2 Part I: Presentation 4 Mission, Vision, Strategic Objectives 5 Bank Asya in Brief 6 Key Highlights 8 Bank Asya s Market Position in the Sector 10 Bank Asya s Growth Strategy 14 Milestones 16 History 18 Changes in Capital and Shareholder Structure During the Reporting Period 24 Chairman s Message 28 CEO s Message 30 Message from Mr. Cemil Özdemir 34 Macroeconomic Overview and the Banking Sector 42 Review of Bank Asya s Activities in Corporate Communications and Social Responsibility 60 Subsidiaries and Affiliates 61 Independent Auditors Compliance Opinion on the Annual Report Part II: Information on Management and Corporate Governance Practices 64 Board of Directors 66 Statutory Auditors 68 Senior Management 70 Organization Chart 72 Committees 74 Summary Report of the Board of Directors 75 Human Resources 76 Training 77 Transaction Volume of the Risk Group of the Bank, Outstanding Loan and Deposit Balances, and Current Income and Expenses for the Reporting Period 78 Report on Compliance with Corporate Governance Principles 83 Support Services Procured by Bank Asya 84 The Bank s Profit Distribution Policy 85 The Bank s Profit Distribution Proposal for 2010 Profits 86 Matters Regarding The Ordinary General Assembly Meeting 87 Detailed Information On Agenda Items Part III: Assessment on Financial Information and Risk Management 88 Summary Report of the Statutory Auditors 89 Five-Year Summary Financial Statistics Including the Reporting Period 90 Assessment of Financial Position, Profitability and Debt Servicing Capacity 91 Assessment of the Audit Committee on the Operation of Internal Systems 93 Information on Risk Management Policies Implemented for each Risk Category 95 Credit Ratings and Reports Part IV: Unconsolidated Financial Statements and Accompanying Notes 99 Independent Auditors Report 102 Explanations and Notes for the Financial Statements Bölüm V: consolidated Financial Statements and Accompanying Notes 173 Independent Auditors Report 178 Explanations and Notes for the Financial Statements 250 Branches
3 High caliber human capital, excellent performance With its mission to extend participation banking to the widest population possible with the latest products and services, Bank Asya continues to create sustainable value through investments in advanced technology, a customer-centric approach, and strong, broad capital base. Bank Asya is committed to remain at the top with its high quality service and advanced technology, and to continue on its steady and healthy growth path.
4 Bank Asya, a pioneer with its innovations, strong with its growth momentum Mount AĞRI: Turkey s tallest mountain with an elevation of 5,137 meters.
5 INNOVATION AND STRONG GROWTH
6 4 Bank Asya 2010 ANNUAL REPORT VISION To be a respected, trusted and effective bank that provides world-class service with the products it develops. MISSION To contribute to both shareholder value and the Turkish economy by developing modern banking services within the framework of interest-free banking principles and satisfying customer needs and expectations with a different solutions for different expectations approach. STRATEGIC OBJECTIVES To be one of the world s leading interest-free banks. To continue to be the participation bank with the highest brand value in Turkey. To rank in the forefront of companies where highly qualified professionals would strive to work. To increase its market share. To be a pioneer in the banking industry with its innovations. To be the primary bank of its customers. To sustain and increase support of social responsibility projects including social activities and sports.
7 PresentatIon 5 BANK ASYA IN BRIEF Bank Asya ascertains its strategic targets by the principle of more sustainable value for all of its social and economic stakeholders. Bank Asya, Turkey s most dynamic participation bank, commenced operations under the Asya Finans name in 1996 as the country s sixth private finance house. As the sector s newest participation bank, Bank Asya grew rapidly in a short period of time and achieved a strong and respected market position. Turkey s first participation bank to go public Bank Asya is firmly committed to a strategy of sound and sustainable growth, which it has carefully integrated into its organizational structure. As the first participation bank in Turkey to go public in order to establish a strong and broad capital base, Bank Asya floated 23% of its shares in As of year-end 2010, 52.5% of the Bank s capital was publicly held. The Bank s paid-in capital was TL 900 million as of the end of New high-quality products and services in participation banking Bank Asya works continuously and proactively to expand its product and service lineup in order to meet the changing needs and expectations of its customers across all its business lines. As the first participation bank in Turkey to be awarded ISO 9001 Quality Management System certification, Bank Asya seeks to strengthen its market position by developing new interest-free banking products, including derivative products, with its innovative approach. The Bank also undertakes efforts to adapt widely used banking products and services to the interest-free banking system at the highest level of quality. Invest in people, invest in the future Bank Asya well understands that when it invests in people and technology, it invests in the future. The Bank deploys advanced technology in order to strengthen its growth momentum and supports its young, dynamic and development-focused workforce to embrace the Company s values. Advanced technology in banking Having expanded the reach of its delivery network through investments in technological infrastructure and alternative distribution channels, in addition to its 175 branches, Bank Asya has been particularly successful in gaining more frequent recognition in recent years for the innovative payment system products that it has introduced. After the launch of Europe s most advanced contactless credit card, AsyaCard DIT, and Turkey s first prepaid contactless debit card, DIT Pratik, Bank Asya once again demonstrated that it is a pioneer with the introduction in late 2010 of DIT Mobil, which facilitates contactless transactions using mobile phones. Creating more sustainable value Conducting its operations as a good corporate citizen, Bank Asya sets its strategic objectives in line with the principle of creating more sustainable value for all of its social and economic stakeholders. Increasing brand value alongside unmatched growth dynamics Bank Asya is transforming a business model which is based on supporting the real sector and manufacturing and which is informed by the fundamental principles of interest-free banking into an effective example of participation banking through its management competencies, funding practices, risk and quality policies, innovativeness, and unmatched growth dynamics. To this end, the Bank will continue to enhance the brand value that it has established in its national market and in the international arena. In 2010, Bank Asya sustained its profitability and growth in line with its performance targets thanks to its solid capital base and healthy balance sheet. The Bank continued to lead the participation bank market in 2010 in terms of total assets, lending, non-cash loans, deposits and net profit. Bank Asya also outperformed the industry overall in growth of total assets and deposits.
8 6 Bank Asya 2010 ANNUAL REPORT KEY HIGHLIGHTS Key Financial Highlights (Try Million) Change(%) Total Assets 11,609 14, Cash Loans (*) 8,355 11, Deposits 9,137 11, Shareholders Equity 1,708 1, Paid-In Capital Non-Cash Loans 8,886 9, Net Profit for the Period (13.6) Number of Branches Number of Personnel 4,074 4, Key Financial Ratios (%) Cash Loans/Total Assets (**) Loan-to-Deposit Ratio Cash Loans/Deposits (**) Capital Adequacy Ratio Shareholders Equity/Total Assets (*) Cash Loans include leasing receivables and non-performing loans. (**) Loan-To-Deposit Ratio is calculated by dividing Cash Loans by Deposits. (***) Non-performing loans were added to Cash Loans and Total Assets in gross terms. 06 4, ,260 8,109 11,609 14,513 TOTAL ASSETS (TRY MILLION) 25% 06 3, , , , ,060 LOANS (TRY MILLION) 32%
9 PresentatIon 7 Bank Asya sustained its upward momentum in 2010 and achieved growth of 25% in Total Assets, 32.4% in Cash Loans and 22.2% in Deposits. Bank Asya s Composition of Assets (%) Liquid Assets Cash Loans Fixed Assets 3 3 Other 3 3 Bank Asya s Composition of Liabilites (%) Deposits Funds Borrowed 2 4 Shareholders Equity Other , , , , ,167 DEPOSITS (TRY MILLION) 22% 14% SHAREHOLDERS EQUITY (TRY MILLION) , , ,942
10 7.7 8 Bank Asya 2010 ANNUAL REPORT BANK ASYA S MARKET POSITION IN THE SECTOR High performance, strong and leading position Banking Industry Deposit Banks Participation Banks bank asya TOTAL ASSETS (%) LOANS (%) DEPOSITS (FUNDS COLLECTED) (%) SHAREHOLDERS EQUITY (%) NET PROFIT FOR THE PERIOD (%) NON-PERFORMING LOANS (%) NON-CASH LOANS (%) TOTAL LOANS (%)
11 7.4 PresentatIon 9 Bank Asya maintained its strong market position in 2010 and outperformed the overall sector with its increase in total assets and improvement in asset quality Comparison of Bank Asya with Other Participation Banks NUMBER OF PERSONNEL (%) NUMBER OF BRANCHES (%) LOANS (%) TOTAL ASSETS (%) DEPOSITS (FUNDS COLLECTED) (%) SHAREHOLDERS EQUITY(%) NET PROFIT/LOSS FOR THE PERIOD(%) NUMBER OF BRANCHES (%) NUMBER OF PERSONNEL (%) OTHER PARTICIPATION BANKS bank asya
12 10 Bank Asya 2010 ANNUAL REPORT BANK ASYA S GROWTH STRATEGY Profitability-oriented sustainable growth Bank Asya s strong 2010 results reflected the successful implementation of its growth strategy and its effective business processes and practices. Effective Resource Management Solid capital base Rapid increase in deposits Longer average terms on deposits and high liquidity Sustainably high profitability 13.33% (tier 1) capital adequacy ratio 22% increase in deposits vs. 19.9% for the sector 18% liquidity ratio 14.4% return on equity (ROE) Effective Credit and Risk Management Deeper customer relationships More diversified loan portfolio High rate of NPL recovery Lower NPL ratio Increased loan loss reserves 32.4% growth in cash loans Ranked 12th in cash loans 3.9% NPL/cash loans ratio 2.2% NPL/total loans ratio 67.9% NPL coverage Effective Product and Brand Management Growth in innovative products Greater brand awareness (Sponsorships, effective promotion and advertising) AsyaCard DIT: Market leader in contactless cards 25% increase in credit card turnover Ranked 10th in the sector with 1.8 million credit cards High profile with Bank Asya 1st League (football league) Bank Asya forms its strategies around the overarching goal of being one of the most important brands in the participation banking business line not only in Turkey but also in the entire the world. Conducting its operations in line with the principles of sustainable growth while pursuing this primary objective, the Bank focuses on creating more and more value not just for the economy but also for the society as a whole. Bank Asya is commited to being a model bank along all the three axes of quality, productivity and profitability. The Bank invests both in technology and in people in order to make its proactive, customer-oriented service philosophy a reality in all aspects. Bank Asya is a transparent institution that continuously improves its business processes and systems in line with the requirements of the day and that embodies the very best of corporate governance principles and practices.
13 PresentatIon 11 TRUST PRODUCTIVITY BUSINESS CONTINUITY OUR STRATEGIC PRIORITIES STEADY GROWTH EFFECTIVE RISK MANAGEMENT FINANCIAL OPERATIONAL EXCELLENCE STAKEHOLDERS PERSONNEL & PROGRESSION Sustainable growth and profitability Strengthening the financial structure Targets for subsidiaries and affiliates Increasing the use of technology Improving the efficiency of business processes Increasing the effectiveness of risk management practices Maximizing customer satisfaction Offering diversified solutions capable of addressing different customer expectations Ensuring sustainable dividend payment to shareholders Increasing the knowledge levels of employees Establishing effective communications and enhancing skills Disseminating corporate strategy and performanceoriented management philosophy Bank Asya s Competitive Advantages Leader among participation banks in total assets, deposits, loans, and profitability Dynamic, growing organization Well-qualified, young staff Customers trust Bank Asya Experienced in crisis management Employee engagement and loyalty to the Bank Strong team spirit throughout the Bank Focus on rapid technology deployment and innovation Bank Asya s Strategic Orientation in Trustworthiness, stable growth, effective risk management, business continuity and productivity are Bank Asya s top strategic priorities. Having clearly and explicitly defined its objectives in line with its corporate vision, Bank Asya groups its strategies under four main headings in order to achieve its objectives: Financial Operational excellence Stakeholders Personnel & progression In the same way, Bank Asya has laid out a five-year roadmap whose course is shaped by these strategies.
14 Bank Asya, shining example with its high performance MOUNT EVEREST: The world s tallest mountain with an elevation of 8,848 meters.
15 HIGH PERFORMANCE, STRONG AND LEADING MARKET POSITION
16 14 Bank Asya 2010 ANNUAL REPORT MILESTONES 13,000 12,000 11,000 10,000 9,000 (TL million) 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Bank Asya commences operations on 24 October The number of branches reaches 15. The number of branches reaches 16. Asya Finans launches the Asya Finans credit card. Asya Finans is subjected to the Banking Law. The Company s paid-in capital is increased to TL 10 million. The number of branches reaches 25. The Asya Finans online branch goes into service. The Association of Private Finance Houses is established. The Company s paid-in capital is increased to TL 20 million. The number of branches reaches 28. The Company s paid-in capital is increased to TL 40 million. The ASYA24 ATM network goes live for customer use. The Asya Fin The C
17 PresentatIon 15 DEPOSITS (FUNDS COLLECTED) (TRY MILLION) TOTAL LOANS (TRY MILLION) 11,167 11,060 number of branches reaches 43. ans becomes a member of the VISA system. The number of branches reaches 62. Alo Asya telephone banking services are launched. ompany s paid-in capital is increased to TL 60 million The Company s paid-in capital is increased to TL 120 million. In an initial public offering, 23% of Bank Asya s shares are floated; the Company s stock begins trading on the Istanbul Stock Exchange under the ASYAB ticker symbol. Asya Finans is reorganized as a participation bank and its name is changed to Bank Asya. The number of branches reaches 72. The Company s paid-in capital is increased to TL 240 million. The number of branches reaches 92. The Company s paid-in capital is increased to TL 300 million. The number of branches reaches 118. Bank Asya stock is added to the ISE-30 Index as of January Bank Asya becomes the name sponsor of the Turkish Football Federation 1st League. Contactless technology products AsyaCard DIT and DIT Pratik are made available for the use of the Bank s customers. The number of branches reaches 175. DIT Pratik is named Best Mastercard Prepaid Product in Turkey. Bank Asya joins the MoneyGram service network. AsyaAsist, Çobanyıldızı and DIT Mobil were launched for customer use. The number of branches reaches 158. Bank Asya becomes a shareholder in Senegal-based Tamweel Africa Holding SA. AsyaCard DIT receives the Best Cash Displacement Initiative and the Best New Credit Card Product Launch awards. 2010
18 16 Bank Asya 2010 ANNUAL REPORT HISTORY A success story in participation banking 1996 Originally founded with TL 2 million in capital, Asya Finans Kurumu A.Ş. (Asya Private Finance House Inc.) commences operations on 24 October 1996 at its main branch located in the Altunizade district of Istanbul The number of branches reaches Asya Finans launches the Asya Finans credit card for its customers. The number of branches reaches Asya Finans is subjected to the Banking Law. The Company s paid-in capital is increased to TL 10 million The Asya Finans online branch goes into service. The number of branches reaches The Association of Private Finance Houses is established and a Guarantee Fund is formed. The Company s paid-in capital is increased to TL 20 million The Company launches an installment-based credit card and the ASYA24 ATM network for its customers. Regulations on the Private Finance House Private Current and Participation Account Guarantee Fund go into effect on 18 September. The Company s paid-in capital is increased to TL 40 million. The number of branches reaches Asya Finans is licensed by the Ministry of Finance to accept tax payments. Asya Finans customers begin to make credit card payments and money transfers through online PTT offices located all over the country. Asya Finans becomes a member of the VISA system on 24 October. The Company s paid-in capital is increased to TL 60 million. The number of branches reaches Alo Asya ( ) telephone banking services are launched for retail customers and corporate clients. The Company undergoes a headquarters reorganization in which the number of units is increased to 24. Asya Finans joins the Ortak Nokta ATM sharing platform, enabling its customers to access their accounts from any of more than 2,400 Ortak Nokta ATMs located all over the country. The Company s paid-in capital is increased to TL 120 million. The number of branches reaches As a result of amendments to the Banking Law, private finance houses are given one year to become compliant with participation bank status. Control of the Guarantee Fund is turned over to the Savings Deposit Insurance Fund. Asya Finans Kurumu A.Ş. is reincorporated as Asya Katılım Bankası A.Ş. (Asya Participation Bank Inc.) and it is decided to continue Asya Finans s operations as Bank Asya. The Company s paid-in capital is increased to TL 240 million. The number of branches reaches Bank Asya increases its paid-in capital to TL 300 million as a result of an initial public offering in which 23% of its shares are floated and acquired in record-breaking demand. Bank Asya begins trading on the Istanbul Stock Exchange under the ASYAB ticker symbol on 12 May. Heavy trading in the Company s shares
19 PresentatIon 17 qualifies it for inclusion in the ISE-50 Index of the most actively traded shares by the end of the same year. Bank Asya celebrates its 10th anniversary in the financial services industry. The number of branches reaches Bank Asya stock is added to the ISE- 30 Index as of January. The Company moves to its new headquarters building in the Ümraniye district of Istanbul. The number of branches reaches Bank Asya becomes the name sponsor of the Turkish Football Federation 1st League. The Company undergoes a headquarters reorganization in which the number of units is increased to 40. AsyaCard DIT (Europe s most advanced contactless credit card) and DIT Pratik (Turkey s first prepaid contactless debit card) are made available for the use of the Bank s customers. With the launch of the first transportation system project using AsyaCard DIT in the city of Kahramanmaraş, residents begin to pay municipal bus fares with the card. The Company s paid-in capital is increased to TL 900 million. The number of branches reaches The number of cities in which municipal bus fares can be paid using AsyaCard DIT reaches four with the introduction of the system in Karabük, Balıkesir and Bolu. AsyaCard DIT receives both the Best Cash Displacement Initiative award in the Visa Europe Best Card & Payment Sector Awards and the Best New Credit Card Product Launch award at the Cards & Payments Awards. The AsyaCard website, www. asyacard.com.tr, receives the Best in Class designation at the Interactive Media Awards competition. Bank Asya signs a strategic partnership agreement with the Islamic Corporation for the Development of the Private Sector (ICD), an agency of the Islamic Development Bank (IDB), and becomes a shareholder in Tamweel Africa Holding SA, a Senegal-based company that engages in interestfree banking in Africa. The number of branches reaches 158. Bank Asya is cited in The Banker magazine s list of the world s 1,000 largest banks for its highly impressive performance DIT Pratik is named The Best Mastercard Paypass Prepaid Banking Product in Turkey by Mastercard. Bank Asya branches join the MoneyGram service network to enable international money transfers. AsyaCard receives the Consumer Quality Award at the 23rd International Consumer Summit. Bank Asya signs an agreement with the Turkish Football Federation to extend its name sponsorship of the 1st League until AsyaAsist is launched to provide dedicated assistance services to SMEs. As part of its new generation small business banking concept, Bank Asya consolidates its services for microbusiness and SME segment customers under the Çobanyıldızı brand. Bank Asya introduces DIT Mobil, which facilitates contactless transactions via MicroSD cards using mobile phones. The number of branches reaches 175.
20 18 Bank Asya 2010 ANNUAL REPORT CHANGES IN CAPITAL AND SHAREHOLDER STRUCTURE DURING THE REPORTING PERIOD Bank Asya s shareholder structure as of year-end 2009 and year-end 2010 appears in the table below. Year-end 2009 % Year-end 2010 % Group A (preference shares) 360,000, ,000, Group B (not traded on ISE) 82,014, ,124, Group B (traded on ISE) 457,985, ,875, Total 900,000, ,000, Bank Asya has a broad-based, multi-shareholder, domestically-financed capital structure. As of yearend 2010, the Company had 253 partners who are direct owners of preference shares, excluding the publicly-held portion of the share capital. Shareholding interests held by the Chairman and members of the Board of Directors, CEO and Executive Vice Presidents Statements concerning the shareholding interests held by the Chairman and members of the Board of Directors, CEO and Executive Vice Presidents as shown in the Bank s Shareholders Register as of 31 December 2010 are presented below. Ownership Title name/surname in the Bank (%) Chairman Behçet Akyar Board Members Salih Sarıgül Tacettin Neğiş - Ahmet Çelik İsmail Erol İşbilen (*) - Hülagü Özcan (*) - CEO Cemil Özdemir (***) Executive Vice Presidents Ayhan Keser (**) Yusuf İzzettin İmre (**) - Buket Gereçci - Ali Tuğlu - Ali Fuat Taşkesenlioğlu - Ömer Faruk Şenel - Erdal Erdem - Hasan Ünal - Fahrettin Soylu - Statutory Auditors Ali Akbulut Atif Bilgin İrfan Hacıosmanoğlu (*) Not shown because the shareholding interest is less than 1/100,000. (**) Executive Vice Presidents Ayhan Keser and Yusuf İzzettin İmre resigned from their posts as of 3 January (***) Board Member and CEO Cemil Özdemir resigned from his duties as of 10 March 2011; he was replaced by Abdullah Çelik.
21 PresentatIon 19 Names and Shareholding Interests of Shareholders Who Own Qualified Shares Shareholders who are registered in Bank Asya s Shareholders Register as of 31 December 2010 and whose ownership of Group A preference shares entitles them to designate candidates to fill seats on the Board of Directors and Audit Committee as per Articles 32 and 49 of the Articles of Association are presented below. Group A No Name/Surname share in the Bank (%) 1 Işıl Abay Adem Acar Lutfi Acet Ali Açıl Elif Adıyaman Kazım Afşar Ali Ağaç Recep Ağaç Yalçın Akarsu Ali Akbulut Cemil Akbulut Fikri Akbulut Hakan Cem Akbulut Mustafa Akbulut Şükran Akbulut Mehmet Akçay Ahmet Akgül Zeki Murat Akhan Ali Akın Adnan Aksoylar Erol Aktürk Nuri Alım Fehim Arıcı Hüsamettin Arlı Mehmet Artukarslan Mustafa Atçı Zehra Aydın Aydan Aydın Sağlık Erdal Babadağ Recep Bahtiyar Nusret Barış Group A No Name/Surname share in the Bank (%) 32 Zübeyir Barış Ziya Başcı Ahmet Başoğlu Arif Başoğlu Tuncay Baydak Bahri Bayram Mehmet Emin Bayram Mehmet Salih Bayram A. Selçuk Berksan Ahmet Levent Berksan Ayşe Tülin Berksan Bülent Berksan Fatma Emine Berksan Mehmet Berksan Mehmet Sinan Berksan Ömer Faruk Berksan Atif Bilgin Mustafa Bilgin Ayşe İfakat Bilginoğlu Elif Bilginoğlu Faruk Bilginoğlu Ömer Bilginoğlu Rıfat Bilginoğlu Nur Bilginoğlu Anaç Ali İhsan Bostan Turan Boztepe E. Altan Bursal S. Atilla Bursal Aykut Büyükekşi Yavuz Canikli Mustafa Cemaloğlu
22 20 Bank Asya 2010 ANNUAL REPORT CHANGES IN CAPITAL AND SHAREHOLDER STRUCTURE DURING THE REPORTING PERIOD Group A No Name/Surname share in the Bank (%) 63 Halil İbrahim Ceylan Kadir Ceylan Hakkı Coşkun Mehmet Coşkun Abdurrahman Çakar Hadi Çakar Mustafa Çakar Sadi Çakar Şerafettin Çakar İbrahim Çakır Ahmet Hamdi Çakmaz Ahmet Çelik Ahmet (355) Çelik Hüseyin Çelik Mustafa Çelik Ömer Lütfi Çelik Saffet Çerçi Doğan Çetin Cengiz Çırak İsmail Cem Çitak Cahit Değerli Mustafa Demir Yüksel Demirci Duygu Demirel Zeki Demirtaş Kamil Dere Niyazi Dere Ethem Dizdar Mehmet Semih Doğan Hüseyin Duğral Mustafa Duğral Nuri Duman Yusuf Durmuş Soner Eken Velid Yusuf Elcarullah Elhasen Elcarullah Group A No Name/Surname share in the Bank (%) 98 Mehmet Eldem Kemal Elibal Yalçın Ercan Nurettin Eroğlu Yavuz Eroğlu Mehmet Şevki Erol Avni Ertansel Mehmet Fayik Esen Sabri Esen Celal Evci M. Abdulcebbar Ezgin Memet Fırat Adnan Osman Güldaş Yılmaz Güldaş Ali Gülen İlhami Gülen Mehmet Gülen Sadık Gülen Yusuf Gülen Faik Gün Emine Gündüz Rıdvan Güngör Cemil Gürleroğlu Fevzi Gürses Hüseyin Güzel İrfan Hacıosmanoğlu Mehmet Emin Hasırcılar Derviş İnce Ünal Kabaca Eyyup Kadıoğlu Makbule Kadıoğlu Mehmet Murat Kadıoğlu Mehmet Kafarcı Mevlüt Kaklık Cemal Kalafat
23 PresentatIon 21 Group A No Name/Surname share in the Bank (%) 133 Ayhan Kalaycı Erhan Kalaycı Muammer İhsan Kalkavan Kamil Kandemir Mehmet Emin Kara Müyesser Karadayı Gülsüm Betül Karagöz Sami Karahan Maksut Karakaya Murat Karakaya Sadık Mutlu Karakaya Salih İhsan Karakaya Fahri Karatay Hasan Karatay Celal Karayol Emre Katırcı Mehmet Katırcı Abidin Kavurmacı Ahmet Kavurmacı Ahmet Sait Kavurmacı Mustafa Kavurmacı Mustafa Şevki Kavurmacı Nuri Kavurmacı Ömer Faruk Kavurmacı Salih Servet Kavurmacı A, İskender Kaya Adem Kaya Ali İhsan Kaya Alpaslan Kaya Aynihal Kaya Celal Kaya Cengiz Kaya Coşkun Kaya Etem Kaya Gülten Kaya Group A No Name/Surname share in the Bank (%) 169 Hakan Kaya Halit Kaya Hayati Kaya Hayri Kaya İlgül Kaya İslam Kaya İsmail Hakkı Kaya Şenay Kaya Şükrü Kaya T. Bayram Kaya Kadir Kayalı Hüseyin Kayıkçıoğlu Hasan Keklik Kenan Kelekçi Ayhan Keser Vildane Kılıç Hasan Kırgöz İsmail Kırgöz Nail Kıygın Mesut Kızılhisar Mustafa Koç Mehmet Nevzat Koçak Mehmet Salih Konakçı Abdulkadir Konukoğlu Abdurrahman Kopuz Musa Korkmaz Mustafa Aydın Koyuncu Metin Kulaberoğlu Burhan Kurt Hasan Kurt Turan Kurt Yalçın Atilla Kurtuluş Avni Kuşol Hasan Kuşol Hüseyin Kuşol
24 22 Bank Asya 2010 ANNUAL REPORT CHANGES IN CAPITAL AND SHAREHOLDER STRUCTURE DURING THE REPORTING PERIOD Group A No Name/Surname share in the Bank (%) 204 Mesut Kuşol Selahaddin Kuşol Hasan Kutlutaş Kamil Yavuz Malkatan Cengiz Manav Ahmet Nuri Metin Ahmet Mutafoğlu İlhami Negiş Nermin Negiş Selman Negiş Tacettin Negiş Kemal Övün Fazlı Özalp Abdullah Özata Adnan Özata Ahmet Özata Erol Özata Hürriyet Özata Mustafa Özata Yakup Özata Ramis Özaydın Mustafa Özaydınlık Şükrü Murat Özcan Cemil Özdemir İdris Özdemir Mustafa Kemal Özdemir Recep Özdemir İsmail Özen Enver Özeren Rafet Özeren Osman Gürbüz Özkara Fatih Özkaragöz Kemal Özkaragöz Ali Özturan Ali Öztürk Zekai Öztürk Osman Can Pehlivan Rahmi Peker Group A No Name/Surname share in the Bank (%) 242 Sinan Saraç İrfan Sarı Salih Sarıgül Ahmet Sarıkaya Kadri Sarıkurt Asım Sayın Hasan Sayın İbrahim Sayın Burak Serdaroğlu Semih Serhatlıoğlu Salih Seyhan Osman Sezer Arzu Silahtar Murat Sungurlu Hüseyin Fikret Şahinbaşoğlu Mesut Talha Şahsuvaroğlu Orhan Şeker Yaşar Şeker Harun Şimşek Namık Kemal Şimşek Sebahat Şimşek Abdülvahit Tabakçı Cemil Tan Halis Tan Seyyithan Tan Ali Rıza Tanrıseven Mehmet Tari Aşır Taşkıran Mehmet Sıddık Tekin Ali Cem Tekoğlu Ömer Tekoğlu Tahsin Tekoğlu Ergin Tonyalı Kamil Topçu Murat Toplaoğlu Ümit Topuz Mehmet Torun Sadık Tuğcu
Think Big to get ahead 2014 Annual Report Presentation 4 Türkiye Finans in Brief 5 Our Vision, Our Mission, Our Corporate Values 5 Strategic Priorities and Main Initiatives for 2014 6 Türkiye Finans Milestones
30 SEPTEMBER 2013 BOARD OF DIRECTORS INTERIM ACTIVITY REPORT FROM 1960 TO TODAY: MILESTONES OF SUSTAINABLE GROWTH OF AKSİGORTA First insurance policy The first insurance policy was issued by the employees
Annual Report 2013 ABN AMRO Group N.V. Notes to the reader Introduction This is the Annual Report for the year 2013 of ABN AMRO, which consists of ABN AMRO Group N.V. and its consolidated subsidiaries.
Management Board Report of the Alior Bank S.A. Group for 2012 CONTENTS Management Board Report of the Alior Bank S.A. Group for 2012... 1 Letter from the President... 5 Letter from the Chairperson of the
Everyone s better off Virgin Money Group Annual Report and Accounts 2014 There s money and there s Virgin Money At Virgin Money, our ambition is to build a bank that makes everyone better off. Customers,
PRESS RELEASE For immediate Release 20 March 2014 SECURE TRUST BANK PLC Audited Final Results for the year to 31 December 2013 Continued growth and record profits Secure Trust Bank PLC ("STB" or the Company")
Standard Life plc Annual Report and Accounts Group financial highlights for Standard Life plc is an asset managing business with around 1.5 million shareholders in over 50 countries and 156.8bn of assets
1 GAZPROMBANK GROUP Annual Report Based on IFRS Consolidated Financial Statements GAZPROMBANK GROUP Annual Report Based on IFRS Consolidated Financial Statements Contents Statement of the Chairman of the
Annual Report on Form 20F 2014 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 - FORM 20-F - I (Mark One)! REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR(g) OF THE SECURITIES
Annual Report of ING Bank Śląski S.A. Capital Group for the year 2008 Table of Contents Table of Contents... 2 Chair s Statement... 5 Chief Executive s Review... 7 Brief Characteristics of ING Bank Śląski
2011 ANNUAL REPORT TO SHAREHOLDERS DEAR FELLOW SHAREHOLDERS, Although 2011 was clearly a diffi cult year given the slow pace of economic recovery in the United States and the volatility in the markets,
Close Brothers Group plc Annual Report Modern Merchant Banking Close Brothers is a leading UK merchant banking group providing lending, deposit taking, wealth management services and securities trading.
KPN Annual Report 2012 Contents Introduction 1 Introduction by the CEO Trust in the future 2 Review of the year 2012 4 Trends in telecom and ICT 6 Who we are and what we do 8 Our main achievements 12 Our
Annual Report 2012 Inside front cover This pdf is interactive. The content is clickable so you can navigate through this document. Annual Report 2012 1 Table of contents Strategic information Introduction
Annual Report for the year ended 31 March 2013 Registered Office: Vodafone House The Connection Newbury Berkshire RG14 2FN England Registered in England No. 1833679 Telephone: +44 (0) 1635 33251 Fax: +44
Annual Report 2013 annual report 2013 Contents Opening Statement from Sergey Ignatiev, Chairman of the Supervisory Board...04 Opening Statement from Herman Gref, CEO & Chairman of the Executive Board...05
Annual Report and Accounts 2010 rbs.com What s inside 01 Essential reading 02 Chairman s statement 04 Group Chief Executive s review 06 Q&As on progress 07 Our key targets 08 Our business and our strategy
TURKISH FACTORING INDUSTRY August 2011 TABLE OF CONTENTS Preface 1 1. AN OVERVIEW OF THE FACTORING SECTOR IN 2011 3 The Factoring Association in Turkey 8 Advantages of Factoring 9 2. REGULATORY AND LEGISLATIVE
O KEY Group S.A. Annual Report 2013 O KEY aims to improve customer lifestyles by offering an outstanding shopping experience and making a broad assortment of high quality products more accessible across
Management Consulting Group PLC Management Consulting Group plc provides management expertise, guidance and professional services to many of the world s leading companies. MCG operates through two independently
This English version of the Annual Report contains the report of the Executive Board, the financial statements and other information. In the event of textual inconsistencies between the English and Dutch
ST. JAMES S PLACE ST. JAMES S PLACE PLC ANNUAL REPORT & ACCOUNTS St. James s Place plc Annual Report and Accounts CONTENTS Strategic Report 1 Highlights of the Year 2 Chief Executive s Report 6 Our Business