$85 million asset-backed certificates by a trust lending to Ottoman Bank (Ottoman).