Türk Ekonomi Bankası A.Ş 20091Q...8 BNP PARIBAS JOINT VENTURE 2008 Developments In Banking Sector The global crisis hits: Increase in the cost of deposits, Decrease in NIM, asset

Türk Ekonomi Bankası A.Ş.

Earnings Presentation

March 31, 2009

Overview

Makro Economic Environment and Banking Sector

3

BNP PARIBAS JOINT VENTURE2008 Macro Economic Developments

GDP growth: 6.2 % contraction

USD/TRY (eop): 1.5218 benchmark interest rate :%16.5The effects of global economic turmoil got worse, especially exports and international funding suffered most. Industrial production contracted 12%. CBT cut interest rates by 1.75 % to vitalize the economy.In the US the rescue plan for the banking sector (TARP) passed. FED rates were down to zero. Central Banks worldwide started to loosen their monetary policies.

4th quarter

GDP growth : 0.5 %

USD/TRY (eop): 1.2316 benchmark interest rate :%19.4Fannie Mae and Freddie Mac were nationalized by U.S. Government . Lehman went bankrupt and global markets started to fluctuate in mid September

3rd quarter

GDP growth : 2.3 %

USD/TRY (eop): 1.2296 benchmark interest rate :%22.5Political uncertainity has been lifted by the Constitutional Court decision as not to close AKP, TL gained value. With the affect of increasing commodity prices, yearly inflation reached to 10.7% in May. CBT revised its inflation target rate to 7.5% from 4%, interest rates were increased by 1.5%.

2nd quarter

GDP growth: 6.7 %USD/TRY (eop): 1,2827 benchmark interest rate :%18.6Due to the uncertainity stemming from AKP’s closure case, foreign portfolio lost its share and TL lost value. USD/TL was around 1,16 at new year’s. JP Morgan, overtook Bear Stearns.

1st quarter

4

BNP PARIBAS JOINT VENTURE2009 Macro Economic Developments

GDP growth: 8 % contraction expected (TEB’s expectation)

USD/TRY (eop): 1,6682

In the first quarter of 2009 the contraction in the Turkish economy was very strong. Due to the decrease in demand and the falling oil and commodity prices in the world economy, the CPI inflation was 7.89 (y/y). The Central Bank suprised the market with dramatic interest rate cuts. Unemployment increased very rapidly and reached 15.5% in January.

1st quarter

5

BNP PARIBAS JOINT VENTURE

Feb-09, -23.7-30

-25

-20

-15

-10

-5

0

5

10

15

20

25

Jan-

07

Mar

-07

May

-07

Jul-0

7

Sep

-07

Nov

-07

Jan-

08

Mar

-08

May

-08

Jul-0

8

Sep

-08

Nov

-08

Jan-

09

Macro Economic Developments

The slow-down that started in mid-2008 turned into a substantial contraction in the last quarter. Yet the 1st quarter/half of 2009 will probably be the most severe period in terms of the effects of the global turmoil hitting Turkey.

Industrial Production Index (yoy, %)GDP Growth (% yoy)

Source: Turkstat; TurkeyDataMonitor; TEB.

7,3

2,81,1

-8,0-6,2

-7,5

-5,0

-0,2

-4,3

1,2

-20

-15

-10

-5

0

5

10

15

Mar

-08

Jun-

08

Sep

-08

Dec

-08

2008

Tot

al

Mar

-09

(f)

Jun-

09 (f

)

Sep

-09

(f)

Dec

-09

(f)

2009

Tot

al (f

)

Consumption of Households Gov. Cons. and Inv.Private Investment Change in StocksNet Exports GDP

6


Jan-09, 19.0

Jan-09, 15.5

8

9

10

11

12

13

14

15

16

17

18

Jan-

05

Apr

-05

Jul-0

5

Oct

-05

Jan-

06

Apr

-06

Jul-0

6

Oct

-06

Jan-

07

Apr

-07

Jul-0

7

Oct

-07

Jan-

08

Apr

-08

Jul-0

8

Oct

-08

Jan-

09

Non-farm (SA)Total (SA)

0

5

10

15

20

25

Sou

th A

frica

Turk

eySpa

inPol

and

Slo

vaki

aH

unga

ryBra

zil

Eur

ozon

eU

SA

Rus

sia

Chi

leG

erm

any

Por

tuga

lC

anad

aC

zech

Rep

ublic

Arg

entin

aSw

eden

Gre

ece

Italy

Finl

and

Eng

land

Taiw

anAus

tralia

Mex

ico

Hon

g Kon

gJa

pan

Net

herla

nds

Sw

itzer

land

Sou

th K

orea

Nor

way

Den

mar

k

Macro Economic Developments

Unemployment rate continued its steep rise in 2009 placing Turkey in the second highest rank among the selected countries above.

Unemployment (%)

Source: Turkstat; TurkeyDataMonitor; TEB.

Source: Reuters, latest available data.

Source: Turkstat; TurkeyDataMonitor.

7

BNP PARIBAS JOINT VENTUREMacro Economic Developments

7.89

6.18

5.55

4

5

6

7

8

9

10

11

12

13

Jan-

07Fe

b-07

Mar

-07

Apr

-07

May

-07

Jun-

07Ju

l-07

Aug

-07

Sep

-07

Oct

-07

Nov

-07

Dec

-07

Jan-

08Fe

b-08

Mar

-08

Apr

-08

May

-08

Jun-

08Ju

l-08

Aug

-08

Sep

-08

Oct

-08

Nov

-08

Dec

-08

Jan-

09Fe

b-09

Mar

-09

CPIH-IndexI-Index

CPI Inflation and Core Inflation (% y/y)Changes in Policy Rate (End 2007 to 16.04.09)

-6 -4 -2 0 2 4 6

UKRAINERUSSIA

ROMANIAHUNG

BRAZILINDSBOJMEX

POLANDPHIL

COLOMBISARB

CZECHTHAI

ISRAELTAIWAN

DENMARKCHINA

SNBECB

INDIARIKSBKKOREA

NORWAYRBABOC

CHILEFEDBOE

RBNZTURKEY

Source: Turkstat. Source: Reuters.

8

BNP PARIBAS JOINT VENTURE2008 Developments In Banking Sector

The global crisis hits: Increase in the cost of deposits, Decrease in NIM, asset quality detoriation, decrease in profits ,high volatility in interest and exchange rates.New Branches : 247 Employment :1,171Credits and deposits increased by 1.6% and 7.9 % respectivelyNIM: % 4.60 NPL:%3.51

4. quarter

Increasing cost of international syndications and decreasing rollover ratio marked the Q.New Branches : 370 Employment : 3,603Credits and deposits increased by 6.5% and 3.4 % respectivelyNIM: % 4.72 NPL:%3.02

3. quarter

Though slower than first quarter, the sector continued to grow, there was no significant deterioration.New Branches : 322 Employment : 3,527Credits and deposits increased by 7.8% and 5.4 % respectivelyNIM: % 4.80 NPL: %2.99

2. quarter

Turkish banking sector was not affected by the global turmoil in the 1Q. There was strongth growth.New Branches: 234 Employment: 4,761Credits and deposits increased by 11.2% and 8.0 % respectivelyNIM: % 4.96 NPL:% 3.00

1. quarter

9

BNP PARIBAS JOINT VENTURE2009 Developments In Banking Sector

Turkish banking sector to feel the effects of crises,there was furher deterioration in asset quality (NPL.4.24)Due to the easing in the interest rates, the banks enjoyed some margin improvements and trading gains in fixed income securities.

1. quarter

10

BNP PARIBAS JOINT VENTURE2009 Makroeconomic Indicators

%7

-

-

1.78

% 14.2

% 10.0

% 7.0

% -3.0

2009F

%9%3.6NPL

-%29Loan Growth

-%27Deposit Growth

1.751.52USD/TRY (eop)

% 12.%16.5Benchmark Bond Yield (eop)

% 9.0%15.0Policy Interest Rate (eop)

% 6.5%10.1CPI,% (eop)

% -5.0%1.1Real GDP, (yoy)

2009Frevised

2008We expect 8% contraction in GDP in the first quarter 2009. The contraction will probably continue into the 1st half of the year and we will probably see some improvement in the economy in the 2nd half of the year and overall 5% contraction.

CPI will be around 6.5% with the decrease in the local demand and the decrease in the energy & goods prices. The first half of the year would see a sharp decrease in the inflation with a somewhat stiff trend in the second half resulting from the expected increse in local demand and the effect of exchange rate.

Following the fall in inflation and slowdown in economic activity, Central Bank will probably lower the policy interest rate to 9% in the firs thalf of the year and keep it constant from then on

With the squeezing credit markets and increasing demand for bonds along with the CBT’s rate cuts, we foresee the contraction of the bond yields.

We do not expect any increase in the loans or deposits in real terms for 2009 and the NPL ratio to go up to 9%.

11

BNP PARIBAS JOINT VENTUREDevelopments In Banking Sector

Deposits

8.0%5.4%

3.4%7.9%

1.8%

24.2%

3.0% 3.2%1.3%

-2.9%

Q1 - 2008 Q2 - 2008 Q3 - 2008 Q4 - 2008 Q1 - 2009

SektörTEB

NPL

3.00% 2.99% 3.02%3.51%

4.24%

1.64% 1.79%1.35%

2.25%

3.56%

Q1 - 2008 Q2 - 2008 Q3 - 2008 Q4 - 2008 Q1 - 2009

Source: BRSA, TEB Bank-Only and Consolidated BRSA Financials

Loans

11.2%

7.8%6.5%

1.6%

14.0%

6.9% 7.7%

-0.25%-8.3%

-8.4%

Q1 - 2008 Q2 - 2008 Q3 - 2008 Q4 - 2008 Q1 - 2009

12

BNP PARIBAS JOINT VENTURE2008 Developments in TEB

Although Cost reductions projects were put into effect and results were obtained especially in the last quarter, cost of new branches negatively affected profitability.

Expense Management

63 new branches were opened. Credits increased by 21%, deposits increased by 28% on a consolidated basis.

Growth and Branches

Became the number one priority, numerous measures were taken including restructuring within departments and implementation of new credit policies.

Asset Quality

Successful rights issue in the amount of 345 million TL, CAR was 13.99%.As a precaution to economic crises high liquidity was maintained. NIM was effected negatively by cost impact. Syndication completed by 80% roll over ratio and with a reasonable cost of Libor +200bps

Liquidity and Funding

13

BNP PARIBAS JOINT VENTURETEB –– Asset Quality - Measures Taken

General Credit Policy:

The credit policies for all business lines are revised considering the effects of financial turmoil. It is decided that the strategy will be reviewed quarterly regarding the eventual effects of the crisis.

Restructuring:Legal Action Department which was formerly a part of Credit Monitoring Division is now under Legal Affairs Division

Retail loans became a separate division with its own Assistant General Manager. This reorganisation is due to the specialization required for the monitoring of commercial vs. retail loans and has already increased the effectiveness of both divisions.

14

BNP PARIBAS JOINT VENTURETEB Asset Quality - Measures Taken

Corporate and Commercial Banking

Cash management of credit clients is targeted.Cut off levels are redefined for both firms’and collateral ratings. Exposure in these alert areas are avoided.A more liquid collateral policy has been adapted.

Retail and Small Business

Controlled growthLow debt/equity ratio and high repayment capacity obligations for creditsTargets on branch level to be monitored on a monthly basisAssessment and cut-off strategies based on scoresRisky Sectors were defined and exposure is avoided Focus on cash management and client penetration.

15

BNP PARIBAS JOINT VENTURETEB Asset Quality - Measures Taken

Corporate and Commercial Banking

Scoring of BranchesReviewing of firms with risk exposure exceeding a certain limitReduction of risk and credit limits according to ratingsIncreasing required collateralsDecrease of alert area ratio for each business line

Retail and Small BusinessImplementation of Scorecard model for credit cards, consumer loans, and Small Enterprises Increase in number of staff in Credit Collection Division (shifting from Credit Allocation Group)Centralisation of retail credit operationsRevision of “cut-off” levels for each major retail product category

2009 1Q

TEB’s Performance – Financial Results

17


1702006

2732007

1132005

3362008

Branch Network

3352009/1Q

56 cities 96% coverage

56 cities 96% coverage

18

BNP PARIBAS JOINT VENTUREGrowth Performance

Personnel

2633

3565

5141

6400 6221

2005 2006 2007 2008 20091Q

ATM

246308

433

576 589

2005 2006 2007 2008 20091Q

POS

3,612

13,324

33,955

58,78864,331

2005 2006 2007 2008 20091Q

Branches

113

170

273

336 335

2005 2006 2007 2008 20091Q

19

BNP PARIBAS JOINT VENTURETEB Consolidated Income Statement

Million TL Reviewed Reviewed Change31.03.09 31.03.08

Net Interest Income 204.1 211.4 -3%Marketable Securities Revaluation Differences -1.8 -10.8 -83%Adjusted Net Interest Income 202.3 200.6 1%

FX Gains (Losses) 67.9 -67.2 201%Derivatives Trading -46.3 62.2 -174%Securities Trading Income 26.1 -10.9 340%Net Fees and Commissions 67.4 53.0 27%Other Income 8.7 54.3 -84%Net Banking Income 326.2 292.0 12%

Loan Loss Provisions -44.9 -25.9 73%Net Operating Income 281.3 266.1 6%

Dividend Income 0.0 0.0 nmOther Operating Income -186.1 -195.5 -5%Provision for Taxes on Income -16.9 -11.9 41%

Net Income/ (Loss) 78.4 58.7 34%

20

BNP PARIBAS JOINT VENTUREImproved Profitability

Net Profit (TRY million)

58.7

78.4

2008/1Q 2009/1Q

%34

Source: TEB Consolidated BRSA Financials

Net fees and commissions (TRY Million)

43.3

59.0

2008/1Q 2009/1Q

%36

21

BNP PARIBAS JOINT VENTUREImproved NIM and Cost/Income Ratio

6.396.60

6.326.03 6.23

2008/1Q 2008/1H 2008/3Q 2008/4Q 2009/1Q

Net Interest Margin: (Net interest income+Net FX gains/losses+Derivative Gains)/ (Liquid Assets+Marketable Securities+Credits)

Source: TEB BRSA Consolidated Financials

Net Interest Margin Cost/Income Ratio

Cost/Income

66.90% 65.70% 66.30%68.30%

57.00%

2008/1Q 2008/1H 2008/3Q 2008/4Q 2009/1Q

22

BNP PARIBAS JOINT VENTURELiquidity

Source: BRSA, TEB BRSA Consolidated Financials

2,950

3,792

3,104

3,839 4,025 4,190

36.05% 37.30%

29.63%

35.53%38.35% 39.17%

2007/4Q 2008/1Q 2008/2Q 2008/3Q 2008/4Q 2009/1Q

Liquid Assets Liquid Assets/Deposits

23

BNP PARIBAS JOINT VENTUREStructure of Loans - Bank-Only

Loans - Currency Mix

41%69% 76% 74% 74%

59%31% 24% 26% 26%

2005 2006 2007 2008 2009/1Q

TL FC

Retail Loans

33% 34% 34% 34% 33% 33%

16% 15% 13% 11% 10% 9%

26% 28% 28% 29% 28% 29%

26% 26% 29% 29%23%24%

2007 2008/1Q 2008/1H 2008/3Q 2008/4Q 2009/1Q

Housing Auto Consumer Credit Card

66%

40%

24%

Source: BRSA, TEB BRSA Bank-Only Financials

Loans (TRY Million)

4,886

6,8648,505

7,701

2.31%2.37%

2.26%

2006 2007 2008 20091Q

Volume Market share

24

BNP PARIBAS JOINT VENTUREBreakdown of Loans


∆ Volume

Corporate 1,814,599 24.9% 2,135,457 26.3% -15.0%

Commercial 3,118,576 42.9% 3,442,980 42.4% -9.4%

Big Commercial 1,509,824 20.8% 1,680,841 20.7% -10.2%Medium Commercial 1,608,752 22.1% 1,762,139 21.7% -8.7%

Small Business 1,051,008 14.4% 1,056,590 13.0% -0.5%

Retail 1,281,322 17.6% 1,473,913 18.1% -13.1%

Private 10,211 0.1% 19,160 0.2% -46.7%

20082009 1Q

25


Other14%

Metal9%Consumer

15%

Tourism5%

Mining3%Misc. Services

4%

Wholesale/Retail7%

Food, Beverage & Tobacco

10%Construction

9%

Textile9%

Elect. & optical appliances

2%

Machinery3%

Agriculture3%

Transportation Veh.3%

Chemicals4%

Bank-Only Loan Portfolio

Loan Portfolio by Industry 31.03.2009

Source: TEB, BRSA Bank-Only Accounts

Well diversified loan portfolio

26

BNP PARIBAS JOINT VENTURENon Performing Loans

Non-Performing Loans as a % of Total Loans

Source: CBR of Turkey announcements and BRSA Bank-Only Financials

2.3%3.7%3.5% 4.2%

0.0% 0.2% 0.5% 0.6%

3.8%2.5% 2.1% 1.3%0.9% 1.1% 0.9% 1.8%2.2% 2.4%

7.2%

10.7% 11.5%

6.0%

11.5%

16.5%

27.2%

4.9%3.7% 3.6%

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009Q1

TEB Sector Average

Coverage ratio: %50.69

27

BNP PARIBAS JOINT VENTUREStructure of Deposits – Bank Only

Deposits - Time/Demand Mix

23% 19% 20% 15%

77% 81% 80% 85%

16%

84%

2005 2006 2007 2008 2009/1Q

Demand Time

Deposits - Currency Mix

28%44% 51% 60% 55%

72%56% 49% 40% 45%

2005 2006 2007 2008 2009/1Q

TL FC

Source: TEB BRSA Bank-Only Financials

67%

31%

31%

Deposits (TRY million)

5,4007,083

9,272 9,3941.66%

1.92% 2.04%

2006 2007 2008 20091Q

Volume Market share

28

BNP PARIBAS JOINT VENTUREBreakdown of Deposits

Source: TEB BRSA Bank-Only Financials

∆ Volume

Corporate 2,350,149 25.2% 2,133,614 23.2% 10.1%

Commercial 1,230,880 13.2% 1,177,260 12.8% 4.6%

Big Commercial 695,800 7.4% 643,915 7.0% 8.1%Medium Commercial 535,080 5.7% 533,345 5.8% 0.3%

Small Business 677,483 7.3% 654,236 7.1% 3.6%

Retail 3,280,246 35.1% 3,291,546 35.8% -0.3%

Private 1,803,539 19.3% 1,950,380 21.2% -7.5%

20082009 1Q

29


TL (1000 TL) Jan 08 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Apr-09 ChangeTL Time Deposit 3,409,087 3,366,102 3,650,190 4,017,723 4,374,869 4,053,295 3,664,050 7%0-100K Deposit 513,159 578,685 701,985 828,405 1,009,007 965,343 912,853 78%Share 15.05% 17.19% 19.23% 20.62% 23.06% 23.82% 24.91%

Total Term Deposits / Core Deposits (0-100K)

TL Time Deposit / Core Deposit (0-100K) Evolution

2,250,000

2,750,000

3,250,000

3,750,000

4,250,000

4,750,000

Jan 08 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Apr-09400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

1,100,000

1,200,000

TL Time Deposit TL Core Deposit (0-100K)

TEB HAS STEADILY INCREASED ITS CORE DEPOSIT BASE

Deposits between 0-100 thousand TL were 15% of total deposits while this rate increased to 25% by April 09.

30

BNP PARIBAS JOINT VENTUREMarketable Securities

TotalFC7%

TL93%

Total

Fixed 53%

Floating47%

2009/1Q

Trading60%

AFS37% HTM

3%


TL

Fixed 50%

Floating50%

31

BNP PARIBAS JOINT VENTURECapital Increases and CAR

Year 2005 2006 06/2007 11/2007 2008

Bonus Issue - - 23,500 445,000 -% - - 30.71% 445% -

Rights Issue - 18,700 - 210,000 345,000% - 32.35% - 210% 45.69%

Previous Paid-in Capital 57,800 57,800 76,500 100,000 755,000

Current Paid-in Capital 57,800 76,500 100,000 755,000 1,100,00.00

(Thousand TL)Capital Increases

Source: TEB BRSA Bank-only and Consolidated Financials

CAR

13.17% 12.58%

16.47%

13.30%

13.99%

17.17%

14.88%

14.87%14.07%

15.38%

17.65% 18.50%

2007 2008/1Q 2008/1H 2008/3Q 2008/4Q 2009/1Q

Consolidated Bank-Only

32


Business Lines- Corporate Banking

• Contribution to results (as of 09 1Q):• 24.9 % of loans • 25.2 % of deposits • 14 % of customer contribution

Cross-sell ratio : 5.52xNPL ratio : 0.40 %

Corporate Loans (TL Million)

989

1536 1642

2135

1815

2005 2006 2007 2008 20091Q

Spreads of Corporate Loans

2.221.77 1.77 1.83

2.27

5.15

1.24 1.42 1.37 1.371.65

2.66

2007 2008/1Q 2008/1H 2008/3Q 2008/4Q 2009/1Q

YTL

FC

33

BNP PARIBAS JOINT VENTUREBusiness Lines- Commercial Banking

Commercial Loans (TL Million)

975

501

1410

925

1621 16181681 1762

1510 1609

Big Commercial (10-100 mio$) ME (2-10 mio $)

2005 2006 2007 2008 20091Q

• Contribution to results (as of 091Q) : • 42.9 % of loans • 13.2 % of deposits • 44 % of customer contribution


Spreads of Commercial Loans

7.40 7.55 7.16 6.77 6.92

10.61

2.17 2.66 2.56 2.48 2.73

4.72

2007 2008/1Q 2008/1H 2008/3Q 2008/4Q 2009/1Q

YTL

FC

34


Business Lines- Small Business

Small Business Loans (TL Million)

35

313

867

1057 1051

2005 2006 2007 2008 20091Q

• Contribution to results (as of 091Q):• 14.4 % of loans • 7.3 % of deposits • 23 % of customer contribution


Spreads of Small Business Loans

9.71 10.23 9.97 9.32 9.2

12.64

0.82 0.77 0.64 0.63

4.88

2007 2008/1Q 2008/1H 2008/3Q 2008/4Q 2009/1Q

YTLFC

35

BNP PARIBAS JOINT VENTUREBusiness Lines- Retail Banking

Spreads of Retail Loans

4.21 4.04 3.94 4.06

6.54

2.46 2.43 2.34 2.20 2.22

2007 2008/1Q 2008/1H 2008/3Q 2008/4Q 2009/1Q

YTL

FC

• Contribution to results (as of 091Q):• 17.6 % of loans • 35.1 % of deposits • 16 % of customer contribution


Credit card loan spreads are not included.

Retail Loans (TL Million)

386

679

1143

14741281

2005 2006 2007 2008 20091Q

36

BNP PARIBAS JOINT VENTUREPrivate Banking

• Contribution to results (as of 09 1Q):• 0.1 % of loans • 19.3 % of deposits • 2 % of customer contribution

Cross-sell ratio : 4.34xNPL ratio : -

Private Banking Assets (Billion US$)

0.7

1.3

1.81.6 1.5

2007 2006 2007 2008 2009/1Q

37


TEB Investment: 8th largest brokerage and investment house of Turkey with 3.8% market share as of 2009/1Q.

TEB Asset Management: 4.29 % market share with EUR 559 mio of AUM as of 2009 1Q. Number one in Capital

Protected Funds with 26% market share and number 2 at Special funds with 40% market share as of 2008 YE.

TEB Leasing: 3.30% market share, 11th largest leasing company in Turkey as of 2009/1Q.

TEB Factoring: 4rd largest factoring company in Turkey with a 7.0% market share in the sector as of 2009/1Q.

TEB NV: “Turkish specialist” in the EU market, total asset size is EUR 691 mio. as of 2009/1Q

TEB Financial Group of Companies

2009 Outlook

Objectives and Priorities

39

BNP PARIBAS JOINT VENTURE2009 General Strategy and Objectives

Flexible Budget:Quarterly budgets will be prepared and reviewed It will be subject to change each quarter.Unless subtle signs of recovery are observed;

Asset quality will continue to be the priorityOptimum liquidity level with a focus on cost of liquidity will be targeted.Improvement of Cost/Income ratio through cost saving projects will be another priority.Controlled growth; although the long term growth plans are intact, opening new branches will be on hold and evaluated quarterly.

Growth in non-credit products and client penetration through cross-sellsEnlarging the deposit base

40

BNP PARIBAS JOINT VENTUREContact Details

Investor Relations+90 212 2512121http://www.teb.com.tr

Çiğdem Başaran (ext. 1532)[email protected]

41


Disclaimer

The information and opinions obtained in this document have been compiled or arrived at by TEB from sources believed to be reliable, but no representation or warranty is made as to their accuracy, completeness or correctness. All opinions and estimates contained in this document constitute TEB’s judgement as of the date of this document and are subject to change without notice. This document is published for the assistance of the recipients, but is not to be relied upon as authoritative or taken in subtitution for the exercise of judgement by any recipient. TEB does not accept any liability for any direct or consequential loss arising from any use of this document or its contents. This document is strictly confidential and may not be reproduced, distributed or published for any purpose.

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Türk Ekonomi Bankası A.Ş 20091Q...8 BNP PARIBAS JOINT VENTURE 2008 Developments In Banking Sector The global crisis hits: Increase in the cost of deposits, Decrease in NIM, asset