Turkey's state-run Ziraat Bankasi launched on Thursday its fifth branch in the Turkish Republic of Northern Cyprus.

A ceremony was held on the occasion of the opening of the branch in Lefkosa's Gonyeli district, hosting Turkish Cypriot Premier Irsen Kucuk, former president Rauf Denktas and Turkey's outgoing Ambassador to the TRNC Sakir Fakili.

Ziraat's employees in all TRNC branches are Turkish Cypriot locals. The banks first branch opened in 1975 in Girne.

Mahmut Demirci, director of Ziraat's Lefkosa branch, said four more branches will open in the TRNC.

Founded in 1863, Ziraat Bankasi is the biggest bank in Turkey in terms of size of assets. Its operating income and its net income were 4.417 billion TRL 3.511 billion TRL in 2009, respectively.
 

AA