Banque SYZ, a Swiss private bank, has secured the licence from Turkish regulators to set up its representative office in Istanbul.

The bank said that the new facility will enable it to get closer to its clients in the region.

The new Turkey office is also said to help the bank gain more insights into the country’s investment opportunities as well as market conditions.

The office launch in Turkey, which is said to be a key bridge between East and West, aligns with the bank’s plan to expand its footprint in key markets across the world.

SYZ Private Banking head Nicolas Syz said: “Switzerland ranks among Turkey’s most important investors and we felt that there was an opportunity to build on this relationship further.

“We are entrepreneurs at heart and share many similar values with Turkish investors. We hope to be able to create synergies between these entrepreneurs, local companies and our broader international network”.

Banque Syz has other representative offices in South Africa and the US.

The bank, which reported a net profit of CHF7.1m in 2019, also has offices in Geneva, Lugano, Locarno and Zurich in Switzerland.

The wider SYZ Group registered a net loss of CHF25m ($25.9m) in 2019, driven by outflows of SYZ Asset Management’s Oyster Fund range that has been sold.

The SYZ Group offers three business lines – private banking, institutional asset management and alternative investments.