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2 0 „uM�K� WO��u��« WOMN*« WOFL'« 0 Ò Ò Ò 8 WO�U*«Ò U��R*«ËÒ APTBEF TUNISIA’S PROFESSIONAL ASSOCIATION OF BANKS AND FINANCIAL INSTITUTIONS www.apbt.org.tnwww.apbt.org.tn Annual2008 report 2008 2009 E ّاجلمعية ّاملهنية ّالتونسية للبنوك ّواملؤسسات ّاملالية APTBEF TUNISIA’S PROFESSIONAL ASSOCIATION OF BANKS AND FINANCIAL INSTITUTIONS ANNUAL REPORT 2008 2009 ■ TUNISIA’S PROFESSIONAL ASSOCIATION OF BANKS AND FINANCIAL INSTITUTIONS www.apbt.org.tn PARTICIPANT MEMBERS LENDING INSTITUTIONS BANKS ■ AMEN BANK (AB) ■ ARAB BANKING CORPORATION (ABC) ■ ARAB TUNISIAN BANK (ATB) ■ ATTIJARI BANK OF TUNISIA (ATTIJARI BANK) ■ BANK FOR FINANCING SMALL/MEDIUM BUSINESSES (BFPME) ■ BANK OF HOUSING (BH) ■ BANK OF TUNISIA (BT) ■ TUNISIA AND EMIRATES BANK (BTE) ■ FRANCO-TUNISIAN BANK (BFT) ■ ARAB INTERNATIONAL BANK OF TUNISIA (BIAT) ■ NATIONAL AGRICULTURAL BANK (BNA) ■ TUNISIAN SOLIDARITY BANK (BTS) ■ TUNISO-KUWAITI BANK (BTK) ■ TUNISO-LIBYAN BANK (BTL) ■ CITIBANK ■ TUNISIAN BANKING COMPANY (STB) ■ STUSID BANK ■ TUNISIAN QATARI BANK (TQB) ■ BANKING UNION FOR TRADE AND INDUSTRY (UBCI) ■ INTERNATIONAL BANKING UNION (UIB). 2 TUNISIA’S PROFESSIONAL ASSOCIATION OF BANKS AND FINANCIAL INSTITUTIONS ■ FINANCIAL INSTITUTIONS www.apbt.org.tn LEASING COMPANIES ■ ARAB INTERNATIONAL LEASE ■ ARAB TUNISIAN LEASE ■ ATTIJARI LEASING ■ LEASING INTERNATIONAL COMPANY ■ EL WIFACK LEASING ■ HANNIBAL LEASE ■ MODERN LEASING ■ TUNISIA LEASING ■ UBCI LEASING. FACTORING COMPANIES ■ TUNISIA FACTORING ■ UNIFACTOR. OTHER MEMBERS ■ BANK ETTAMOUIL TOUNSI SAOUDI (BEST BANK) ■ TUNISIA MERCHANT BANK (BAT) ■ NORTH AFRICA INTERNATIONAL BANK (NAIB) ■ TUNISIAN UNION OF BANKS (UTB). ASSOCIATE MEMBERS ■ ARAB INTERNATIONAL COLLECTION COMPANY ■ INTERNATIONAL CLAIM COLLECTION ■ EL ISTIFA COMPANY ■ FINANCIAL CLAIM COLLECTION COMPANY ■ GENERAL CLAIM COLLECTION COMPANY ■ RAPID COLLECTION COMPANY ■ TUNISIAN CLAIM COLLECTION COMPANY ■ SOUTHERN COLLECTION. 3 ■ TUNISIA’S PROFESSIONAL ASSOCIATION OF BANKS AND FINANCIAL INSTITUTIONS www.apbt.org.tn MEMBERS OF APTBEF’S GOVERNING COUNCIL Chairman : M. Slaheddine BOUGUERRA : President Director General of the Banking Union for Trade and Industry till 05 May 2008, M. Mohamed Férid BEN TANFOUS, Director General of Arab Tunisian Bank starting 06 May 2008. BANKING SECTION : Vice Chairman : M. Abou Hafs Amor NAJAI, President Director General of the Bank of Housing till 03 September 2008 and President Director General of the Tunisian Banking Company starting 04 September 2008. Treasurer : M. Moncef DAKHLI, President Director General of the National Agricultural Bank. Members : M. Laroussi BAYOUDH, President Director General of the Tunisian Banking Company till 03 September 2008 and Vice President and Director General of Best Bank starting 04 September 2008, M. Ibrahim HAJJI, President Director General of the Bank of Housing starting 03 September 2008, M. Slaheddine LADJIMI, Director General of the Arab International Bank of Tunisia, M. Faouzi BELKAHIA, President Director General of Bank of Tunisia till 06 April 2008, Mrs. Alia ABDALLAH, President Director General of Bank of Tunisia starting 07 April 2008, M. Hassan BERTAL, Director General of Attijari Bank of Tunisia till 5 May 2008, M. Moncef CHAFFAR, President of the Governing Council of Attijari Bank of Tunisia starting 5 May 2008, M. Ibrahim SAADA, Director General of Stusid Bank. FINANCIAL INSTITUTIONS SECTION : Vice Chairman : M. Fethi MESTIRI, Director General of Tunisia Leasing. Members : M. Mouldi OUELHAZI, Director General of Attijari Leasing. M. Mohamed Hechmi DJILANI, President Director General of Hannibal Lease. M. Kamel BEN NJIMA, President Director General of the Union Factoring. General Delegate : M. Amor SAAFI. 4 TUNISIA’S PROFESSIONAL ASSOCIATION OF BANKS AND FINANCIAL INSTITUTIONS ■ TABLE OF CONTENTS www.apbt.org.tn I- Outstanding facts OF THE environment 7 A- International environment 8 B- National economic environment 9 II- BANKING sector contribution IN FINANCING THE ECONOMY : MEET PRESENT AND FUTURE NEEDS 13 A- The sector contribution in economic development 14 B- Performance consolidation 19 C- Modernisation and banking services quality 21 III- THE Association activity : strong COMMITMENT IN promoting COMMUNITY projects 23 1- Running interbank projects 25 2- Representing the sector on the national and international level 25 3- Contributing in banking services improvement 27 4- Vocational training 29 IV- THE ASSOCIATION MEMBERS’ FINANCIAL STATEMENTS 39 1- Banks 41 2- Financial institutions 82 3- Other Members 109 V- Statistics APPENDIX 117 A- Banking population 119 B- Bank network 132 C- Monetics 169 5 ■ TUNISIA’S PROFESSIONAL ASSOCIATION OF BANKS AND FINANCIAL INSTITUTIONS www.apbt.org.tn THE ASSOCIATION CHAIRMAN’S AND GENERAL DELEGATE’S ADDRESS Despite hard international environment marked by world growth slackening, Tunisia achieved results that were overall satisfactory over 2008. Growth rate was 4.6% thanks to political and monetary authorities’ vigilance and measures taken to reduce world crisis effect on national activity. Tunisia’s banking system was spared from the repercussions of the financial crisis thanks to its investment perceptive policy since, it did not invest in hedge funds known for their very high risk, or in very sophisticated financial instruments. On the financial front, credit institutions consolidated their foundations because of record performances of their activity indicators. Being aware of their vital role in financing the economy and, notably, against a background of economic crisis, banks and financial institutions made all necessary efforts to back up tunisian companies that experience difficulties. Tunisia’s Professional Association of Banks and Financial Institutions that represents the banking profession and serves as a body where its members can work together looked, within its new development strategy, into common initiatives which aim at promoting the sector image and improving banking services quality so that they rise to international standards and bring banks closer to their customers. Working in close collaboration with the Central Bank of Tunisia, the Association undertook several activities to reinforce security with branches and organised a seminar which topic was "Tunis, regional financial centre". 6 OUTSTANDING 1FACTS OF THE ENVIRONMENT ■ TUNISIA’S PROFESSIONAL ASSOCIATION OF BANKS AND FINANCIAL INSTITUTIONS www.apbt.org.tn OUTSTANDING FACTS OF THE ENVIRONMENT A- International environment : AN INTERNATIONAL ENVIRONMENT SINKING INTO AN IRREVERSIBLE PROCESS OF SERIOUS CRISIS Turbulences observed since August 2007 on main financial markets expanded in 2008 to end up into a worldwide financial crisis, unique of its kind for decades. Under the impact of the subprime crisis in the United States, the crisis spread to other segments of financial markets as well as to a great number of financial institutions in the world. The crisis became more acute starting in mid-September following the announcement of bankruptcy at the American Investment Bank “Lehman Brothers” causing panic on financial markets and total loss of confidence on the side of investors. Lower consumer and business confidence combined with tougher loan conditions and negative wealth effects linked to a drop in real estate prices and in stock exchange rates affected economic growth forecast, reviewed several times downward. The main industrialised countries intervened promptly, massively and in a concerted manner but failed in saving real economy from being rapidly affected by the crisis. At the end of the year, several advanced economies experienced recession. World economy, however, remained overall sustained, due to resistance of emerging and developing economies which continued to post strong expansions, though suffering a downturn towards the end of the year. Thus, world GDP growth rate fell to 3.2% in 2008 vs 5.2% in 2007. This world growth slowdown that affected, in particular, developed countries led to a sharp shrink of international demand despite successive reduction of key rates made by developed countries’ main central banks. This resulted in a sharp drop in commodity prices and a significant fall of inflation. This situation worsened by slower growth in the volume of world trade, down from 7.2% to 2.9% from one year to the next. OUTSTANDING FACTS OF THE ENVIRONMENT ■ Annual Report 2008 8 TUNISIA’S PROFESSIONAL ASSOCIATION OF BANKS AND FINANCIAL INSTITUTIONS ■ TRENDS IN THE MAIN ECONOMIC AND FINANCIAL www.apbt.org.tn INDICATORS IN THE WORLD DESCRIPTION GDP growth Inflation Budget balance Unemployment (volume & %) (variation in consumer (% of GDP) (% of working prices %) (1) population) COUNTRIES 2006 2007 2008 2006 2007 2008 2006 2007 2008 2006 2007 2008 Developed Countries(2) 3.0 2.7 0.9 2.4 2.2 3.4 -1.6 -1.2 -3.5 5.7 5.4 5.8 of which : - United states 2.9 2.0 1.1 3.2 2.9 3.8 -2.6 -2.9 -6.1 4.6 4.6 5.8 - Japan 2.4 2.4 -0.6 0.3 0 1.4 -3.8 -2.5 -5.6 4.1 3.8 4.0 European Union 3.3 3.1 1.1 2.3 2.3 3.7 -1.4 -0.8 -2.3 8.1 7.1 7.0 of which : Euro Zone 2.8 2.7 0.9 2.2 2.1 3.3 -1.4 -0.7 -1.8 8.2 7.5 7.6 Emerging and developing 7.8 8.3 6.1 5.4 6.4 9.3 0.3 0.4 -0.2 - - - countries of which : - Tunisia 5.5 6.3 4.6 4.5 3.2 5 -2.8 (3) -2.9(3) -1.2 (3) 14.3 14.1 14.2 - Morocco 8.0 2.7 5.4 3.3 2.0 3.9 - 0.9 -1.6 - - - - South Africa 5.4 5.1 3.1 4.7 7.1 11.5 - - - - - - - Chile 4.0 4.7 3.2 3.4 4.4 8.7 - - - - - - Source : World economic outlook of the IMF, the European Central Bank, the Central Bank of Tunisia 2008 Annual Report. Ministry of Development and International cooperation and the National Institute of Statistics concerning Tunisia. (1) Base 100 in 2000 (2) Most developed countries (3) Excluding privatization and grant (-) : Not available. In emerging and developing countries growth was 6.1% in 2008 vs 8.3% in 2007. Slackening in activity started to affect emerging countries significantly over the closing months of the year.