Globalization Aspect of TRNC Banks in Terms of Ownership

Okan Veli Safakli () and Mustafa Ertanin ()
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Okan Veli Safakli: European University of Lefke
Mustafa Ertanin: European University of Lefke

International Journal of Academic Research in Accounting, Finance and Management Sciences, 2013, vol. 3, issue 1, 60-67

Abstract: Recent decades prove to be decisive in laying paths for inevitable favours for regional and global integrations in each and every sphere. Political, economic, social and all other aspects are means of both integration and tools for integration. Overall technological developments accelerate this process. The politically unrecognized Turkish Republic of Northern Cyprus (TRNC), though subjected to significant international business transactions, direct shipping and flight limitations and embargoes, still participates in globalization in a peculiar one direction way. The number of the banks with foreign capital in the country is more than 50% of the total. The integration and access of banking and finance sector to overseas is very limited due to political issues of TRNC, minimizing the sector’s globalization to almost none. TRNC banking and finance sector has access to international markets only through Turkey and Turkish banking sector. Foreign banks in TRNC do not play any major role in means of financial exchange and communications, which are clearly a source of employment, assets, deposits and placements, In spite of that, in terms of equity, profitability and liquidity, foreign banks have an obvious superiority.

Keywords: TRNC; banking; ownership; globalization (search for similar items in EconPapers)
Date: 2013
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