Akbank, one of the largest banks in Turkey, has named Hakan Binbaşgil as its new chief executive, replacing Ziya Akkurt.

Binbaşgil, Akhurt’s deputy since three years back, joined the bank as executive vice president in 2002 and was first tasked with leading a restructuring programme. He later took charge of retail banking before becoming deputy CEO in 2008.

Akbank launched its private banking operation, which is one of the biggest in the country, in 2001. Across its divisions, the bank made a profit of TRY2.477 billion (about $1.3 billion) in the first nine months of last year.