A N N U A L R E P O R T 2012
Index Index
04 History 07 Supervisory and Executive Board 08 Supervisory Board‘s Report (extract) 09 Executive Board‘s Report (extract) 13 Financial Statements 17 Notes to the balance-sheet and to the profit and loss statement (extract) 21 Balance-sheet 22 Profit and Loss Statement 23 Audit Certificate 24 Edition notice
3 History History
Introduction
On 1st of April 2012 Euro Yatırım Menkul Değerler A.Ş. Istanbul acquired Gries & Heissel Bankiers AG, Wiesbaden, which was founded 1987 in Berlin.
In July 2012 the name of the bank was changed to Eurocity Bank AG and the headquarter was moved from Wiesbaden to Frankfurt am Main. As of end of 2012 the branch in Berlin was been closed.
After termination of the private banking business and asset management a new strategy have been defined and implemented. The Bank began to build up a own securities portfolio and to extend loans to foreign companies. Simultaneously a new retail banking department established which focuses on collecting deposits from non-banks. Securities business for retail customers have been limited to online-brokerage.
After the takeover of Gries & Heissel Bankiers AG the capital paid in has been raised from Euro 8 Mio to 13 Mio and in October 2012 to Euro 16 Mio.
At the beginning of 2013 a further increase to Euro 20 Mio took place.
4 Euro Yatırım Menkul Değerler A.Ş.
In 2001 Mr. Mustafa Şahin bought Yurt Menkul Kıymetler A.Ş., founded 1996 in Istanbul, from the Turkish Savings Deposit Insurance Fund. The name was changed to Euro Yatırım Menkul Değerler A.Ş..
Euro Yatırım Menkul Değerler A.Ş., headquarters located in Istanbul, is an investment company offering financial services such as trading of derivative financial instruments, stock certificates and bonds-bills, repurchase agreement and reverse repurchase agreement transactions, margin trading services, public offering and investment consultancy services with its 7 different authorization certificates (licenses). Euro Yatırım Menkul Değerler A.Ş., the leading company of the group, established 3 investment funds namely „Euro B Tip Yatırım Ortaklığı A.Ş.“ in 2006, „Euro Trend Yatırım History History Ortaklığı A.Ş.“ in 2007 and „Euro Kapital Yatırım Ortaklığı A.Ş.“ in 2010. Annual turnover of the 3 investment funds exceeded 220 Million Euro.
The EURO group, in order to diversify its services to its clients, purchased Toprak Sigorta A.Ş. founded in 1995 on 15.01.2008 and changed its name to Euro Sigorta A.Ş.. The insurance company became a member of the EURO group. After a capital increase a team of 80 specialists provides various insurance products in different categories.
Euro Yatırım Menkul Değerler A.Ş. the parent of the Euro Group was listed on the Istanbul Stock Exchange (İMKB) in 2010. In 2011 a capital increase took place.
Euro Yatırım Menkul Değerler A.Ş. operates under the permission, applicable rules and auditing of the Capital Markets Board of Turkey, the supreme board authorized to regulate and audit the establishment and activities of the investment companies. Moreover because it is a public listed company at the İMKB, it is also under continuous auditing, monitoring and supervision of the Istanbul Stock Exchange.
Detailed information on our main shareholder, Euro Yatırım Menkul Değerler A.Ş., is accessible on www.euroyatirim.com.tr , www.kap.gov.tr and www.imkb.gov.tr pages.
5 Milestones
1987 The Bank was founded in Berlin under the entity Gries & Heissel Bankiers AG.
1989 Frankfurt Branch Office was opened.
1990 Founders and Executives of the Bank were awarded the prize “The Best Entrepreneur of the Year”. History History 2000 Frankfurt Branch Office moved to Wiesbaden.
2004 Headquarter moved from Berlin to Wiesbaden.
2007 Gries & Heissel Bankiers AG celebrates its 20th anniversary.
2011 Sep Restructuring of the Bank
2012 April The bank was acquired by Euro Yatırım Menkul Değerler A.Ş.. The capital was increased from 8 Mio Euro to 13 Mio Euro.
July Bank’s name changed to Eurocity Bank AG.
August Bank’s Headquarter moved from Wiesbaden to Frankfurt am Main.
October Paid in capital was increased from 13 Mio Euro to 16 Mio Euro.
2013 Further increase of the paid in capital from 16 Mio Euro to 20 Mio Euro.
6 Board Board Executive Executive and and Supervisiory Supervisiory Current members of the Supervisory Board from March 30th, 2013
Chairman Mr. Mustafa Şahin
Vice Chairman Dr. Eberhard Weber
Board Member Mr. Coşkun Arık
Current members of the Executive Board from April 01th, 2013
Chairman Dr. Ismail Hakkı Ergener
Board Member Mr. Veli Abudak
7 s Report s Report ’ ’ Report by the Supervisory Board (extract)
At the beginning of 2012 the Supervisory Board of Gries & Heissel Bankers AG was formed by Dr. Roland Stanger, Mr. Jens-Ove Stier and Dr. Eberhard Weber.
After the new majority shareholder Euro Yatırım Menkul Değerler A.Ş. purchased the Supervisory Board Supervisory Supervisory Board Supervisory shares of Gries & Heissel Bankiers AG, Dr. Ismail Ergener and Mr. Veli Abudak were appointed to the Executive Board by the Supervisory Board on 30th of March 2012.
The Supervisory Board held regular meetings and was fully informed by the Executive Board about the essential methods of the business.
FTA Finanz-Treuhand AG Wirtschaftsprüfungsgesellschaft as the auditing company audited and confirmed the financial statement including notes and management reports for the financial year 2012 and an unqualified audit opinion was given.
The annual account was drawn up according to the rules of the commercial code. The financial statements and the draft of the audit report were sent to all members of the Supervisory Board in a timely fashion. The Supervisory Board has discussed the financial statements and the notes to the balance-sheet and the profit and loss statement of the bank in a meeting dated 27th of June 2013. The auditors participated in the meeting analyzed the fundamental audit results and were available to answer questions.
The financial statements were deeply discussed with members of the Executive Board as well as with the representatives of the auditing company. After a final audit by the Supervisory Board no objections against the annual accounts were given and therefore the Supervisory Board agreed to the results of the annual accounts.
The Supervisory Board has endorsed the annual account established by the Executive Board on the 31st December, 2012.
The annual account of the 31st December, 2012 of the Eurocity Bank AG was hereby stated. For the Supervisory Board
Frankfurt, 3rd July, 2012 8
(Chairman)
Report by the Executive Board (extract)
The fiscal year of 2012 was strongly marked by the various economic ups and downs: the price of oil, the strong gold and the escalation of the debt crisis in the Euro-zone, especially
Report price of oil, the strong gold and the escalation of the debt crisis in the Euro-zone, especially Report s s ‘ ‘ the “bailout” in Greece and the possible consequences in other countries provided sources of insecurity. The monetary policy of the European Central Bank (ECB) seemed to be a panacea for Western Europe and created a calculated optimism. The ECB reacted to the Board Board intensified tensions of the financial markets with a continuous expansion of the liquidity supply to banks and the decrease of base interest rates to a historical low of 0.5%. Growth was generally denied to industrialized countries, whilst the recovery in emerging Executive Executive countries showed certain vigor. Even if, in comparison to other industrialized countries, Germany could show a small economic revival in the year 2012, it received a set back at the end of the year in the last quarter, as the export of goods diminished considerably in comparison to the import of goods. In the fiscal year, the German gross domestic product has increased by merely +0.7% in comparison to the previous year. Whilst in 2012 some industrialized countries with unresolved problems of debt had to fight with a consequential worsening of insecurity, the Turkish economy was able to grow by 2.5%. Despite the decelerated growth of economy in Turkey the upward trend of Turkish foreign trade was able to continue also in 2012. The total volume of foreign trade is USD 393 billion, and has increased by four times in comparison to the total volume in 2000 when it was USD 82.3 billion. Germany and Turkey are two of the countries where our main sphere of activity is situated. Thus the economic development of these countries is especially emphasized. The most relevant Turkish export industry was the car production. The most significant import goods were oil and gas. In 2012 Germany was again Turkey’s most important trade partner. This development shows the increasing importance of our niche and the target group of companies which deal with trade between Germany and Turkey. In Turkey the number of German companies and Turkish companies with German participation has meanwhile increased to more than 4.800. The activity of those companies include industrial production, sales-distribution and all kinds of services. Companies owned by entrepreneurs with Turkish origin (about 75.000) employ around 375.000 people in Germany with a yearly profit of around EUR 35 billion. The approximately 3.5 Million inhabitants in Germany, with Turkish roots, are the target group of our products in the area of asset management, which we would like to build up gradually in the coming months and years.
The liquidity provided by the central banks was the reason for considerable price increases in the equity market, so that over the year the DAX index could register an increase of 29% to 7612 and the EURO STOXX 50 of 19.2% to 2625. 9 Report by the Executive Board (extract)
Development of the Banking industry Report Report s s Measures of the ECB, especially the supply of liquidity, led to a reassured financial sector. ‘ ‘ Leading banks continue their efforts towards strengthening their equity capital. We assume, however, that further stabilizing steps are necessary. Board Board The contextual conditions of the banking industry continue to remain difficult: whilst the excessive liquidity of the market leads to the reduction of margins, the continuously increasing regulatory requirements raise the costs. Both factors put strong pressure on
Executive banks’ profitability.
Executive banks’ profitability. Development of the Bank On 28th of September 2011, the bank made a cooperation agreement with the Sydbank A/S office Germany, according to which bank accounts and deposits of private banking customers, with customer agreement, were handed over to Sydbank. The majority of customers have made use of this offer starting from October 2011 and throughout the year under report.
Two funds and assets-management-customers, which were managed by the bank, were also assigned to Sydbank, in the context of this cooperation. Simultaneously, Sydbank offered contracts of employment to ten employees, who after the conclusion of the termination agreements with the bank at 31st of December 2011, accepted the offers of employment by Sydbank. The bank has given up ‘Private Banking’, its previous core business. The customers of the bank have been informed that from the 1st of January 2012 onwards, the private banking business in Berlin and Wiesbaden will be continued by Sydbank A/S. Sydbank has also taken over approximately a third of the bank’s credit and has participated in the rent and fixed costs of the bank. 13th of January 2012 the sales trustee together with the eleven shareholders of the bank, who financed the acquisition of the bank, signed a contract concerning the disposal of shares to the majority shareholder, Euro Yatırım Menkul Değerler A.S in Istanbul as well as to the minority acquirer, Mr. Mustafa Şahin, Vienna and Dr. Ismail H. Ergener, Vienna. The federal Institute for financial service supervision (BaFin) has implemented the proprietor control procedure according to §2 KWG (Banking Act of the Federal Republic of Germany) for the new applicants and at end of March 2012 they informed them that they do not prohibit the purchase. Thereupon the supervisory board was initially and newly formed. Mr. Jens –Ove Stier and Dr. Roland Stanger withdrew from the supervisory board on the 30th of March 2012 and instead Mr. Mustafa Şahin and Mr. Coşkun Arik were appointed to take their place. In the constituent assembly the supervisory board named Dr. Ismail Hakki Ergener and Mr. Veli Abudak as members of the executive board of the 10 company starting 1st of April 2012. Report by the Executive Board (extract)
The fiscal year was concluded with a net loss of TEUR 1,017. In comparison to the past Report Report year’s net loss of TEUR 4,142 TEUR this development implies a clear turnaround of the s s ‘ ‘ unprofitable situation. As a part of the shift in business strategy of the Bank, the headquarters were initially Board Board transferred from Wiesbaden to Frankfurt am Main. At the end of the year the branch in Berlin was closed. The reason behind this was to establish efficient working and control procedures through the concentration of all central operational units. Frankfurt am Main is, according to our estimation, the most appropriate location for the headquarters Executive Executive because of the bank’s international orientation. As a result of relocation-and dismantling measures, non-recurring costs of approximately TEUR 150 were accepted. However, in the long run the bank will achieve ponderable savings through rents and charges connected with lettings. During the course of the physical relocation, for employees of Berlin who did not want to follow the transfer of the head office, severance payments of 91 TEUR were deferred. Necessary reserves have been build in order to cover possible costs resulting from the banks business activities. For the creditability, additional supplies related to so-called snowcredits were not necessary, as in this area no new cases have appeared. In contrast, the total volume of these credits was able to be reset through three redemptions, one repayment and one consensual agreement of TEUR 1,473. Snowcredit is the designation given to the financing of pension and capital insurances. The risks of these credits are the possibly flawed revocation instructions, which could give a permanent right of revocation to the credit customer and the possible objection, to the bank in connection with linked credit agreements, related to inter-group business, whose partners are the financing bank, the insurances and the mediating company. The credit customers, in those cases, which are legal cases, reject the repayment of the credit with the argument that the capital insurance cannot achieve the initially predicted profits. Most of these cases concern the Clerical Medical Investment Group. Despite the creation of single value reports, there is the possibility that the bank achieves a complete repatriation because of the following reasons: in the cases of flawed revocation instructions one has to assume that either employee-or instrument-errors occurred. For the coverage of such risks, appropriate insurances have been put in place by the bank. With the capital liability insurance the settlements are such that the damage expenses of the two closed cases were completely reimbursed. For the appropriation of the so called D & O insurance, it is necessary to file complaints against the former bodies of the bank. In one case complaints are made to exemplify. 11 Report by the Executive Board (extract)
An agreement was settled with the Capital liability insurance and customer’s losses had finally been reimbursed. s Report s Report ‘ ‘ In order to receive compensation from the D&O insurance, it is necessary to take legal action against the former executives. In one case legal action has been initiated.
One of the complaints against the former executive board was successfully completed at the appellate court without any possibility of appeal. In that matter a complaint was filed at the “Bundesgerichtshof” (Federal Court of Justice). We expect a final court decision in Executive Executive Board Executive Executive Board 2014.
The bank has withdrawn its membership in the auditing association of the German banks e.V. (registered association) and in the Federation of German banks as of 30th September, 2012. Customer deposits up to TEUR 100 are secured through the legal deposit guarantee scheme. In 2012, business relations to the shareholders or the companies, which the shareholders are part of, were in place, money market business for up to 3 Million Euro. The The legally legally deployed trustee for the sale of the bank and trustee for voting rights was the chairman of the supervisory board of the company of until the 30th March 2012 and is, since then, the vice chairman of the supervisory board of Eurocity Bank AG.
12 Statement of the annual account (extract from management report)
The balance sheet total of the EUROCITY BANK AG amounted to TEUR 31,381 on the 31st of December 2012. The drop to begin with followed mostly through the repatriation and replacement of customer loans and daily demands owed by the bank.
Total assets in TEUR Financial Statements Financial Statements
140.000 €
120.000 €
100.000 €
80.000 €
60.000 €
40.000 €
20.000 €
0 € 2008 2009 2010 2011 2012 2013 / II
2008 2009 2010 2011 2012 2013 / II
Total assets 121.242 81.870 51.792 41.799 31.381 129.695 *)
*) temporary not attested figures
13 The claims stated in the balance sheet have following remaining terms:
up to three more than more than one more than five months three months year to five years to one year years
TEUR TEUR TEUR TEUR
Other claims to credit institutions 1.680 0 0 0 (A3b) 3.202 1.060 3.227 1.023
Financial Statements 3.202 1.060 3.227 1.023 Financial Statements Claims to customers (A4)
Accrued interest, which will be due after cutoff date of the balance sheet is not classified according to remaining terms.
Claims of TEUR 2,578 are included in Item Claims to Customers (A4) with undefined duration.
Amongst the claims, there are no amounts included which are claims to affiliates or affiliated companies.
The aforementioned amounts are non-evidenced claims.
Bonds amounting to TEUR 14,058 were listed on the exchange.
14 The bank has no stake in other companies exceeding 20% . In Asset 10 (tangible assets) the following are included: -operating and office equipment TEUR 80 There are no subordinated assets held. Amongst the assets, foreign currency items of TEUR 2,007 are included. Maturity range of liabilities:
up to three months more than more than one more than five three months year to five years years to one year Financial Statements Financial Statements TEUR TEUR TEUR TEUR Liabilities to credit institutions with an agreed term and cancelation period (P1b) 11.000 0 0 0
Savings with an agreed concelation period form more than three months (P2ab) 0 0 0 0
Other liabilities to customers with an agreed term or cancelation period 1.530 2.000 464 0 (P2bb)
Accrued interest, which will be due after cutoff date of the balance sheet is not classified according to remaining terms.
For open market operations with the Bundesbank, securities amounting to TEUR 14,302 (previous year TEUR 4,298) have been pledged. As of the 31st December 2012 open market operations of TEUR 11,000 (previous year TEUR 2,000) have been utilized. Amongst the liabilities, there are no amounts included which are claims to affiliates or affiliated companies.
The aforementioned amounts are non-evidenced claims. No foreign currency items are included in the liabilities. The balance sheet provisions for pensions and similar obligations concern the discharged members of the board of directors exclusively.
According to § 246 Abs. 2 HGB, the covered funds estimated to its current value had been prorated with pension obligations, if attributable. This covered funds consists of pledged 15 reinsurance coverage. 15 Basic figures of 2008 2009 2010 2011 2012 2013 *) income statement TEUR TEUR TEUR TEUR TEUR TEUR Interest surplus 1.975 1.061 909 654 554 467 Commission surplus 2.152 1.401 1.409 1.084 145 53
Administration costs 5.518 5.735 5.912 5.031 3.086 732
Annual result 0 -2.966 -3.935 -4.142 -1.017 985 Financial Statements Financial Statements
6.000 Interest surplus 4.000
2.000 Commission surplus 0
-2.000
-4.000 Administration costs
-6.000 2008 2009 2010 2011 2012 2013 TEUR TEUR TEUR TEUR TEUR TEUR Annual result
*) Currently unaudited figures; the sale proceeds from securities in the sum of TEUR 674 for 2012 and TEUR 1,061, for the first quarter of 2013, are included.
16 Notes to the Equity capital and development (extract from management report)
The special commissioner with authorization of the supervisory board had according to § 92 Abs. 1 AktG, informed the shareholders that the company’s loss in the fiscal year 2011 exceeded half of the capital fund. The equity capital of the bank has thus reduced sheet and sheet and - - itself significantly at the beginning of the year. As of the 3rd January 2012 the BaFin and the Deutsche Bundesbank had been informed about the decrease of the capital below the minimum requirement of 5 Million EUR. In order to partially eliminate losses, the capital fund was initially reduced from TEUR 10,000 to TEUR 5,000 according to the simplified capital reduction in accordance with §229 ff of the AktG in the extraordinary general meeting on 13th of January, 2012. Simultaneously, the capital was increased from TEUR 5.000 to TEUR 8.000 effective from the 30th March 2012 onwards. In 2012 the capital was twice increased to the total amount of TEUR 16.000. to the profit and loss statement Notes to Notes to the balance to the profit and loss statement Notes to Notes to the balance In the begin of 2013 capital paid in was raised to 20 Mio. In this way a solid and sufficient equity capital is given.
2008 2009 2010 2011 2012 2013 / II TEUR TEUR TEUR TEUR TEUR TEUR Financial equity 14.716 14.749 7.815 3.673 13.656 17.656 *)
Liable equity 14.712 14.747 7.813 3.672 13.485 16.156 Solvency ratio 20,0 % 21,4 % 16,9 % 9,39 % 63,94 % 26,02%
*) temporary not attested figures
The bank’s capital fund is 16 Million EUR and is classified in 16 Million no-par-value registered shares with the face value of EUR 1 each. The annual account is drawn up according to the rules of “Handelsgesetzbuch” in the version of the German Accounting Law Modernization Act (BilMoG) from the 25th of May 2009 in connection with the ordinance of the credit institutions’ and financial services provider institutions’ financial reporting (RechKredV). The Balance is organized according to application form 1 of the RechKredV, and the Profit and Loss Statement according to application form 2 (account statement) of the RechKredV.
Information about items, which can be optionally found in the balance sheet or in the notes to the balance sheet and profit and loss statement follow in the supplement. In the structure of the balance sheet and profit and loss statement, no changes were found. structure of the balance sheet and profit and loss statement, no changes were found. 17 Principles of Accounting as well as Analysis of the Balance sheet and the Profit and Loss (extract from management report) The cash reserve, demands on banks and customers as well as other assets were defined by the face value. Amongst the demands, all the recognizable single risks and the general sheet and sheet and credit risk were considered through the appropriate valuation allowances in the form of - - value adjustments. The difference between the face value and the lower payable amount was defined according to §340 e Abs. 2 HGB. For the securities of the liquidity reserve the lowest value principle was used and a valuation loss of TEUR 3,5 was booked. The intangible assets were valued according to acquisition costs and linearly defined in accordance to the expected useful life. On the reporting date 31.12.2012 the bank did not have any intangible assets. to the profit and loss statement Notes to Notes to the balance to the profit and loss statement Notes to Notes to the balance The valuation of operating and office equipment was determined by acquisition costs, reduced by the depreciation of the expected duration of use. The depreciations are in accordance to a linear method. Low-cost business assets are completely depreciated in the year of acquisition. Liabilities are valued by their settlement amount. The calculation of the pension provisions are carried out according to the ProjectedProjected UnitUnit Credit – Method, on the basis of the mortality tables 2005 G of the Heubeck- “Richttafeln” GmbH. The technical interest rate for the pension provisions amounts to 5.04%. An income trend of 0% was specified. The future discounted services will be valued as long as they have been earned by the valuation date. Pension obligations, which are partly covered by insolvency-proof life insurances, were accounted for to their net current value according to §246 Abs. 2 HGB, as long as pledges are present. The evaluation of the additional provisions follows the value of the necessary fulfillment amount determined according to a sensible business manner. Provisions with remaining terms of more than one year are discounted according to their average market interest rate over the last seven fiscal years, relative to their remaining terms. Assets and obligations denominated in a foreign currency as well as outstanding, unsettled spot transactions were appropriately converted according to § 256a HGB for the average spot exchange rate on the reporting date. For the hedging of balance sheet foreign currency positions two FX swaps were in place as of 31st of December 2012. 18 Other Information
Other essentially financial obligations that do not appear in the balance sheet are lease contracts with a maximum extension until 2017 amounting to a total of TEUR 900. On the accounting date a loss of TEUR 2,344 was shown in the tax balance sheet resulting sheet and sheet and - - of the loss in the trade balance sheet. Due to the option to disclaim the amount of active, deferred taxes there are no balance sheet items included. The bank’s annual account will be consolidated in the IFRS – the consolidated financial statement of the parent company Euro Yatırım Menkul Değerler A.Ş., Istanbul/Turkey.
The annual account and the notes to the balance sheet and the profit and loss statement of the Eurocity Bank AG will be published in the electronically in the “Bundesanzeiger” to the profit and loss statement Notes to Notes to the balance to the profit and loss statement Notes to Notes to the balance (www.bundesanzeiger.de) The total calculated fee of the auditors amounted to a sum of TEUR 78 for the fiscal year, of which TEUR 60 are allotted the annual account auditing and TEUR 18 to the Deposit- and WpHG (securities trading act)- account.
19 Expected Development (extract from management report)
At the beginning of 2013 the nominal capital was increased to 20 Million EUR. In consideration of the loss carried forward, the equity capital amounts to 17,656 Million EUR. Due to the increase in the security and loan portfolio the expenses have been covered by the interest earnings, so that a balanced monthly profit and loss statement could be achieved.
sheet and Trading activities in the security portfolio amounted to a profit of TEUR 1660. sheet and Trading activities in the security portfolio amounted to a profit of TEUR 1660. - -
The bank is planning in accordance with the given strategy to implement new products such as brokerage and credit card business and to build up banking business with foreign companies. A strengthening of personal and operational infrastructure as well as an improvement of the cost structure will be a main target for the remaining year.
Net interest income will be increased by continuous growing of the assets in order to have compensation for the private banking business which have been given up. to the profit and loss statement Notes to Notes to the balance to the profit and loss statement Notes to Notes to the balance The increase of the security portfolio (mainly consisting of eligible assets) was the main target of the first quarter 2013. Lang portfolio consists of mainly non-EU-risks and the further extension is planned.
We are aware that there is a certain risk that the new bank products offered are not accepted by the market but we believe that provision income and net interest income will lead to a sustainable improvement of the profitability of the bank.
Due to the earned profits in the first months 2013 the bank is in the position to undertake the necessary measures to continue to build up a security trading desk for private and institutional clients.
We see the successful implementation of the new strategy as an opportunity. After breaking even, the bank has time and strength to create the conditions to generate fee income in the securities business with customers. Branches do not exist.
Frankfurt, the 30th May, 2013
Dr. Ismail Hakki Ergener Veli Abudak
20 sheet sheet - - Balance Balance
21 Profit Statement Loss and Profit Profit Statement Loss and Profit
22 This annual report contains extracts of the report by the executive board (the figures of the bank ; consisting of balance sheet income statement and notes) as well as charts about the figures. The complete report by the executive board for the year 2012 and the balance sheet, income state and corresponding notes for Dec. 31, 2012 of the Eurocity Bank AG are published in the electronic Federal Gazette under „Eurocity Bank AG “. An unqualified opinion of independent auditors has been given in this complete version of companies report for 2012
23 Edition notice
Eurocity Bank AG Goetheplatz 4 60311 Frankfurt am Main Tel.: +49 (0) 69 - 800 853 - 0 Fax: +49 (0) 69 - 800 853 - 199 E-Mail: [email protected] 24