Presentation
2 Mission, Vision, Objectives
3 Corporate Profile 6 Key Highlights
8 Bank Asya’s Standing in the Industry 10 Bank Asya’s Growth Strategy 14 History
16 Changes in Capital and Shareholder Structure During the Reporting Period 20 A Message from Tahsin Tekoğlu
21 A Message from the Board of Directors 24 A Message from Ünal Kabaca
25 CEO’s Message
30 Macroeconomic Overview and the Banking Sector 36 Assessment of Bank Asya’s Activities in 2009
50 Corporate Social Responsibility 51 Subsidiaries and Affiliates
52 Independent Auditors’ Compliance Opinion on Annual Report
Information on Management and Corporate Governance Practices
54 Board of Directors
56 Statutory Auditors 58 Senior Management 60 Organization Chart 62 Committees
64 Summary Annual Report 66 Human Resources
68 Transaction Volume of the Risk Group of the Bank, Outstanding Loan and Deposit Balances and Current Income and Expense Amounts
69 Corporate Governance Principles Compliance Report 76 The bank’s Profit Distribution Policy
76 Proposal to Distribute Bank Asya 2009 Year Profits 77 2009 Ordinary General Meeting Agenda
78 Explanatory notes concerning the items on the 2009 Ordinary General Meeting Agenda
Assessment on Financial Information and Risk Management
80 Concise Statutory Auditors Report
81 5-Year Summary Financial Information Including the Reporting Period 82 Financial Standing, Profitability, and Debt Service Ability
82 Assessment of the Audit Committee’s Internal Systems and Their Operation 84 Information About Internal System Unit Managersr
85 Risk Management Policies Being Implemented According to Risk Types 87 Credit Ratings and Reports
88 Independent Auditors’ Report for the Year January 1, 2009 – December 31, 2009 161 Independent Auditors’ Report, Consolidated Financial Statements and Notes for the
Year Ended December 31, 2009
Although Bank Asya is the youngest participation bank, it
has achieved a solid and respected position as the sector’s
fastest growing participant. The Bank is firmly committed to
a strategy of sound and sustained growth, and has made it
an integral part of its corporate structure.
As the first participation bank to go public, Bank Asya
continuously develops its product and service line up in
order to meet changing needs and expectations of its
customers in retail, commercial, corporate and enterprise
banking business lines.
Bank Asya will continue to enhance its brand value gained
in domestic and international markets as an example of
active participation bank with innovation and unique
growth dynamics.
Innovation and
strong growth
Mission
Vision
Bank Asya’s Objectives
To contribute to shareholder value and 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
To be a respected, trusted, and effective bank that provides service at
world standards through the products that it develops.
• To be one of the leading interest-free banks. (According to 2008
results it ranked 520th in terms of shareholders’ equity.)
• To be the 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 bank that pioneers innovations in its sector.
• To sustain the support of social responsibility projects such as social
activities and sports.
Corporate Profile
Having commenced activities in 1996 as “Asya Finans”, Turkey’s sixth private finance house, Bank Asya has since
then achieved a strong and respected position as the banking industry’s fastest-growing actor even though it is
the sector’s newest participation bank entry.
Bank Asya is firmly committed to a strategy of sound and sustainable growth, which it has made an integral part of its corporate structure. As the first participation bank in Turkey to go public in order to establish a solid and broad capital base, Bank Asya launched a 23% initial public offering in 2006. As of end-2009, 50.9% of the bank’s capital was publicly held. Supported by a multi-shareholder, domestically-financed capital structure, Bank Asya increased its paid-in capital to TRY 900 million in 2008.
Bank Asya continuously develops its product and service lineup in order to meet the changing needs and expectations of its customers with a proactive approach in the retail banking, commercial banking, corporate banking, and enterprise banking business lines. As the first participation bank in Turkey to be awarded ISO 9001:2000 Quality Management System certification, Bank Asya seeks to reinforce its market share by making
an ever greater effort to:
• Develop interest-free banking products and come up with new derivative products in this field. • Adapt widely used banking products into the interest-free banking system.
In keeping with its principle of investing in the future, Bank Asya invests both in people and in technology. It deploys advanced technology in order to continuously strengthen the momentum of its own growth by supporting youthful, dynamic, and development-focused human resources who identify with its corporate values.
Having expanded the scope of its delivery network through investments in technological infrastructure and alternative distribution channels in addition to its 158 branches, Bank Asya has been particularly successful in gaining increasingly more frequent recognition in recent years for the innovative payment system products that it has introduced. AsyaCard DIT (Europe’s most advanced contactless credit card) and DIT Pratik (Turkey’s first prepaid contactless bank card), both of which have been made available for the use of the bank’s customers, are but two examples of how Bank Asya continues to distinguish itself in the market.
Bank Asya regards social involvement as an aspect of being a productive and profitable bank whose importance goes beyond the purely economic and financial dimensions. For this reason, it defines its strategic goals out of its awareness that its own sustainability can only be achieved by creating more value for all of its stakeholders. Transforming a business model which is based on supporting the real sector and production 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, Bank Asya will continue to enhance the brand value that it has achieved in its national market and in the international arena.
In 2009 Bank Asya increased the number of its branches from 149 to 158 with the addition of nine
new ones located outside İstanbul.
In 2009 Bank Asya’s “AsyaCard
DIT” product received both the “Best Cash Displacement Initiative”
award in the “Visa Europe Best Card & Payment Sector Awards”
and the Cards & Payments
Organization’s “Best New Credit Card Product Launch” award.
22.2%
56.4%
51%
30.9%
Posting a 22.2% rate of
profitability in 2009, Bank
Asya’s standing as the most
profitable participation
bank in Turkey has been
unchallenged for the last
three years in a row.
With nearly 51% of its stock publicly held, Bank Asya is committed to strict compliance with corporate governance principles in its ongoing efforts to maximize fulfillment of its responsibilities towards its shareholders and all other stakeholders.
DIT Pratik, Turkey’s first
prepaid contactless
bank card, was the
undisputed leader of its
category in 2009.
12-month rise
in cash loans:
publicly
held
12-month rise in
deposits:
Trustworthiness, sustained growth,
effective risk management, business
continuity, and productivity are all
Bank Asya’s top strategic priorities.
Maintaining a solid
capital structure, Bank
Asya increased its
capital adequacy ratio
to 14.45% in 2009.
43.2%
Extraordinary growth in total assets
In the year to end-2009, Bank Asya’s total
assets grew 43.2% and reached TRY 11.6
billion. This growth in the bank’s assets
was nourished primarily by its loans.
To be a model bank along
all three axes of quality,
productivity, and profitability.
8.1 11.6 08 09 Total Assets (TRY billion) 43% 1.4 1.7 08 09 Shareholders’ Equity (TRY billion) 22% 247 301 08 09
Net Period Profit (TRY million)
22%
The leader of
participation
banking…
During 2009 Bank Asya sustained both its growth and its
profitability in line with its identified targets thanks to its solid
capital base and to its evenhanded balance sheet structure. Bank
Asya remained the leader of participation banks in Turkey in 2009
in terms of total assets, total loans, non-cash loans, deposits, and
net profit. It registered above sector average growth as measured
by total assets, total loans, and total deposits.
Key Financial Highlights (TRY thousand)
2008
2009
Change (%)
Total Assets
8,108,829
11,608,955
43.2
Cash Loans (*)
6,381,322
8,355,346
30.9
Deposits
5,842,821
9,136,578
56.4
Shareholders’ Equity
1,403,692
1,707,894
21.7
Paid-in Capital
900,000
900,000
0.0
Non-cash Loans
10,215,415
8,885,977
(13.0)
Net Period Profit
246,529
301,281
22.2
Information on Branches and Personnel
2008
2009
Change (%)
Number of Branches
149
158
6.0
Number of Personnel
3,806
4,074
7.0
Key Financial Ratios (%)
2008
2009
Cash Loans/Total Assets
78.7
72.0
Deposits/Total Assets
72.1
78.8
Cash Loans/Deposits
105.4
91.5
Return on Equity
21.8
19.4
Return on Assets
3.4
3.1
Capital Adequacy Ratio
13.40
14.45
Shareholders’ Equity/Total Assets
17.3
14.7
Key Highlights
14th
In the third quarter of 2009,
Bank Asya stood in 14th
position among Turkey’s
largest banks on the basis of
its total assets.
(*) including leasing receivables.
3 3 3 3 79 72 15 22 08 09 Assets Composition (%) Liquid Assets Cash Loans Fixed Assets Others 08 09 5 4 17 15 72 79 6 2 Liabilities Composition (%) Deposits Borrowings Shareholders’ Equity Other 16 19 26 24 58 57 08 09 Income Composition (%)
Net Profit Share Income Net Commissions
Bank Asya’s Standing in the Industry
43 13 30 14 31 56 5 12 30 40 7 13 Total Assets-Change (%) Cash Loans-Change (%) Deposits-Change (%) (13) 7 (1) 7 Shareholders’ Equity-Change(%) Net Period Profit-Change (%) Non-cash Loans-Change (%)
22 22 30 56 19 10 28 50 Total Loans-Change (%) Non-performing Loans-Change (%) Provisions-Change (%) 4 40 64 6 56 63 14 41 75 7 56 63
Number of Branches (%) 27.8 72.2 Deposits (%) 34.2 65.8 Number of Personnel (%) 34.5 65.5 Shareholders’ Equity (%) 38.6 61.4 Loans (%) 34.7 65.3 Net Period Profit/Loss
(%) 42.5 57.5 Total Assets (%) 34.5 65.5 Bank Asya
Other Participation Banks
6 3 6 2 Number of Personnel-Change (%) Number of Branches-Change (%) Bank Asya Participation Banks Deposit Banks Banking Industry 7 0,43 7 1
Bank Asya’s Growth Strategy
Success
Effective
Effective credit and risk
management
Deeper customer relations Increased diversity in loans High rate of NPL recovery Lower NPL ratio
Increased loan loss reserves
Effective product and brand
management
Growth in innovative products Greater brand awareness (Sponsorships and effective advertising and promotion)
14.45% capital adequacy ratio (Tier 1) 56.4% rise in deposits (13th in sector) 100+ day average deposit maturity 106.2% rise in liquid assets
22.2% increase in net profit
19.4% return on equity
30.9% growth in cash loans 13th in cash loans
5.3% ratio of NPL/cash loans 2.6% ratio of NPL/total loans 70.7% NPL coverage
AsyaCard DIT: Leader of the contactless card market with two international awards 25% rise in credit card turnover
10th in sector with 1.5 million credit cards
High profile with Bank Asya 1st League
(Soccer league)
Effective resource management
Solid capital base Rapid increase in deposits Longer average terms on deposits High liquidity
Sustainably high profitability
Bank Asya successfully reflected its growth strategy in its 2009 results through
the implementation of its insightful processes and practices.
Bank Asya shapes its strategies around the underlying goal of being one of the most important brands in the participation banking business line not just in Turkey but throughout the world. Acting in line with the principles of sustainable growth whose aim is to achieve this underlying goal, the bank focuses on creating more value not just for the economy but for society as a whole. Bank Asya is committed to being a model bank along all three axes of quality, productivity, and profitability. It invests in both technology and people in order to make its proactive, customer-focused service philosophy a reality in all aspects. Bank Asya is a transparent bank which continuously improves its processes and systems in line with the requirements of the day and which embodies the very best of corporate governance principles and practices.
Bank Asya’s Competitive Advantages
• Leader among participation banks as measured by total assets, deposits, loans, and profitability • Experienced in crisis management
• Qualified young staff • Customers trust Bank Asya
• Dynamic, growing structure
• Fast and efficient technology deployment • Leader in innovation
• Strong team spirit and sense of identity throughout the bank
Bank Asya’s Strategic Orientation in 2010-2014
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 to achieve those objectives under four main headings:
• Financial
• Operational excellence • Stakeholders
• Personnel & progression
In the same way, Bank Asya has laid out a five-year roadmap whose course is defined by these strategies.
Increase employees’ knowledge levels
Increase employees’
communication effectiveness and competencies
Broaden strategy- and
performance-focused management
Increase use of technology Increase effectiveness of business processes
Increase effectiveness of risk management practices Sustainable growth and
profitability
Strengthen financial structure
Targets concerning subsidiaries
and affiliates
Maximize customer satisfaction Offer different solutions capable of addressing different customer expectations
Ensure sustainable dividend payment to shareholders
PRODUCTIVITY
EFFECTIVE RISK
MANAGEMENT
BUSINESS CONTINUITY
STABLE GROWTH
TRUST
FINANCIAL PERSONNEL & PROGRESSION STAKEHOLDERS OPERATIONAL EXCELLENCE2004
2000
1999
1996
Asya Finans Kurumu AŞ
(Asya Private Finance
House Inc) commences
operation on 24 October
1996
The Asya Finans
online branch goes
into service.
Asya Finans is
brought within the
scope of the Banks
Act.
Alo Asya (444 4
888) telephone
banking services are
13th year
biggest banks for its highly impressive
performance.
Originally founded with TRY 2 million in
capital, Bank Asya commenced operation on
24 October 1996 with its main branch located
in the Altunizade district of İstanbul. Now in
its 13th year, it is a strongly funded bank with
a capital of TRY 900 million.
2009
2008
2007
2006
2005
With an IPO in
which 23% of its
shares are snapped
up due to
record-breaking demand,
Bank Asya goes
public.
AsyaCard DIT (Europe’s
most advanced contactless
credit card) and DIT Pratik
(Turkey’s first prepaid
contactless bank card) are
made available for the use
of the bank’s customers.
It is decided to continue Asya
Finans’s operations as “Bank Asya”.
The new
headquarters
building goes into
service.
The youngest and
fastest-growing…
Having commenced operation in 1996 as “Asya Finans”, Turkey’s sixth
private finance house, Bank Asya has since then achieved a strong
and respected position as the banking industry’s fastest-growing
History
1996
Originally founded with TRY 2 million in capital, Asya Finans Kurumu AŞ (Asya Private Finance House Inc) commences operation on 24 October 1996 with its main branch located in the Altunizade district of İstanbul.
1997
The number of branches reaches 15.
1998
Asya Finans launches the Asya Finans credit card for its customers.
The number of branches reaches 16.
1999
Asya Finans is brought within the scope of the Banks Act.
The company’s paid-in capital is increased to TRY 10 million.
2000
The Asya Finans online branch goes into service.
The number of branches reaches 25.
2001
The Association of Private Finance Houses is set up and a Guarantee Fund is formed. The company’s paid-in capital is increased to TRY 20 million.
2002
The company launches an installment-based credit card and the ASYA24 ATM network for its customers.
“Regulations concerning the Private Finance
House Private Current and Participation
Account Guarantee Fund” go into effect on September 18th.
The company’s paid-in capital is increased to TRY 40 million.
The number of branches reaches 28.
2003
Asya Finans is licensed by the finance ministry to accept tax payments.
Asya Finans customers begin making credit
card payments and money transfers through
online PTT offices located all over the country. Asya Finans joins the VISA system on October 24th.
The company’s paid-in capital is increased to TRY 40 million.
The number of branches reaches 43.
2004
Alo Asya (444 4 888) telephone banking services for retail and corporate customers are launched.
The company undergoes a headquarters
reorganization in which the number of units is
increased to 24.
Asya Finans joins the Joint Point system, enabling its customers to access their accounts from any of more than 2,400 Joint Point ATM units located all over the country.
The company’s paid-in capital is increased to TRY 120 million.
The number of branches reaches 62.
2005
As a result of amendments in the Banks Act, private finance houses are given a year’s time during which they must bring themselves into compliance with “participation bank” status. Control of the Guarantee Fund is turned over to the Savings Deposit Insurance Fund. Asya Finans Kurumu AŞ is reincorporated as Asya Katılım Bankası AŞ. (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 TRY 240 million.
The number of branches reaches 72.
2006
Bank Asya increases its paid-in capital to TRY 300 million as a result of an initial public offering in which 23% of its shares are snapped up due to record-breaking demand. Bank Asya begin trading on the İstanbul Stock Exchange under the ASYAB ticker symbol on May 12th. Heavy trading in the company’s shares qualifies it for inclusion in the ISE-50 index of most-traded shares by the end of the same year.
Bank Asya celebrates its 10th year in the financial services industry.
The number of branches reaches 92.
2007
Continued heavy trading in ASYAB shares results in their inclusion in the ISE-30 index. The company’s new headquarters building in the Ümraniye district of İstanbul goes into service.
The number of branches reaches 118.
2008
Bank Asya becomes a named 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 bank card) are made available for the use of the bank’s customers. With the launching of the first transportation system project in the city of Kahramanmaraş in southeastern Turkey, people begin using AsyaCard DIT to pay bus fares.
The company’s paid-in capital is increased to TRY 900 million.
The number of branches reaches 149.
2009
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 Cards & Payments Organization’s “Best
New Credit Card Product Launch” award. The AsyaCard website located at www. asyacard.com.tr receives the “Best in Class” award from Interactive Media.
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 interest-free 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 biggest banks for its highly impressive performance.
Changes in Capital and Shareholder Structure
During the Reporting Period
Bank Asya’s shareholder structures at the beginning and end of 2009 are shown in the table below.
Shareholding interests held by Chairman and members of the Board of Directors, CEO and Executive Vice Presidents
Statements concerning the shareholding interests belonging to the Chairman and members of the Board of Directors, CEO and Executive Vice Presidents as shown in its shareholders’ register as of 31 December 2009 are presented below.
255
Bank Asya has a
broad-based, multi-shareholder,
domestically-financed
capital structure. The
closely-held portion of
the company’s capital
was divided among 255
shareholders who are the
direct owners of preference
shares.
1 Jan 2009 % 31 Dec 2009 %
Group A (preference shares) 360,000,000 40.00 360,000,000 40.00
Group B (not traded on ISE) 130,504,653 14.50 82,014,186 9.11
Group B (traded on ISE) 409,495,347 45.50 457,985,814 50.89
Total 900,000,000 100.00 900,000,000 100.00
Title Name/Surname Ownership in the bank (%)
Chairman Tahsin Tekoğlu (*) 0.0050
Board Members Cemil Özdemir (**) 0.0026
Tacettin Negiş (***) 0.2467
Salih Sarıgül 0.4983
Ahmet Çelik 0.4467
Murat Sungurlu 0.1073
Board Member and CEO Ünal Kabaca (**) 0.0267
Executive Vice Presidents Ayhan Keser 0.0069
Mustafa Büyükateş
-Yusuf İzzettin İmre
-Buket Gereçci
-Dr. Mahmut Demirkan
-Ali Tuğlu
-Group Manager Salim Köse
-Statutory Auditors Ali Akbulut 0.0002
Atıf Bilgin 0.3057
İrfan Hacıosmanoğlu 2.0068
(*) Tahsin TEKOĞLU resigned from both his seat on the Board of Directors and his position as Chairman of the Board of Directors as of 12 February 2010. Behçet AKYAR was elected to replace him as : Chairman of the Board of Directors while İsmail Erol İŞBİLEN was elected to serve both as director and Audit Committee member.
(**) Ünal KABACA resigned from both his seat on the Board of Directors and his position as CEO as of 28 January 2010. Deputy Chairman of the Board of Directors Cemil ÖZDEMİR was elected to replace him as CEO while Behçet AKYAR was elected to a seat on the board.
Names and Shareholding Interests of Shareholders Who Own Qualified Shares
The names of ultimate controlling real-person shareholders who are registered in Bank Asya’s shareholders’ register as of 31 December 2009 and whose direct and indirect 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. (*) (**)
1 Işıl Abay 0.3717 2 Adem Acar 0.2417 3 Lutfi Acet 0.0242 4 Ali Açıl 0.0448 5 Elif Adıyaman 0.0365 6 Kazım Afşar 0.4872 7 Ali Ağaç 0.0000 8 Recep Ağaç 0.0000 9 Yalçın Akarsu 0.1517 10 Ali Akbulut 13.2858 11 Cemil Akbulut 0.0010 12 Fikri Akbulut 3.0534
13 Hakan Cem Akbulut 1.0002
14 Mustafa Akbulut 0.0333
15 Şükran Akbulut 0.0050
16 Mehmet Akçay 0.0292
17 Ahmet Akgül 0.0049
18 Zeki Murat Akhan 0.0461
19 Ali Akın 0.3015 20 Adnan Aksoylar 0.1731 21 Erol Aktürk 0.0750 22 Nuri Alım 0.0825 23 Fehim Arıcı 1.5500 24 Hüsamettin Arlı 0.0010 25 Mehmet Artukaslan 0.0834 26 Mustafa Atçı 0.0029 27 Zehra Aydın 0.2419
28 Aydan Aydın Sağlık 1.6533
29 Erdal Babadağ 0.0128 30 Recep Bahtiyar 0.0500 31 Nüsret Barış 0.0167 32 Zübeyir Barış 0.0500 33 Ziya Başcı 0.0333 34 Ahmet Başoğlu 0.2075 35 Arif Başoğlu 0.0278 36 Tuncay Baydak 0.0500 37 Bahri Bayram 0.0272 38 M. Salih Bayram 0.0272
39 Mehmet Emin Bayram 0.0685
40 A. Selçuk Berksan 1.4960
41 Ahmet Levent Berksan 1.1362
42 Ayse Tülin Berksan 0.0494
43 Bülent Berksan 1.4325
44 Fatma Emine Berksan 2.5000
45 Mehmet Sinan Berksan 1.6667
46 Mehmet Berksan 1.4325
47 Ömer Faruk Berksan 0.5129
48 Atıf Bilgin 0.5900
49 Mustafa Bilgin 0.0500
50 Ayşe İfakat Bilginoğlu 0.3783
51 Elif Bilginoğlu 0.3717
52 Faruk Bilginoğlu 0.3783
53 Ömer Bilginoğlu 0.5575
54 Rıfat Bilginoğlu 0.5575
55 Nur Bilginoğlu Anaç 0.3717
56 Osman Nuri Bora 0.0125
57 Ali İhsan Bostan 0.5033
58 Turan Boztepe 0.0000 59 E. Altan Bursal 0.0001 60 S. Atilla Bursal 0.0000 61 Aykut Büyükekşi 0.2500 62 Yavuz Canikli 0.4375 63 Mustafa Cemaloğlu 0.5000
64 Halil İbrahim Ceylan 0.2500
65 Kadir Ceylan 0.0667 66 Hakkı Coşkun 0.1933 67 Mehmet Coşkun 0.1933 68 Abdurrahman Çakar 0.1250 69 Hadi Çakar 0.1000 70 Mustafa Çakar 0.1250 71 Sadi Çakar 0.1000 72 Şerafettin Çakar 0.1250 73 İbrahim Çakır 0.0500
74 Ahmet Hamdi Çakmaz 0.2012
75 Ahmet Çelik 0.5844
76 Ahmet Çelik 0.0500
77 Hüseyin Çelik 0.2500
78 Mustafa Çelik 0.0025
79 Ömer Lütfi Çelik 0.0002
80 Saffet Çerçi 0.2000
81 Doğan Çetin 0.0500
82 Cengiz Çırak 0.0508
83 İsmail Cem Çitak 0.0308
84 Cahit Değerli 0.0019 85 Mustafa Demir 0.0500 86 Yüksel Demirci 0.0278 87 Duygu Demirel 0.0365 88 Zeki Demirtaş 0.2500 89 Kamil Dere 0.0300 90 Niyazi Dere 0.0656 91 Ethem Dizdar 0.0500
92 Mehmet Semih Doğan 0.1000
93 Hüseyin Duğral 0.0167 94 Mustafa Duğral 0.2567 95 Nuri Duman 0.4548 96 Yusuf Durmuş 0.0500 97 Soner Eken 0.0500 98 Mehmet Eldem 0.0331 99 Kemal Elibal 0.4442 100 Yalçın Ercan 0.1083 101 Nurettin Eroğlu 0.1936 102 Yavuz Eroğlu 1.4500
103 Mehmet Şevki Erol 0.1583
104 Avni Ertansel 0.0500
105 Mehmet Fayik Esen 0.0500
Share in
No Name/Surname the Bank (%) No Name/Surname the Bank (%)Share in No Name/Surname the Bank (%)Share in
(*) In the case of shareholders who are corporate entities, the real-person ultimate controlling individuals have been identified as persons holding indirect shareholding interests in the bank.
Changes in Capital and Shareholder Structure During the Reporting Period
106 Sabri Esen 0.0500
107 Ahmet Evci 0.1000
108 M. Abdulcebbar Ezgin 0.1000
109 Memet Fırat 0.0611
110 Adnan Osman Güldaş 0.0000
111 Yılmaz Güldaş 0.0508 112 Ali Gülen 0.2012 113 İlhami Gülen 0.2012 114 Mehmet Gülen 0.2012 115 Sadık Gülen 0.2012 116 Yusuf Gülen 0.2012 117 Faik Gün 0.0500 118 Emine Gündüz 0.0547 119 Rıdvan Güngör 0.0500 120 Cemil Gürleroğlu 0.0500 121 Fevzi Gürses 0.0003 122 Hüseyin Güzel 0.0875 123 İrfan Hacıosmanoğlu 2.1561
124 Mehmet Emin Hasırcılar 0.2308
125 Derviş İnce 0.0500
126 Ünal Kabaca 0.0000
127 Eyyup Kadıoğlu 0.1250
128 Makbule Kadıoğlu 0.1250
129 Mehmet Murat Kadıoğlu 0.0132
130 Mehmet Kafarcı 0.5000
131 Mevlüt Kaklık 0.2000
132 Cemal Kalafat 0.0222
133 Ayhan Kalaycı 0.0250
134 Erhan Kalaycı 0.0250
135 Muammer İhsan Kalkavan 2.2578
136 Kamil Kandemir 0.0087
137 Mehmet Emin Kara 0.2000
138 Müyesser Karadayı 0.6944
139 Gülsüm Betül Karagöz 0.8988
140 Sami Karahan 0.0608
141 Maksut Karakaya 0.0123
142 Murat Karakaya 0.0123
143 Sadık Mutlu Karakaya 0.0067
144 Salih İhsan Karakaya 0.0067
145 Fahri Karatay 0.0862
146 Hasan Karatay 0.8758
147 Celal Karayol 0.3333
148 Emre Katırcı 0.0750
149 Mehmet Katırcı 0.1625
150 Mustafa Şevki Kavurmacı 0.1244
151 A. İskender Kaya 0.0001
152 Adem Kaya 0.0015
153 Ali İhsan Kaya 0.0014
154 Alpaslan Kaya 0.0014 155 Aynihal Kaya 0.0026 156 Bayram Kaya 0.0024 157 Celal Kaya 0.0015 158 Cengiz Kaya 0.0041 159 Coşkun Kaya 0.0026 160 Etem Kaya 0.0015 161 Gül Kaya 0.0016 162 Gülten Kaya 0.0033 163 Hakan Kaya 0.0002 164 Halit Kaya 0.0055 165 Hasan Kaya 0.0039 166 Hayati Kaya 0.0015 167 Hayri Kaya 0.0015 168 İlgül Kaya 0.0001 169 İskender Kaya 0.0024 170 İslam Kaya 0.0200
171 İsmail Hakkı Kaya 0.0076
172 Nesrin Kaya 0.0000 173 Şenay Kaya 0.0017 174 Şükrü Kaya 0.0074 175 T. Bayram Kaya 0.0001 176 Kadir Kayalı 0.5025 177 Hüseyin Kayıkçıoğlu 0.0500 178 Hasan Keklik 0.0500 179 Kenan Kelekçi 0.2992 180 Ayhan Keser 0.0000 181 Vildane Kılıç 0.1250 182 Hasan Kırgöz 0.0258 183 İsmail Kırgöz 0.2000 184 Nail Kıygın 0.8839 185 Mesut Kızılhisar 0.3250 186 Mustafa Koç 0.2569
187 Mehmet Nevzat Koçak 0.0500
188 Mehmet Salih Konakçı 0.5110
189 Abdulkadir Konukoğlu 5.5800
190 Abdurrahman Kopuz 1.1000
191 Musa Korkmaz 0.0500
192 Mustafa Aydın Koyuncu 0.8000
193 Metin Kulaberoğlu 0.1000
194 Burhan Kurt 0.1258
195 Hasan Kurt 0.0500
196 Turan Kurt 0.1258
197 Yalçın Atilla Kurtuluş 0.0219
198 Avni Kuşol 0.0600 199 Hasan Kuşol 0.0667 200 Hüseyin Kuşol 0.0750 201 Mesut Kuşol 0.0600 202 Selahaddin Kuşol 0.0600 203 Hasan Kutlutaş 0.0500
204 Kamil Yavuz Malkatan 0.0278
205 Cengiz Manav 0.0020 206 Ahmet Metin 0.0143 207 Ahmet Mutafoğlu 0.0000 208 İlhami Negiş 0.3749 209 Nermin Negiş 0.1095 210 Tacettin Negiş 4.5043 211 Kemal Övün 0.0276 212 Fazlı Özalp 0.0000 213 Abdullah Özata 0.0125 214 Adnan Özata 0.0021 215 Ahmet Özata 0.0021 216 Erol Özata 0.0021 217 Hürriyet Özata 0.0058 218 Mustafa Özata 0.0372 219 Yakup Özata 0.0021 220 Ramis Özaydın 0.0500 221 Mustafa Özaydınlık 0.0000 222 Şükrü Murat Özcan 0.0500 223 Cemil Özdemir 0.0000 224 İdris Özdemir 0.3871
225 Mustafa Kemal Özdemir 0.0050
226 Recep Özdemir 0.0056
227 İsmail Özen 0.5000
228 Enver Özeren 0.0500
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229 Rafet Özeren 0.0500 230 Osman Gürbüz Özkara 0.0583 231 Fatih Özkaragöz 0.2767 232 Kemal Özkaragöz 0.1000 233 Ali Özturan 0.0221 234 Ali Öztürk 0.0079 235 Zekai Öztürk 0.0437
236 Osman Can Pehlivan 4.0000
237 Rahmi Peker 0.5000 238 Meral Pişan 0.0708 239 Onur Pişan 0.1250 240 Sibel Pişan 0.0833 241 Uğur Pişan 0.1250 242 Sinan Saraç 0.1000 243 İrfan Sarı 0.0000 244 Salih Sarıgül 0.1198 245 Ahmet Sarıkaya 0.0131 246 Kadri Sarıkurt 0.1000 247 Asım Sayın 0.4150 248 Hasan Sayın 4.4354 249 İbrahim Sayın 3.5218 250 Burak Serdaroğlu 0.1268 251 Semih Serhatlıoğlu 0.0003 252 Salih Seyhan 0.0023 253 Osman Sezer 0.0500 254 Arzu Silahtar 0.3783 255 Murat Sungurlu 0.3683
256 Hüseyin Fikret Şahinbaşoğlu 0.0003
257 M. Talha Şahsuvaroğlu 0.0603
258 Orhan Şeker 0.1917
259 Yaşar Şeker 0.0021
260 Harun Şimşek 0.4000
261 Namık Kemal Şimşek 0.1250
262 Sebahat Şimşek 0.0500
263 Abdülvahit Tabakçı 0.0107
264 Cemil Tan 0.0825
265 Halis Tan 0.3297
266 Seyyithan Tan 0.3433
267 Ali Rıza Tanrıseven 0.9257
268 Mehmet Tari 0.2500
269 Aşır Taşkıran 0.0500
270 Mehmet Sıddık Tekin 0.3312
271 Ali Cem Tekoğlu 0.0107
272 Ömer Tekoğlu 0.0781 273 Tahsin Tekoğlu 0.1901 274 Ergin Tonyalı 0.0500 275 Kamil Topçu 0.1425 276 Murat Toplaoğlu 0.0080 277 Ümit Topuz 0.1000 278 Mehmet Torun 0.0700 279 Sadık Tuğcu 0.2500 280 İbrahim Tulum 0.0625 281 Ahmet Tuna 0.0500 282 Haluk Tunçak 0.0889 283 Ahmet Turalioğlu 0.0367
284 Mehmet Hanifi Turalioğlu 0.0367
285 Ömer Turalioğlu 0.0367
286 Vural Tutak 0.0468
287 Kazım Türkkaynağı 0.0083
288 Ahmet Tüysüz 0.1000
289 Mahmut Nedim Uğur 0.0125
290 Murat Ulus 0.0003
291 Mustafa Nazım Ulusoy 0.1250
292 Erdoğan Ustaömer 0.0500
293 Ali Rıza Uysal 0.0500
294 Mehmed Uzun 0.2500 295 Salih Uzunlar 0.0067 296 Savaş Ünal 0.0761 297 Ahmet Ruhi Ünlü 0.0896 298 Mustafa Ünlü 0.0000 299 Nesrin Vural 0.0025 300 Mustafa Vuran 0.0458 301 Ali Yarkın 0.4872 302 Ahmet Yaşar 0.0150 303 Niyazi Yıldırım 0.0500
304 Mehmet Yılmaz Yıldız 0.3651
305 Şenol Yıldız 0.0500
306 Hasan Yılmaz 0.0500
307 İbrahim Yöndem 0.0333
308 Muammer Yurtsever 0.0000
309 Mehmet Fevzi Yüce 0.0288
310 Others 0.0285
BDDK İzni Beklenenler 4.3565
Name/Surname Share in
No Trade Name the Bank (%)
1 Birim Birleşik İnşaatçılık
Mümessillik San. ve Tic. A.Ş. 4.9398 2 BJ Tekstil Ticaret ve Sanayi A.Ş. 5.0000 3 Forum İnşaat Dekorasyon
Turizm San. ve Tic. A.Ş. 6.2681
4 Galaksi İnşaat Tek. San. A.Ş 0.5000 5 Karakaya Yedek Parça ve
Otomotiv San. Tic. Ltd. Şti. 0.0449 6 Koçkaya Motorlu Araçlar
San. ve Tic. A.Ş. 0.0656
7 Linateks Tekstil İthalat İhracat
Sanayi ve Ticaret Limited Şirketi 0.2500 8 Meltem Turizm İnş. Tic. A.Ş. 0.0210 9 Negiş Giyim İmalat ve İhracat A.Ş. 0.1806 10 Ortadoğu Tekstil Tic. San. A.Ş. 10.5535
11 Serra Turizm Ltd. Şti 4.1667
12 Teksen Tekstil End. A.Ş. 0.2676
13 Verim Plastik İth. Mad. A.Ş. 0.4167
Group A pending as of December 31, 2009 for approval from BRSA
Name/Surname Share in
No Trade Name the Bank (%)
1 Forum İnşaat Dekorasyon Turizm
San. ve Tic. A.Ş. 3.4337
2 İbrahim Arı 0.8423
3 Asım Sayın 0.0500
4 Hasan Sayın 0.0222
5 Burhan Kurt 0.0083
Total 4.3565
Changes Made in the Articles of Association in 2009
In 2009, no changes were made in the Bank’s
Articles of Association.
Share in
A Message from Tahsin Tekoğlu
Esteemed Bank Asya shareholders:
Effective 12 February 2010 I have resigned from the position of Chairman of the Board of Directors which I have held since 2004. I would therefore like to take this occasion to share my thoughts with you briefly. Backed by the strong financial and operational structure, the knowledge and experience, the corporate competencies, and–most important of all–the brand that it has built up in the brief time since it was founded, Bank Asya is embarking upon a process of much rapider growth and development in 2010. In this process, our bank’s dedicated employees will continue to provide solutions specially designed to meet the needs of our millions of customers and to demonstrate the Bank Asya difference while remaining firmly committed to our principles and performing their jobs with zeal.
Both the consistent performance that it has demonstrated during the last seven years and the huge potential that it harbors have made our national economy a focal point of attention not just at the regional level but on a global scale as well. Bank Asya is ready to take maximum advantage of the growth and new business opportunities that markets will be revealing in the near future and to transform such potential into performance.
I want to extend my gratitude to all members of the Board of Directors with whom I have worked in such perfect harmony during my term of office. Similarly I also sincerely thank our professional senior management teams and all my colleagues for their great efforts in making Bank Asya a “model of success”.
I wish our bank’s new board chairman my heartfelt success. I have every reason to believe that he will be administering our bank in the very best and soundest way during his term at the helm.
Tahsin Tekoğlu
Chairman of the Board of Directors (Until 12 February 2010)
A Message from the
Board of Directors
Esteemed shareholders:
We have completed a year which suffered from the effects of an
economic crisis that shook the whole world and will forever be
remembered in the history of the international economy and which
for us was marked by both difficulties and successes.
2009 will have a special place for us in the future as the year in
which Bank Asya reached an important stage in its upward progress
while proving its performance under the most critical of conditions.
We may say that the process referred to as the “global crisis” was the
outcome of flaws in the structure of the international financial system
and that this structure failed because it no longer inspired confidence. The
international consensus of opinion and action that emerged with respect
to remedies to get out of the crisis and to deal with its aftermath may be
regarded as one beneficial result to come out of that process. Nevertheless
it would not be a mistake to say that the most striking outcome of the
crisis has been a change in consumer behavior in the United States and
other developed countries–which is to say cutbacks in consumption and a
heightened propensity to save.
A message from the Board of Directors
The next period should not
pose problems for the sector
as banks maintain high levels
of capital adequacy and
liquidity ratios.
As of the third quarter of 2009 it appeared that the global economy had begun to emerge from recession
and that the crisis was giving way to recovery,
however slowly that might be. An increasingly
important consideration in this process was the need for governments and monetary authorities
to act without haste and deliberation in winding up their support plans in order to head off the risks that markets might lose confidence and that macroeconomic balances might be upset once again.
Turkey’s economy and banking sector encountered this latest global crisis under relatively better conditions thanks to the experience which had been gained in the 2001 crisis and to changes which had been made in light of that experience.
Banks in Turkey not only possessed high levels of liquidity, strong capital structures, high levels of debt serviceability, good-quality asset portfolios, and high capital adequacy ratios but were also paying attention to risk management, internal control, and corporate governance while the banking system as a whole was not seriously encumbered by an uncovered foreign exchange position. Such factors made the country’s banking sector more resilient when dealing with the difficulties posed by the crisis.
Banks in Turkey had a rather good year in 2009,
particularly in terms of profitability. The Central Bank cut interest rates drastically, which reduced the cost of banks’ resources to quite reasonable levels. At the same time, banks also booked substantial profits thanks to the returns that they received on the increasingly higher proportion of their portfolios consisting of high-interest securities.
For participation banks, events unfolded somewhat differently. Participation banks’ funding costs did not drop as fast as did those of commercial banks due to the effects of their different business models. For this
reason the dividends paid out by participation banks
were well above those of commercial banks even as the latter cut their interest rates last year. Although the overall growth in lending throughout the banking industry remained flat in 2009, participation banks actually increased their credit volumes.
Looking at asset quality, the anticipated growth in non-performing loans turned out to be much less than pessimistic projections had thought it would be. BRSA regulation and loan restructurings by banks in support of corporate clients undoubtedly played a great role in this development.
The next period should not pose problems for the sector as banks maintain high levels of capital adequacy and liquidity ratios. No one however should harbor any hopes of achieving the same high level of profitability as in 2009. From the second half of 2010 on, banks will respond to the expected recovery in the real sector by lending increasingly more of the liquidity that they have been holding onto. In their efforts to make up for profit margins made thinner by lower interest yields on their security portfolios, all banks will try to play a more active role in the credit market, with particular emphasis being given to lending to the retail and small-business segments.
We are putting our knowledge and experience to work for the prosperity of our country’s economy and people.
Our bank is the strongest representative in our
country of participation banking, a financial system business model which is being held in increasingly higher esteem as its value becomes better
understood. Our bank continued to grow and perform soundly in 2009 and it posted balance sheet results that put it in the front ranks of the sector.
Bank Asya acts in accordance with the realities both of Turkey and of its sector. Due to the nature of our business model, our core business activity is lending and for that reason we regard ourselves as an essential element of the production process.
We see participation banking as the best recipe for
production sector growth. Deploying it to support enterprises and to grow along with them as business
partners is the way to open the path to our own
success. Our bank continued to supply funding to the real sector without interruption even under economic crisis conditions as a financial institution which has an advanced credit culture and which works with firms of every size. Indeed the remarkable growth in our cash loans last year is the clearest possible expression of just this approach on our part.
Bank Asya is the newest entry into the business
of participation banking but it is also the bank
that has been growing the fastest and making the
most progress. Sound and determined steps in the direction of institutionalization have made as much
of a contribution to our bank’s success as have the
knowledge and experience of our professional staff. With a significant proportion of its stock publicly
traded, Bank Asya’s corporate governance practices,
its transparency, and its accountability have earned it a place among the top ten companies included in the ISE-30 banking industry index.
We invest in the future.
Bank Asya plans to continue pursuing organic growth in 2010. The engine of that growth once again will be our investment in people and technology, which is to say our investment in the future. Our bank ranks first
among participation banks in terms of the number of
people it employs and among the top contenders in terms of the average number of personnel per branch.
The projects that we have carried out are proof
that our intention to lead the way in innovation by
supporting our progressive human resources with
technology is no dream.
Nor are our investments in the future limited exclusively to our bank. Bank Asya continued to give importance to social responsibility projects in 2009 and it played an active role in efforts in many
different areas such as education, environment,
culture, and art by supporting projects and events that make a contribution to social wellbeing.
The key to our success is believing: Believing that we are going to be successful and acting out of shared wisdom and values…
None of our successes have been by chance. They are all the outcome of a strategy that has been thought over, laid out, and implemented in the finest detail. In everything that we have accomplished and will accomplish, our biggest mainstays are first of all our commitment to solid growth, into which we have channeled all of our energies and on which we are focused, and secondly our team of experts who have the ability to duly carry out our strategies.
In conclusion I offer my deepest thanks to everyone
who has contributed towards our superior success as
well as to all our other stakeholders.
Behçet Akyar
Chairman of the Board of Directors (Since 12 February 2010)
Bank Asya’s corporate
governance practices,
its transparency, and its
accountability have earned
it a place among the top
ten companies included in
the ISE-30 banking industry
index.
A Message from Ünal Kabaca
Esteemed Bank Asya customers and colleagues:
Effective 28 January 2010 I have relinquished my position as a CEO of Bank Asya, a responsibility that I have held for ten years, to my esteemed colleague Cemil Özdemir. I am convinced that under the guidance of its new CEO and through the peerless efforts and contributions of its professional management team and strong human resources, our bank will continue to advance and to be our country’s leading participation bank in 2010 and the years that follow.
At a time when structural strength and institutionalization have become more important than ever, Bank Asya continues to produce increasingly more value as much for all of Turkey as for its stakeholders through its superior competencies and the human resources that represent its most precious asset. Keeping productivity and effectiveness in the forefront of everything that it does, our bank is also an exemplary and responsible corporate citizen both in its sector and in its country.
Although my term of office is over, I wish to make it clear that I shall continue to be the most faithful supporter of the mission and vision which we hold in common at Bank Asya and that I shall be proud to contribute both my knowledge and my efforts on behalf of the bank whenever you may be in need of them.
Ünal Kabaca
CEO
CEO’s Message
Esteemed shareholders:
Although 2009 was a difficult year for the world’s economies, the
Turkish banking sector as a whole successfully demonstrated its
mettle during the crisis. Through the prudent policies that they
adhered to, Turkish banks strengthened both their equity and their
profitability and indeed their crisis management abilities are being
pointed to as models for banks elsewhere to follow.
As a consequence of their business model and principles,
participation banks do not maintain portfolios of fixed-income
securities. Their lending therefore increased at a rate above the
banking sector’s average last year as they continued to supply the
The shareholders’ equity that
makes up 15% of its total
assets is one of the best
evidences of the bank’s healty
financial structure.
During 2009 Bank Asya maintained both its profitability and its growth in line with its stated targets thanks to its strong capital base and to its balanced balance sheet structure. Bank Asya successfully defended its leading position among participation banks in terms of total assets, loan placements, non-cash loans, deposits, and net profit while registering above sector average rates of growth in total assets, loans, and deposits. According to third quarter 2009 figures, Bank Asya ranked 14th
among Turkey’s biggest banks from the standpoint of
total assets.
Full support for the real sector
Bank Asya’s total assets reached TRY 11.6 billion in value in 2009, a figure that corresponds to a year-on-year rise of 43%. The growth in the bank’s assets stemmed largely from increased lending, with loans making up fully 72% of the overall total. Continuing
to provide its customers with credit support at an ever-increasing rate at a time when the effects of
the international financial crisis were felt, Bank Asya demonstrated its ability to stand by them even during hard times while successfully expanding its total lending by 31% in a year when the total volume of banking sector loans increased by only 6.9%. Last year Bank Asya also expanded its cash loan portfolio while registering a 5.3% rate of growth in its NPLs, a figure that is consistent with the sectoral average.
Deposits received were once again the most
important source of Bank Asya’s funding resources
in 2009. Such deposits were up 56% last year, going from TRY 5.8 billion in 2008 to TRY 9.1 billion in 2009. This rise is clear evidence of the confidence that
customers have in Bank Asya during such a fraught
period of time.
The most profitable participation bank for 3 years in a row
In the 12 months to end-2009 our net profit was up 22% and reached TRY 301 million. By successfully increasing its profitability by such a figure at a time when inflation was in the single-digit range, Bank Asya ranked as Turkey’s most profitable participation bank for the third year in a row. Dividend income received from having lent out the additional resources resulting from the 56% rise in deposits together with commission earnings on non-cash loans were the two main sources of the bank’s profitability. As a result of all these developments, our bank posted a 19.4% return on equity and a 3.1% return on assets.
The high dividends earned by the bank as a result of its productive lending policies made it possible
for its customers to secure high returns on their
participation accounts as well. One outcome of this was that the average length of term on deposits held by the bank was also above the sectoral average. As a result of a more prudent lending policy that gave importance to liquidity, the ratio of loans to deposits was down to 91% in 2009 from 109% in 2008. To put
it another way, Bank Asya continued to support its
customers financially despite its heightened sense of cautiousness.
With such a large influx of deposits and in view of the needs of the business climate, Bank Asya chose to pursue growth in cash loans in 2009. One outcome of this conscious decision was a 13% year-on-year decline in non-cash loans. Another reason for this contraction in non-cash loans was the bank’s strategy of maintaining its capital adequacy ratio at around the 15% or so level. Despite our decision to reduce our non-cash loan exposure, there was a noteworthy 22% rise in income received on such placements. Last year Bank Asya successfully maintained its fourth-place position in the banking industry in terms of letters of guarantee issued.
A sound and strong capital structure
Regulatory authorities in Turkey approach the matter of capital adequacy with prudence and have therefore set a minimum 12% requirement, four points above the 8% ratio that is generally recognized as acceptable elsewhere in the world. Bank Asya for its part has decided that an even higher capital adequacy ratio, on the order of 14.45%, is an optimum level that is more in line with its need to
make productive use of its deposits combined with its
own sense of prudence. Maintaining its strong capital structure, Bank Asya’s profitability also contributed to the 22% year-on-year rise in its equity, which reached TRY 1.7 billion.
No letup in planned organic growth
In light of its strategy of controlled, deliberate growth and also in line with customer demand, Bank Asya opened nine new branches in 2009, five of them outside İstanbul. This corresponds to a year-on-year rise of 6% and brought the total number of branches from 149 to 158. During the same period, the number of bank personnel also increased 7% to 4,074. Recognizing the crisis as an opportunity, Bank Asya reviewed its own internal systems and accelerated its efforts to improve its business processes during 2009.
CEO’s Message
Bank Asya has been initiating activities outside Turkey with the intention of becoming a potent financial force in the international arena as well.
2009 was a year in which we took the first steps in our strategy of expanding abroad. Bank Asya
has signed a strategic partnership agreement with
the Islamic Corporation for the Development of the Private Sector (ICD), an agency of the Islamic Development Bank (IDB), with the aims of taking advantage of growth potential in Africa, of
providing banking services to Turkish companies active in African countries, and of advising Turkish businessmen on business and investment
opportunities in the region. As a result of this partnership, Bank Asya will be engaging in interest-free banking activities along with IDB and ICS throughout the continent with a particular focus on West Africa at the outset. In another international venture project, the bank has received a license from the Banking Regulation and Supervision Agency (BRSA) to open a representative office in the city of Mumbai in India.
A project to transform our construction company
subsidiary Asyafin İnşaat Sanayi AŞ into a real estate investment trust was also brought to completion last year.
Bank Asya’s innovative products and services continued to make it the preferred bank of its customers in 2009 as well.
Last year the bank registered a 20% increase in the number of its retail customers. The total number of
credit cards issued under our AsyaCard brand reached
1.5 million while our credit card turnover also rose 25% year-on-year.
The success of AsyaCard DIT, which ranks among the world’s most advanced and functionally capable payment cards, was confirmed twice last year in the form of the “Best Cash Displacement Initiative” award
in the “Visa Europe Best Card & Payment Sector
Awards” and the Cards & Payments Organization’s
“Best New Credit Card Product Launch” award. Under the heading of mass transit projects carried out jointly with municipalities, last year Karabük and Bolu joined Kahramanmaraş and Balıkesir on the list of provinces in which municipal bus fares can be paid using AsyaCard DIT. Discussions are currently in progress with many other municipalities to introduce the same system in their own localities.
According to December 2009 figures published by
Interbank Card Center, Bank Asya ranks 10th in credit
card and 9th in POS numbers. This is indicative of the general rises that the bank has been experiencing in payment card rankings and market shares. DIT Pratik, Turkey’s first prepaid contactless bank card, completed 2009 as the leader of its category having only recently joined the DIT family in November. In addition to supporting the national economy, Bank Asya also regularly contributes towards sport and culture for the better health and wellbeing of young people and it continued to do so in 2009. In that respect, our sponsorship of the Bank Asya 1st League,
which consists of grassroots teams from provinces
outside İstanbul, is a matter of particular pride and importance for us.
Constantly forward into the future with sound goals…
Our bank is a rising star in a country that is expected to become one of the world’s biggest economies in the future and our highest priority will always be
to ensure that Bank Asya enjoys the stature that it
deserves. While strengthening our present position, we will also continue our efforts to achieve our goals and to take Bank Asya even further ahead without even a hint of indecision or hesitation. In the period ahead, we will strive in every possible way to realize our vision of being “a respected, trusted, and effective bank that provides service at world standards through the products that it develops in the business of participation banking” and I have full faith and conviction that our inherent love of service and superior sense of duty will enable us to be the authors of even greater successes.
In closing, I offer my thanks and respects to all of our customers, shareholders, and employees whose unstinting material and moral support since the day
Bank Asya was founded have made our bank what it
is today.
Cemil Özdemir CEO
(Since 28 January 2010)
In the period ahead, we
will strive in every possible
way to realize our vision
of being “a respected,
trusted, and effective bank
that provides service at
world standards through
the products that it
develops in the business of
participation banking”
100%
Falling employment
Recoiling from tighter credit
conditions inherited from
the previous year, growth,
consumption, investment, and
consequently employment
numbers all dropped
significantly all over the
world in 2009.
Rising stock
market
Awash with liquidity,
developed countries’ stock
exchanges posted average
returns on the order of
20% while rises of close
to 100% were experienced
in some emerging
Asia
(8.4)%
Contracting
economies
In the first quarter of 2009,
only the Baltic countries
suffered more from the
global economic downturn
than Turkey did. The Turkish
economy shrank 8.4% in the
first nine months of the year.
The engine of the global economy for the period
ahead
The generally prevailing view of the period ahead is
that the country risk map has been transformed and
that Asian economies will be the engines of global
growth, with those of China and India leading the
way forward.
Macroeconomic Overview and the Banking
Sector
Global overview
2009 was a year in which economic recession spread
throughout the world and there was never any lack of either debate or speculation as to the timing and speed of economic recovery.
Recoiling from tighter credit conditions inherited
from the previous year, growth, consumption,
investment, and consequently employment numbers dropped significantly all over the world in 2009. The hallmark concerns last year were concerned primarily
with when and to what degree the recovery observed
in financial markets (which were thought to have put the worst of the global economic crisis behind them) would make itself felt in the real economy and in employment numbers.
The deep impact of the crisis on the banking
industry forced governments and central banks in many countries to take serious measures. A host of measures were taken to restore stability to financial
markets ranging from rapid interest rate cuts and
liquidity support to nationalization.
Throughout most of the year, central banks kept their interest rates at historically low levels and pumped liquidity into their markets with the result that financial asset prices appeared to be on the rise again in the second half of the year. Finding themselves awash with liquidity, stock exchanges in countries like Germany, the UK, and the USA generated average returns on the order of 20% while rises of close to 100% were experienced in some emerging markets like Argentina, Brazil, Russia, and Turkey.
In 2008 the euro lost ground against the US dollar in reaction to the USD liquidity crunch, with the EUR/
USD exchange rate falling as low as 1.28. In 2009 the situation reversed itself somewhat as USD began to flow freely with global markets recovering and the euro began to appreciate once again.
In response to seriously depressed international demand, commodity prices had shrunk significantly in 2008 but began to regain their lost ground in 2009. In 2008 crude oil prices plummeted sharply to below USD 40 from their record-breaking USD 140/barrel high point. Although the price began to rise again in 2009, it nevertheless closed the year at the USD 78/ barrel level.
Towards the end of 2009 the Dubai government released an announcement saying that Dubai World, an investment company in which it controls a stake, intended to ask for a “standstill” in its debt servicing while international credit rating agencies
downgraded Greek government bonds noting that
the country’s debt service abilities were fraught with long-range risks. Such events caused more turbulence in financial markets that was exacerbated by worries over the euro when Fitch Ratings announced that it could not guarantee France’s or the UK’s AAA
sovereign debt ratings if those two potent Eurozone countries did not take measures to enforce budget
discipline.
As we entered 2010, it was still unclear as to how and when the USA, the UK, Eurozone countries, and Japan would put an end to their expansionist policies. The generally prevailing view of the period ahead is
that the country risk map has been transformed and
that Asian economies will be the engines of global growth, with those of China and India leading the way forward.
2009 was a year in which
economic recession spread
throughout the world and
there was never any lack of
either debate or speculation
as to the timing and speed
of economic recovery.
Annual Growth Rate 10 8 6 4 2 0 (2) (4) 2007 2008 2009 (T) 2010 (P) 8% 6% 2% 5% 5% 3% (1)% 3% 3% 1% (3)% 1% Developing Developed countries World
