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Annual Report 2006

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Annual Report 2006 ANNUAL REPORT 2006 DenizBank Financial Services Group CONTENTS SECTION I - INTRODUCTION 02 Consolidated Financial Highlights 02 Ratings of DenizBank by International Rating Agencies 03 Dexia at a Glance 04 Amendments to Articles of Association during the Year 07 Changes in Shareholding Structure and Paid-in Capital 07 Shares Owned by the Managers 07 Message from the Chairman 08 Message from the President and CEO 10 Market Position of DenizBank 14 Research & Development Activities 15 DenizBank Financial Services Group 16 Banking Services 16 Investment Banking and Brokerage Services 28 Leasing and Factoring Services 32 Information Technology Services 34 Cultural Services 36 SECTION II - MANAGEMENT AND CORPORATE GOVERNANCE 38 Board of Directors 38 Executive Management 42 Auditors 47 Committees 48 Summary Report of the Board of Directors to the General Assembly 49 Human Resources and Training 51 Related Party Transactions 52 Externally Procured Support Services 52 Report on Compliance with Corporate Governance Principles 53 Investor Relations 72 Auditors’ Report 73 SECTION III - FINANCIAL INFORMATION AND RISK MANAGEMENT 74 Assessments of the Audit Committee 74 Risk Management Policies 75 Assessment of Financial Position 77 DenizBank's Ratings by International Rating Agencies 77 Five-year Financial Highlights 77 SECTION IV - INDEPENDENT AUDIT REPORTS, FINANCIAL STATEMENTS AND NOTES 79 Non-consolidated Financial Statements as of December 31, 2006 with Independent Auditor's Report 79 Consolidated Financial Statements as of December 31, 2006 with Independent Auditor's Report 167 Organizational Chart Directory BANKING INVESTMENT BANKING AND DEN‹ZBANK SERVICES BROKERAGE SERVICES FINANCIAL DEN‹ZBANK DEN‹ZYATIRIM SECURITIES SERVICES DEN‹ZBANK AG (VIENNA) EKSPRESINVEST SECURITIES DEN‹ZBANK MOSCOW (MOSCOW) DEN‹ZTÜREV SECURITIES GROUP EURODEN‹Z OFF-SHORE BANK DEN‹Z INVESTMENT TRUST (NICOSIA) DEN‹Z PORTFOLIO MANAGEMENT LEASING AND INFORMATION TECHNOLOGY CULTURAL SERVICES FACTORING SERVICES SERVICES DEN‹ZKÜLTÜR DEN‹ZLEAS‹NG INTERTECH DEN‹ZFACTORING SECTION I - INTRODUCTION CONSOLIDATED FINANCIAL HIGHLIGHTS SUMMARY FINANCIAL HIGHLIGHTS (YTL Million) 2006* 2005* 2004** 2003** 2002** Government Securities*** 177 107 1,489 1,359 1,760 Net Loans 8,063 5,812 3,214 2,148 1,512 Subsidiaries 4 122 132 174 178 Net Fixed Assets 145 145 136 103 102 Total Assets 14,737 11,986 8,072 6,353 4,938 Deposits 8,944 7,019 5,109 4,016 3,717 Time 6,947 5,460 4,045 3,166 2,990 Demand 1,996 1,558 1,064 850 727 Borrowings 2,701 2,625 1,028 405 268 Shareholders' Equity 1,354 1,112 873 597 518 Paid-in Capital 316 316 316 202 202 Non-cash Loans 4,211 3,211 2,496 2,249 1,562 Interest Income 1,457 1,028 859 728 687 Interest Expense (793) (501) (458) (513) (473) Net Interest Income after Provisions 569 459 316 161 143 Non-interest Income 439 333 290 302 222 Non-interest Expense (666) (561) (469) (340) (340) Net Income 342 231 137 123 25 Capital Adequacy Ratio 14% 15% 18% 18% 19% Return on Equity 28% 23% 19% 22% 6% Number of DenizBank Branches 262 236 199 170 164 Number of Employees 6,342 5,724 4,912 3,609 2,967 Number of ATMs 349 301 199 165 161 Number of POS Terminals 52,582 38,619 22,442 6,355 3,882 Number of Credit Cards 1,508,525 1,380,869 860,111 641,863 340,649 * All financial figures presented in the text of this annual report are extracts from the audited consolidated financial statements prepared in accordance with Turkish Accounting Standards and Turkish Financial Reporting Standards. (See Independent Audit Report-Section Three-Accounting Practices). ** All financial figures are extracts from audited consolidated financial statements prepared in accordance with Accounting Regulations No. 15 and No. 17 published by the Banking Regulation and Supervision Agency. *** Securities portfolio based on current market prices. 2006 ANNUAL REPORT DEN‹ZBANK FINANCIAL SERVICES GROUP 02 Ratings of DenizBank by International Rating Agencies Moody's Investor Services FitchRatings Long-term Foreign Currency Deposits B1 Long-term Foreign Currency IDR* BB Outlook Stable Short-term Foreign Currency B Long-term Local Currency Deposits A3 Outlook Positive Short-term Local Currency Deposits Prime-2 Long-term Local Currency BB+ Outlook Stable Short-term Local Currency B Financial Strength D+ Outlook Positive Outlook Stable Individual C/D Support 3 National AA (tur) Outlook Stable * IDR: Issuer Default Rating Mission Vision DenizBank's mission is to maximize the satisfaction of its DenizBank's vision is to become one of the top five banks employees, customers and shareholders with its position in in Turkey through sustainable and profitable growth and to the sector, its image and its corporate qualities. be the most powerful player in the global financial environment in the region consisting of the Middle East, Caucasus, the Balkans and CIS countries. 03 DEN‹ZBANK FINANCIAL SERVICES GROUP ANNUAL REPORT 2006 SECTION I - INTRODUCTION DEXIA AT A GLANCE NEW HORIZONS WITH DEXIA Since its merger in 1999 and the subsequent acquisition of the A European Bank, World Leader in Financial Security Assurance (FSA) in Public Finance the United States, Dexia has become the world’s largest player in local Dexia was born of the alliance in 1996 public finance. Dexia’s high level of of two major local public finance expertise, its long-term horizon and institutions in Europe: Crédit local de the very high solvency of its France and Crédit Communal de customers, grant a superior quality of Belgique. Both institutions, together franchise. Dexia develops its strategy with Banque Internationale à in this area on a global scale. Luxembourg (BIL), were united in 1999 into one publicly quoted Business Lines company named Dexia. This was one of the very first cross-border mergers Public/Project Finance and Credit in the European banking sector. Enhancement Today, Dexia ranks among the top 20 Dexia has a well-deserved reputation largest banks in the Eurozone, and for global leadership in public builds its strategy on two pillars: finance. The Group operates several universal banking in Europe (Belgium, subsidiaries and branches in thirty Luxembourg, Slovakia and Turkey) countries worldwide. The main ones and worldwide leadership in are located in France, Belgium, Italy, public/project finance. North America, Mexico, Germany, Spain, the UK, Scandinavia, Two Pillars: Universal Banking in Switzerland, Austria, Slovakia, Poland, Europe and Public/Project Finance Romania, the Czech Republic, Worldwide Dexia is a leading retail bank, and serves 5.5 million customers in Belgium, Luxembourg, Slovakia and Turkey. Over the years, Dexia has developed the whole array of banking services catering to individual customers, SMEs and institutional clients, and is an active player in the asset management, insurance, investor services and capital markets. 2006 ANNUAL REPORT DEN‹ZBANK FINANCIAL SERVICES GROUP 04 Dexia is among the 20 largest banks in the Eurozone and has a two- pillar strategy: universal banking in Europe (Belgium, Luxembourg, Slovakia and Turkey) and global leadership in public/project finance. Australia, Israel, Bulgaria, Hungary Personal Financial Services and Japan. In this enormous market, In Belgium, Dexia Bank is one of the characterized by high-quality country’s top players in retail banking. borrowers seeking to finance vast and It offers a complete range of banking growing public infrastructure needs, and insurance services to a clientele Dexia has a wealth of profitable of households and SMEs. Similarly, business opportunities and strong Dexia BIL is a major retail bank in prospects for international growth. Luxembourg. Dexia banka Slovensko Scale, innovation, expertise and a is the retail bank of the Group in long-term view are the key ingredients Slovakia. In 2006, Dexia acquired of Dexia’s success in this business DenizBank, the sixth largest privately- line, which generates more than half owned bank in Turkey. An important of Dexia’s earnings. Dexia private banking business has been participates in this market through a developed over the years. Dexia has variety of services that include basic also acquired or developed units and lending, bond execution, highly- joint ventures in a number of structured projects and credit European countries including enhancement. In addition, Dexia Belgium, Luxembourg, France, Spain offers insurance, payment, asset and Switzerland. management and other services to its clients. Treasury and Financial Markets Dexia’s principal businesses give the Group an intensive presence in the capital markets, both for funding and managing the Group’s balance sheet and for structuring sophisticated products and solutions for clients of the various business lines. This business segment not only provides key support to the entire Group, it also functions as an important profit center generating substantial earnings. 05 DEN‹ZBANK FINANCIAL SERVICES GROUP ANNUAL REPORT 2006 SECTION I - INTRODUCTION DEXIA AT A GLANCE Asset Management, Insurance and Expertise, Performance and Rating Investor services Dexia Asset Management has built a Dexia’s success lies not only in its strong reputation in Europe and today well-established franchise and strong distributes more than a third of its distribution skills, but also in its ability products to institutions and through to conceive efficient products and third-party channels. Dexia Insurance develop innovative solutions to meet Services supplies all the life and non- its clients’ financial needs. In all life insurance products sold in the business
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