Reports of the Board of Directors, Independent Auditors and the Profit-and-Loss Statement for 2010 have been presented for your evaluation and approval.
In 2010 for the global economy the most important issue was recovery from the economic crisis, strategies employed and their implications. Improvements in the economic indicators in the last 2 quarters of 2009 indicated that 2010 would be a year of recovery. Structural disparities between developed and developing economies increased during this period. Developing economies performed better and continued to be the impulsive force of the economy.
Turkey was able to manage global economic fluctuations efficiently and became one of the fastest recovering countries from the economic crises. 6% growth rate in the last quarter of 2009, was a sign Turkey would steer out the recession. In the first 3 quarters of 2010, Turkey’s growth rates were 4.8%, 10.2%, and 5.5% consecutively and due to its outstanding performance Turkey’s sovereign rating note was upgraded.
With its solidly built infrastructure, Turkish banking sector has shown a strong performance. Banking sector continued to support SME’s that were most adversely affected from crises, helping the real sector and thus the Turkish economy to gain momentum.
TEB continued to add value by utilizing its competitive advantages with regards to competition. With a focus on the dynamics of the market movers to correctly analyze national as well as international markets, TEB was able to meet its 2010,targets and maintain its financial soundness by integrating modern risk management practices into its able and widespread financial services network.
Aided by the tenacious support of its shareholders on all of its endeavors TEB was able to undertake which promises to be a very important project for the Turkish banking sector and complete its legal merger with Fortis on February 14, 2011. TEB will continue to penetrate the Turkish market which has a high potential for growth with its added scale and continue to be a strategic growth leverage for BNPP.
Board of Directors