MBU Informe Anual 2009 Ingles24may10:maquetaci..n 1

ANNUAL
REPORT2009

Banco Universal
ANNUAL
REPORT 2009
CONTENTS
Financial Highligths 3
Board of Directors and Administration 4
Notice of Ordinary General Shareholders’ Meeting 5
Board of Directors’ Report 7
Statutory Auditors’ Report 17
Financial Statements 18
Economic Climate 23
Strategic Positioning 25
Management Discussion and Analysis 27
Business Management Report 35
Quality of Service and Operating Efficiency 45
Human Resources 51
Risk Management 55
Credit Ratings 63
Social Commitment 65
Prevention and Control of
Money Laundering 69
Corporate Governance 71
Awards and Acknowledgements 77
Management 78
International Offices
Corporate Contacts 83

Banco Universal
2
Annual Report 2009
Mercantil Banco Universal founded in 1925,
has eighty-five years of experience in the financial market and ranks as one of Venezuela’s
leading institutions, with Bs 3,300 million (US$ 1,539 million) in equity. It is the main subsidiary
in Venezuela of Mercantil Servicios Financieros, the country’s foremost comprehensive
provider of financial services, which operates in 10 countries in the Americas, Europe and Asia.
Mercantil Banco Universal offers its customer base a wide range of high quality financial
products and services in different market segments, thereby reaffirming its mission to fulfill
the expectations of the people and the communities it serves.
At December 31, 2009, it is Venezuela’s leading bank in terms of savings deposits with a 19.6%
market share. Its compliance with the percentages established for the regulated portfolios is
highly satisfactory and it is the country’s leading bank in terms of loans for mortgages,
manufacturing and tourism, with market shares of 16.9%, 20.3% and 16.3% respectively.
Mercantil Banco Universal’s products are offered primarily in Venezuela through a network of
channels (which at December 31, 2009 consisted of 297 branches, 1,355 ATMs and 41,027 points
of sale located in 30,227 commercial establishments) and telephone and Internet banking.
To complement these services and assist its overseas customers, Mercantil Banco Universal
has an agency in the United States (Coral Gables, Florida) a branch in Curaçao and five
representative offices, in Bogota, Lima, Mexico, Sao Paulo and New York. Ever since it was
founded, Mercantil Banco Universal has played an active role in developing the different
markets in which it operates by financing trade, agriculture and industry in Venezuela.
Through Fundación Mercantil it plays an ongoing role in the development of different sectors
in the community, thereby ratifying its social commitment towards Venezuela.

Earnings Consolidated
Balance Sheet (1)
Total Assets
Loan Portfolio (Net)
Deposits
Shareholders’ Equity
Income Statement (2)
Net Interest Income
Margin of Financial Intermediation
Personal and Operating Expenses
Income Before Income Tax
Net Income
Profitability Indicators (%)
Net Interest Margin (NIM)
Other Operating Income / Total Income
Net Income / Average Equity (ROE)
Net Income /Average Assets (ROA)
Capital Adequacy Indicators (%)
Equity / Risk-Weighted Assets
(regulatory minimum 12%) (3)
Equity / Risk-Weighted Assets (BIS) (4)
Equity / Assets (Current Regulatory minimum 8%, 10 %
up to december 2005) (3)
Loan Portfolio Quality Indicators (%)
Past-Due and Non-Performing Loans / Gross Loan Portfolio
Allowances for Loan Losses / Past-Due + Non-Performing Loans
Allowances for Loan Losses / Gross Loan Portfolio
Efficiency Indicators (%)
Operating Expenses / Average Total Assets
Operating Expenses / Total Income
Liquidity Indicators (%)
Cash and Due from Banks / Deposits
Cash and Due from Banks and Investment Portfolio / Deposits
Other Indicators (%)
Total Loan Portfolio / Deposits
Financial Assets / Total Assets
Financial Assets / Deposits
Number of Employees
Employees in Venezuela
Employees Abroad
Banking Distribution Network
Branches in Venezuela
Automatic Teller Machines (ATM)
Point of Sale Terminals (POS) (5)
Market Share (%) (6)
Loan Portfolio
Deposits
Financial Highlights
(In thousands of Bs. and millons of US$, except percentages and other indicators)
Year Ended
2009
US$ (1)
17,071
9,460
14,927
1,539
1,154
1,250
858
372
337
Mercantil Banco Universal
3
2009
bolivars
36,609,791
20,287,426
32,013,443
3,299,517
2,474,420
2,681,472
1,840,595
798,352
722,035
10.2
24.0
24.0
2.2
17.0
15.8
10.2
0.9
378.9
3.5
5.0
51.5
28.6
47.2
65.6
73.1
83.6
7,397
33
297
1,355
41,027
13.1
11.1
2008
bolivars
30,181,479
15,338,403
24,804,865
2,708,877
2,239,055
2,474,425
1,587,038
867,928
820,956
11.7
23.6
34.2
3.1
15.2
16.9
9.1
0.8
354.8
2.9
5.5
49.7
29.8
54.9
63.7
72.5
88.3
7,679
25
325
1,412
37,655
11.5
10.9
2007
bolivars
22,997,523
12,432,519
19,757,310
2,091,272
1,557,355
1,954,533
1,248,208
646,468
534,952
10.8
25.8
29.6
2.7
14.0
15.9
9.6
0.5
389.2
2.1
5,7
54,5
30.8
49.1
64.3
70.6
82.2
7,722
19
319
1,414
32,277
11.6
11.3
2006
bolivars
16,997,775
8,609,434
14,696,663
1,518,642
1,066,400
1,510,721
1,003,437
487,718
424,124
10.1
36.9
31.2
3.0
13.9
15.9
9.8
0.7
366.0
2.6
6.7
55.1
26.2
52.7
60.1
74.5
86.2
7,336
19
309
1,203
27,572
13.5
11.8
2005
bolivars
10,848,554
6,762,736
8,972,559
1,200,200
775,661
1,271,103
726,601
505,950
471,874
(1) And (2) Dollar figures are given for reference purposes only and are converted at the controlled exchange rate at December 31, 2009 of Bs. 2.1446/1US$. Exchange control has been in place in Venezuela since
February 2003.
(3) In accordance with the standards of the Superintence of Banks and other Financial Institutions (SUDEBAN) in Venezuela. As of 2006, venezuelan government bonds are reduced from Assets when calculating
the equity/assets ratio.
(4) Calculated using Consolidated Financial Statements adjusted for inflation up to 1999 in accordance with international Accounting Standard No. 29 (IAS-29) and following the standards of the Basel Committee
on Banking Supervision of the Bank for International Settlements.
(5) Physical points of sale.
(6) For Venezuelan operations.
10.2
44.6
42.5
4.9
13.9
15.5
11.1
0.4
709.5
2.5
7.1
48.3
21.3
39.7
77.3
78.9
95.4
6,648
29
300
1,010
18,358
17.1
12.3

Principal Directors
Alternate Directors
Board of Directors
Secretary
Alternate Secretary
Statutory
Auditors
Alternate
Statutory Auditors
Legal Counsel
Alternate Legal Counsel
Note: The Audit, Compensation and Risk Committees were created
pursuant to provisions in the By-laws and in accordance with a
resolution by the Board of directors. These committees are made up
of Independent Directors and are attended by the President and the
Executive President (ex-officio).
Gustavo A. Marturet
President
Nerio Rosales Rengifo
Executive Presidente
Gustavo J. Vollmer H. 2
Alfredo Travieso P. 2
Luis A. Romero M. 1
Gustavo J. Vollmer A. 3
Jonathan Coles W. 1
Víctor J. Sierra A. 2
Roberto Vainrub A. 3
Miguel A. Capriles L. 3
Luis A. Sanabria U. 2
Oscar A. Machado K. 1
Eduardo Mier y Terán 1
Luis Esteban Palacios W. 2
Gustavo Galdo C. 3
Gonzalo Mendoza M. 2
Germán Sánchez Myles 3
Luis A. Marturet M. 3
Carlos Hellmund B. 3
Gustavo Machado C. 1
Francisco Monaldi M. 1
Federico Vollmer A. 1
Claudio Dolman C. 1
Alejandro González Sosa
Philip Henríquez S.
Miguel Ángel Capriles C. 1
Luis Pedro España N. 3
Armando Leirós R.
Guillermo Ponce Trujillo
Julio Peña Bacalao
Francisco Torres Pantin
Leopoldo Machado Espinoza
Umberto Chirico
Manuel Martínez Abreu
Luis Alberto Fernandes
Pedro Reyes O.
1 Member of the Audit Committee
2 Member of the Compensation Committee
3 Member of the Risk Committee
Annual Report 2009
4
Administration
Gustavo A. Marturet *
President
Nerio Rosales Rengifo *
Executive President
Global Commercial and Personal Banking Manager
Alejandro González Sosa *
Global Executive Coordination Manager
Philip Henríquez S. *
Global Corporate and Investment Banking Manager
Rosa M. de Costantino *
Global Private Banking and Wealth
Management Manager
Alfonso Figueredo D. *
Global Chief Financial Officer
Millar Wilson *
Global International Operations Manager
Fernando Figueredo M. *
Global Chief Risk Officer
Armando Leirós R. *
Global Operations and Technology Manager
Luis Alberto Fernandes *
Global Chief Legal Counsel
Alberto Benshimol M.
New Financial Businesses Manager
Luis Calvo Blesa
Global Office of the Presidency Manager
Guillermo Ponce Trujillo
Secretary of the Board of Directors
Julio Peña Bacalao
Alternate Secretary
Toribio Cabeza León
Global Audit Manager
Salvador Chang
Global Strategic Planning Manager
Juan Livinalli M.
Money Laundering Prevention and
Compliance Officer
* Member of the Executive Committee

Notice of Ordinary
General Shareholders’ Meeting
MERCANTIL, C.A., BANCO UNIVERSAL
Subscribed and Paid-In Capital Bs. 268,060,233
Caracas - Venezuela
By agreement of the Board of Directors, the shareholders are hereby invited to attend an Ordinary General Shareholders’ Meeting at 8:30
a.m. on March 26, 2010 to be held at the Bank’s head office at Avenida Andrés Bello N° 1, Edificio Mercantil, with the following agenda:
1. Review the Board of Directors’ Report and the Bank’s Audited Financial Statements at December 31, 2009, subject to consideration of
the Statutory Auditors’ Report.
2. Appoint the board members and their alternates and establish the fees of all the members of the Board of Directors, in keeping with
the company bylaws.
N.B. The shareholders are hereby advised that the Board of Directors’ Report, the Statutory Auditors’ Report and the Audited Financial
Statements will be available for review fifteen days prior to the Meeting at the office of the Secretary of the Board of Directors of the Bank,
Avenida Andrés Bello N° 1, Edificio Mercantil, piso 35, Caracas. In keeping with the provisions of the company bylaws, the shareholders
are hereby informed that ownership of each group of common class “A” shares representing at least twenty per cent (20%) of the capital
subscribed by those shares, affords the right to nominate and appoint one director and the corresponding alternates.
Caracas, February 25, 2010
On behalf of Mercantil, C.A., Banco Universal
Guillermo Ponce Trujillo
Secretary of the Board of Directors
Mercantil Banco Universal
5

MARGOT RÖMER
MARGOT RÖMER
Proyecto para cubrir con una bandera de seda la Silla de Caracas y Naiguatá • 1984
Oil on canvas • 80 x 244 cm
Born in Caracas, Venezuela (1938-2005). Attended the Escuela Cristóbal Rojas, the Centro de Enseñanza
Gráfica de Caracas and the Taller de Grabado Luisa Palacios. Her searches led her to propose plastic
experimentations inspired by the novel samplings of popular culture and the critical content of American pop
art in response to the commercial exploitation of abstract expressionism.

* Dollar figures are given for reference purposes only and are
converted at the exchange rate of Bs. 2.1446/1US$. Exchange control
has been in place in Venezuela since February 2003.
Board of Directors’
Report
Caracas, February 25, 2010
Dear Shareholders,
We are pleased to submit for your consideration Mercantil Banco Universal’s consolidated
results and main activities for the second half of 2009 and also for the whole year.
The financial statements of Mercantil, C.A., Banco Universal included in this report
consolidate the activities of its branch and agency abroad and its subsidiaries. They were
prepared in accordance with the standards of the Superintendency of Banks and Other
Financial Institutions. They have been examined by the Company’s external auditors Espiñeira,
Sheldon y Asociados, whose report is attached hereto. The financial statements are also
included as supplemental information in accordance with the accounting standards generally
accepted in Venezuela.
Financial Results
Mercantil C.A. Banco Universal reported net income of Bs 722 million (US$ 337 million*), of
which Bs 333 million correspond to the first half of the year and Bs 389 million to the second.
This is 12.0% less than the Bs 821 million posted in 2008, largely explained by the impact of
lending rates on net interest income, considering the compulsory loan portfolio quotas whose
rates are also subject to regulatory maximums.
Assets at year end registered 21.3% growth to Bs 36,610 million (US$ 17,071 million*), compared
with Bs 30,181 million (US$ 14,073 million*) at December 31, 2008, while Shareholders’ Equity
increased 21.8% from Bs 2,709 (US$ 1,263 million*) to Bs 3,300 million (US$ 1,539 million*)
over the same period. Government deposits increased Bs 7,209 million (US$ 3,361 million*),
a year-on-year increase of 29.1%.
The equity/risk-weighted assets ratio was 17.0%, and the solvency ratio, which is the ratio of
equity/assets minus public debt securities, was 10.2% (regulatory minimums 12% and 8%
respectively).
The efficiency ratio, which is measured by calculating operating expenses as a percentage of
average assets, was 5.0%, compared to 5.5% in 2008; while the efficiency ratio, measured by
calculating operating expenses as a percentage of total income was 51.5%, compared to 49.7%
in 2008.
7
Mercantil Banco Universal

During the year, Bs 198, 364,572.42 in dividends was paid at the rate of Bs 0.74 per share.
Fitch’s most recent evaluation upgraded the national rating of Mercantil Banco Universal from
AA (Ven) long term to AA+ (Ven) long term investment, and from F1 (Ven) short term to F1+
(Ven) short term investment, and affirmed its international ratings of B+ long term and B short
term, as well as its individual D rating. It also rated the outlook of the Company as stable. In
its assessment, Fitch stated: “The bank’s performance is sustained by a conservative business
plan, adequate risk control techniques, long-lasting expertise and adequate capital ratios”.
Global risk rating agency Moody Investors Service lowered its rating for Mercantil Banco
Universal from D- to E+. Moody’s rating for deposits in legal tender, was B1. Moody’s review
took into account the uncertainty prevailing in the business environment for the Venezuelan
banking system after the government’s intervention of a number of banks at the end of 2009.
It is important to highlight the development and execution of the strategic project to set up
a Compliance unit in charge of detecting and managing compliance risk involved due to the
violation of regulatory obligations, through policies, methodologies and procedures capable
of strengthening the business model by eliminating or reducing exposure to associated risks.
Economic Climate
Global
The global economy regained momentum in the second half of the year, driven especially by
China and India which grew 8.2% and 5.2%, respectively. The improvement in the OECD
countries, which was slower and less marked, were due to the counter-cyclical effects of the
monetary and fiscal policies implemented, a slight rebound in trade and consumer spending. The
world economy could register a 1% decline during the year, though in the developed countries
it might be 3.4%, contrasting with 2% growth in the emerging and developing countries.
Annual Report 2009
8

United States
After four quarters of negative earnings, in the third quarter of 2009 the US economy picked
up, with 2.2% GDP growth. It is estimated that the contraction for 2009 will be -2.5%,
exceeding the recessions of 1982 (-2%) and 1991 (-0.3%). The key explanations for this economic
upturn are the expansive monetary and fiscal policies implemented in the United States.
Throughout the year the Federal Reserve left short-term interest rates unchanged, averaging
just 0.13%, and it developed a fiscal incentive program of around US$ 65 billion through tax
credits and unemployment benefits. The acute depreciation of the dollar explains the export
growth of 17.8% and 4.7% registered in the last two quarters. Despite this, a degree of
pessimism looms over the job market with unemployment at 10%, across the commercial real
estate sector and the credit market, due to the continued deleveraging of households.
Latin America
Regional GDP underwent a 1.8% contraction (-2.8% per capita), unemployment rebounded
to 8.3% and inflation slipped to just 4.5%, so with few exceptions real salaries continued their
rising trend. Exports fell in terms of volume (-9.6%), and value (-23.4%) and some countries
registered a reduction in immigrants’ remittances, revenue from tourism and credit. The
balance of payments closed with a deficit equivalent to 0.5% of GDP.
With the exception of government spending, the other components of aggregate demand
fell, causing a 4% decline in domestic spending. The counter-cyclical fiscal effort resulted in
a primary deficit of 1% of the GDP.
Venezuela
The Venezuelan economy ended a five-year cycle of expansion with a 2.9% drop in GDP, a slight
rise in unemployment to 6.6% and a -8.1% fall in domestic aggregate demand, due to a 2.6%
decline in consumer spending and a 7.6% reduction in fixed capital formation (-3.3% in 2008)
and a 2.1% expansion of government spending. Inflation registered a 25.1% downturn (30.9%
in 2008), because of reduced pressure on the demand and liquidity, above all liquidity obtained
from fiscal sources.
With Venezuelan oil basket prices closing at US $6.7/bbl and imports down by around
US$10,000 million, the balance of trade surplus reached US$ 22,583 million. The deficits in the
Service Account (US$10,006 million) and the Capital and Financial Account (US$ 15,331 million,
plus US$ 4,545 million for Errors and Omissions), brought the global Balance of Payments
deficit to US$ 7,297 million.
Although fiscal management intensified still further, the fall in ordinary revenue, above all oil
revenue, led to a Central Government financial deficit of -5%.
Money supply grew by just 21.6%, influenced by the fiscal adjustment, despite the expansive
monetary policy and a reduction in the cost of financial aid.
Lending rates for savings and term instruments averaged 13.5% and 16.2%, and deposit rates
were 20.7%.
Mercantil Banco Universal
9

* Dollar figures are given for reference purposes only and are
converted at the exchange rate of Bs. 2.1446/1US$. Exchange control
has been in place in Venezuela since February 2003.
Loan Portfolio
The loan portfolio registered 33.0% growth to Bs 21,013 million (US$ 9,798 million*), compared
with Bs 15,801 million (US$ 7,368 million*) at December 31, 2008.
Loan loss provisions increased 52.5% to Bs 477 during the year. For the domestic operation, the
ratio of Past-due and Nonperforming loans to Total Loans is 0.9%, compared to 2.4% for the
Venezuelan financial system as a whole. The ratio of Loan Loss Provisions/Past-Due and
Nonperforming Loans was 378.9%, compared with 354.8% at the close of 2008.
The banks have a statutory obligation to earmark a percentage of their loan portfolio for the
agricultural, microenterprise, mortgage, tourism and manufacturing sectors. At the close of 2009,
loans to these sectors accounted for 43.3% of the Bank’s gross loans which registered a Bs 2,542
million (38.8%) year-on-year increase.
At December 31, 2009, the Bank attained a surplus over the percentages established, and fully
complied with the compulsory quotas on compliance, as summarized in the following table:
SECTOR
Microenterprises
Tourism
Agricultural
Manufacturing
Mortgage
** One of the new methods used at the beginning of the first half of 2009 was to include
Agricultural Bonds, which totaled Bs 426,892,621 in this portfolio at year end.
Some additional factors for measuring compliance should be considered in the case of the
agricultural portfolio, such as “new borrowers” and “financing for priority items.” In the case of
the former, there were 588 “new borrowers” at the close of December 2009, of which 455 of them
were individuals. In the case of the latter, 88.4% of agricultural loans were for priority items,
which meets the statutory requirements.
Compliance with the mortgage portfolio was measured at December 31, 2009 and the
requirements for all five segments into which it is split were fully met, as described below:
• Construction loans for main home for families earning up to Bs 2,800 in combined monthly
income: 102.4% compliance.
• Construction loans for main home for families earning more than Bs 2,800 and up to Bs
7,000 in combined monthly income: 132.8% compliance.
• Long-term loans to purchase main home for families earning up to Bs 7,000 in combined
monthly income: 192.1% compliance.
• Long-term loans to purchase main home for families earning more than Bs 7,000 and up to
Bs 16,560 in combined income: 154.5% compliance.
• Long-term loans to purchase main home for families earning more than Bs 16,560 and up
to Bs 23,000 in combined monthly income: 121.7% compliance.
Annual Report 2009
10
% REQUIRED
3 %
3 %
21 %
10 %
10 %
% ATTAINED
3.4 %
3.2 %
24.0 % **
16.2 %
14.3 %

Products and Services
During the first half of 2009, the Bank continued to develop new products and services to
meet the needs of a customer base, that exceeds 3,547,000 at June 30,2009.
Mercantil, C.A., Banco Universal strategy to offer banking services and products to the
Majorities through its Mercantil’s Ally network, has advanced significantly. Currently 116
service points are operating through Mercantil's Ally correspondent trading desks and trading
points located in different sectors of the Greater Caracas area and Vargas and Miranda states.
A series of products designed to meet the needs of the Majorities Banking segment is now
available through Mercantil’s Ally. These include the Tarjeta Efectivo cash card, CrediSan
Mercantil and a fuller range of microcredit options.
Mercantil Banco remains the leader in terms of expansion and positioning in the market. In
October the bank began to migrate its card platform to chip technology to give its customers
more security when carrying out transactions using the Llave Mercantil smart debit card at
ATMs in the Mercantil network.
The Llave Mercantil smart card, the first debit card with an inbuilt chip, incorporates state-ofthe-art
technology consisting of a latest generation microprocessor or chip, to provide
customers with additional security when undertaking transactions at ATMs with chip
technology enabled. Mercantil is the first bank in Venezuela certified to issue Maestro debit
cards with an inbuilt chip and its ATMs are globally certified, which positions Mercantil as
the first bank in the country to use these high-security devices. The combination of the Smart
Debit Card and the Smart ATM means that transactions carried out on the Bank’s ATM
network are now far more secure.
The results of the annual follow-up audit conducted by the Venezuelan Standardization and
Quality Certification Institute (Fondonorma), in accordance with the ISO 9001:2008,
demonstrated the commitment of the Company, the staff and Management to the system,
and highlighted the enhancements introduced during the year. Eleven lines of service were
audited in line with this year’s ISO requirements: CAM, Online Banking, Home delivery of
checkbooks, Préstame instant loans, corporate client securities, Teller Line, Promissory Notes
for businesses, ATM network, credit cards and Employee Trust.
Mercantil Banco Universal
11

The office network comprises 297 banking centers; in addition there are 1,355 ATMs and 41,027
points of sale located in 30,227 establishments. There are now 6,955 points of sale available
for the Cestaticket Accor Services Electronic Meal Voucher Card located in 6,120 establishments.
Prevention and Control of Money Laundering
The prevention and control of money laundering remains a high priority for the Bank. It
therefore applies its Money Laundering Prevention Plan at every level, through appropriate
internal control and oversight mechanisms and the ongoing implementation of its “Know
your Customer” policy which it considers the best means of preventing money laundering
and corruption in general. This plan includes running anti-money laundering training
programs for staff.
Social Commitment
Mercantil fosters, promotes and supports social development programs. One of its corporate
values is “to be a solidary institution and an important factor in the development of the
communities where we operates.”
Mercantil Banco Universal made a total social investment of Bs 8.6 million in 2009, which it
channeled through Fundación Mercantil to a series of educational, social development,
religious, cultural and environmental institutions.
During the year the Bank continued its support for Basic Education through its “Give your
School a Helping Hand” program, which it has been running for more than 27 years in
conjunction with the Foundation for Educational Buildings (FEDE) under the Ministry of
Education, to assist the community with the repair and maintenance of school buildings in
different parts of the country. Through this program it is also involved in new initiatives in
support of different educational institutions, Fe y Alegria in particular, in low-income sectors
to help improve the conditions under which they function.
The Bank was also involved in activities at a number of public and private higher education
institutes (e.g. Universidad Central de Venezuela, Simón Bolívar, Metropolitana, Católica
Andrés Bello, Los Andes, Zulia, Monte Ávila and Oriente universities).
Annual Report 2009
12

These activities focus on supporting projects to further the professional development of
students, as well as medium and long-term scholarship programs for students from lowincome
backgrounds.
The Bank also assisted various public and private social development organizations that run
programs in priority areas such as health and nutrition, prevention, disability training and
culture. These and other iniciatives have supported the adquisition of equipment and
medication and caring for children and young people with cancer and heart problems as well
as other activities aimed at improving their quality of life and promoting culture. The efforts
of the following institutions deserve special mention: Children with Cancer Foundation,
Fundación Cardioamigos, Comedores Madre Teresa de Calcuta, “J.M. de los Ríos” Children’s
Hospital, Hogar Bambi, Dividendo Voluntario para la Comunidad, Acción Solidaria Fundación
Alzheimer, Fundaprocura, Fundación Contra la Parálisis Infantil, Centro de Salud Santa Inés,
Cáritas de Venezuela, Venezuelan Red Cross, Sadarbol, Fundación Camerata de Caracas,
National Youth Orchestra System of Venezuela and Superatec (Personal Growth through
Technology program). The Bank continued with the “Mercantil Online contributes to
Venezuela” program run in conjunction with Fundación Mercantil. The program uses
Mercantil’s website to disseminate the social action that various institutions are undertaking
and to allow customers and clients them to make donations by electronic fund transfer.
Last but not least, we would like to acknowledge the staff and their families for their active
involvement in social action programs. The voices of the Bank’s employees and the Mercantil
Choir have been heard loud and clear all around the country on the occasion of their visits to
charitable institutions who help people of all ages in need.
Acknowledgements
In its February 2009 edition, Global Finance magazine awarded Mercantil Banco Universal its
”World’s Best Trade Finance Providers 2009” prize for Venezuela. This prize is for financial
institutions with the highest volume of transactions, range of global coverage, customer
services, competitiveness in prices and technological innovation in the world. Also in its July
2009 edition, Mercantil Banco Universal was rated the Best Consumer Internet Bank in
Venezuela for the second time running.
Dinero magazine published its July edition the results of a survey on “The brands executives
prefer” conducted among 289 executives from different professions in Venezuela’s main cities,
in which the Mercantil Banco subsidiary ranked as the bank preferred by executives to handle
their main accounts, while Mercantil Seguros was their second insurance company of choice.
In its December 2009 edition, The Banker chose Mercantil Banco Universal as the: Best Bank
in Venezuela in 2009 thanks to its outstanding financial results. The magazine emphasized the
high profit yield maintained by Mercantil Banco Universal, characterized by its sound
organizational structure, optimum risk management and adequate level of capitalization. The
Banker highlighted the creation of the new "Mercantil's Ally" network of service points which
provide banking services and innovative products to segments of the population that had
previously lacked any banking presence.
Mercantil Banco Universal
13

Development and Working Environment
The new Collective Bargaining Agreement was signed in December and will remain in force
for two years, from 2010-2012. It will benefit more than 7000 workers and contains
improvements to their most important benefits. The main aspects include increases in cover
for Hospitalization, Surgery and Maternity for workers and their relatives and for Visual and
Auditive Health; School Materials and Family Allowances, number and value of scholarships
for workers and aid for children and students. The Board of Directors acknowledges once
again the cordial nature of relations between the National Federation of Workers of Mercantil,
C.A., Banco Universal and its affiliated unions, which made it possible for Mercantil’s workers
to have a Collective Bargaining Agreement that gives them some very competitive economic
and social benefits. Furthermore, relations between bank officials and employees have
continued to evolve within the traditional spirit of harmony and cooperation and the Board
of Directors wishes to acknowledge them for their efficiency and dedication.
Special mention should be made by the Company and its subsidiaries efforts to design and
implement ongoing training and development programs to allow all the staff to improve their
professional level and keep their knowledge up to date.
In March, for the fourth time running the Great Place to Work® Institute, recognized the
Mercantil, C.A., Banco Universal subsidiary as the only financial institution on the list of the
companies in Venezuela with the best working environment, based on the results of surveys
conducted by the Institute on the Company’s organizational climate and its HR management
practices.
During 2009, a number of Alternate Directors attended Board meetings, either standing in for
Directors in their absence, or as invitees. On the occasion of the President’s and the Executive
President’s temporary absences, some of the Executive President’s functions were delegated
to members of the Executive Committee.
Yours sincerely,
Gustavo A. Marturet
Nerio Rosales Rengifo
Gustavo J. Vollmer H.
Alfredo Travieso P.
Luis A. Romero M.
Víctor Sierra A.
Gustavo J. Vollmer A.
Jonathan Coles
Roberto Vainrub A.
Miguel Ángel Capriles López
Annual Report 2009
14

MARGOT RÖMER
MARGOT RÖMER
Emblema vacío #5 • 1995
Oil and lithographic ink on canvas • 110 x 200 cm
Mercantil Banco Universal
15

JORGE PIZZANI
JORGE PIZZANI
Overscape • 1988
Oil on jute • 186 x 240 cm
Born in 1949 in Acarigua, Portuguesa state. Studied at the Neumann Foundation’s Instituto de Diseño and then
at the Centro de Enseñanza Gráfica in Caracas. His paintings and drawings bring out his immense expressive
vitality. He began by creating anthropomorphic figures, later breaking up his figures to emphasize the
supremacy of gesture. During the 80's he focused on landscapes, a theme which, along with faces, will prevail
throughout his artistic career. Winner of numerous recognitions, among them the Salón Avellán award of the
Museo de Arte Contemporáneo de Caracas.

Statutory Auditors’ Report
To the
Shareholders of
Mercantil, C.A. Banco Universal
Dear Shareholders,
Mercantil Banco Universal
17
Caracas, February 26, 2010
In our capacity as the Statutory Auditors of this Institution and in conformity with the provisions
of Articles 287 and 311 of the Commercial Code and the Professional Standards relating to
Statutory Auditors, we are pleased to inform you that we have examined the consolidated balance
sheet of Mercantil, C.A., Banco Universal and its subsidiaries at December 31, 2009 and the related
consolidated income statements and statement of shareholders’ equity and cash flows for the
period then ended. The preparation of these financial statements and their notes is the
responsibility of the Institution’s Management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We were appointed as the Statutory Auditors of the Institution by the Ordinary General
Shareholders’ Meeting which we attended on September 25, 2009.
Our examination was conducted in accordance with generally accepted auditing standards and as
such included selective tests of the accounting records and other audit procedures we deemed
necessary under the circumstances. We have also taken into account the Report of external auditors
Espiñeira, Sheldon y Asociados for the same period, which should be treated as an integral part of
this report, with whose content we agree, and which we attach hereto.
Based on our examination, we can confirm that the Company maintains adequate controls over its
loan and investment portfolios which are subject to ongoing analysis and monitoring so that the
appropriate provisions can be created, in accordance with the rules and regulations issued by the
Superintendency of Banks and Other Financial Institutions. Accordingly, the Bank maintains the
provisions prescribed in its Bylaws and declares and pays the dividends to which it is obligated
under its Bylaws and the Law. Further, the Bank’s internal accounting controls and policies justify
our view that there is no current or potential risk of conditions that are likely to weaken its financial
position.
In our opinion, the aforementioned consolidated financial statements present fairly the financial
position of Mercantil, C.A., Banco Universal and its subsidiaries at December 31, 2009 and the
results of their operations and cash flows for the year then ended, in conformity with the standards
of the Superintendency of Banks and Other Financial Institutions with which the national financial
system must comply. The Bank presents the consolidated financial statements in inflation-adjusted
values as supplemental information.
Yours sincerely,
Leopoldo Machado Espinoza Umberto Chirico
Statutory Auditor Alternate Statutory Auditor
Encl. Report of Espiñeira, Sheldon y Asociados.

Consolidated Balance Sheet
(In Bolivars)
Cash and Due from Banks
Cash
Central Bank of Venezuela
Venezuelan Banks and other Financial Institutions
Foreign Banks and Other Financial Institutions
Head Office and Branches
Pending Cash Items
(Allowance for Cash and Due from banks)
Investment Securities
Central Bank of Venezuela and Overnight
Investments in Trading Securities
Investments in Securities Avalaible for Sale
Investments in Securities held-to-maturity
Restricted Investments
Investments in Other Securities
(Allowance for Investment Securities)
Loan Portfolio
Current
Rescheduled
Past Due
In Litigation
(Allowance for Losses on Loan Portfolio)
Interest and Commissions Receivable
Interest Receivable on cash and Due froms Banks
Interest Receivable on Invesment Securities
Interest Receivable on Loan Portfolio
Commissions Receivable
Interest Receivable on Other Accounts Receivable
(Allowance for Interest Receivable on Loan Portfolio and Other)
Investments in Subsidiaries, Affiliates and Branches
Investments in Subsidiaries and Affiliates
Investments in Branches
(Allowance for Investments in Subsidiaries, Affiliates and Branches)
Assets Available for Sale
Property and Equipment
Other Asset
Total Assets
Memorandum Accounts:
Contingent Debtor Accounts
Assets Received in Trust
Special Trust Services
Debtor Accounts from Other Special Trust Services
Régimen Prestacional de Vivienda y Hábitat
Other Debtor Accounts (Housing Mutual Fund)
Other Debtor Memorandum Accounts
Other Debtor Control Accounts
Nerio Rosales R.
Executive President
Assets
Alfonso Figueredo Davis
Global Chief Financial Officer
Annual Report 2009
18
For Operations in
Venezuela
December 31
2009
9,134,165,992
793,526,873
7,673,509,154
299,522
256.519,185
0
410,311,258
0
5,631,757,048
2,356,826,847
0
2,909,578,249
309,143,329
56,208,623
0
0
20,285,311,301
20,736,222,361
82,413,965
183,299,488
8,098,257
(724,722,770)
234,629,182
0
28,478,305
198,414,257
23,023,015
20,131
(15,306,526)
529,275,017
302,144,709
227,148,770
(18,462)
23,762,153
206,928,367
458,879,983
36,504,709,043
3,146,034,237
8,739,157,160
21,333,895
0
0
55,383,868,802
5,145,961
Isabel Pérez Sanchis
Corporate Comptroller
Consolidated with
Overseas branches
December 31
2009
9,141,922,911
793,526,873
7,673,509,154
299,522
264,230,495
0
410,356,867
0
5,952,897,823
2,375,653,310
0
3,182,041,439
309,143,329
86,059,745
0
0
20,287,425,877
20,738,903,111
82,413,965
183,299,488
8,098,257
(725,288,944)
236,048,184
436
29,876,408
198,434,720
23,023,015
20,131
(15,306,526)
302,126,247
302,144,709
0
(18,462)
23,762,153
206,928,463
459,495,972
36,610,607,630
3,146,120,022
8,739,157,160
21,333,895
0
0
55,387,201,012
5,145,961
For Operations in
Venezuela
June 30
2009
8,394,152,632
582,564,171
6,445,087,918
623,762
127,603,417
0
1,238,273,364
0
7,248,314,963
5,353,555,786
0
1,354,921,880
462,251,732
77,860,318
0
(274,753)
15,542,695,299
15,911,011,963
57,817,487
132,351,194
5,486,539
(563,971,884)
226,617,581
0
63,234,593
156,716,872
18,767,503
30,350
(12,131,737)
525,773,836
304,501,926
221,271,910
0
236,748
195,085,247
454,698,074
32,587,574,380
2,534,870,006
8,009,621,657
22,131,681
0
0
42,968,135,857
6,485,296
Gustavo A. Marturet
President
Consolidated with
Overseas branches
June 30
2009
8,398,648,880
582,564,171
6,445,087,918
623,762
132,099,114
0
1,238,273,915
0
7,556,661,352
5,369,256,315
0
1,562,744,775
462,251,732
162,683,283
0
(274,753)
15,582,297,482
15,951,652,133
57,817,487
132,351,194
5,486,539
(565,009,871)
228,138,005
987
64,643,803
156,827,099
18,767,503
30,350
(12,131,737)
304,501,926
304,501,926
0
0
236,748
195,085,915
455,775,762
32,721,346,070
2,534,955,791
8,009,621,657
22,131,681
0
0
42,978,148,131
6,485,296

Financial Statements
(Pursuant to the Venezuelan Superintendency of Bank’s Standars)
Consolidated Balance Sheet
(In Bolivars)
Liabilities
Deposits
Demand Deposits
Non-Interest Bearing Cheking Accounts
Interest-Bearing Cheking Accounts
Other Demand Deposits
Obligations for Money Desk Operations
Saving Deposits
Time Deposits
Securities Issued by the Bank
Restricted Customer Deposits
Rights and participation in nvestment securities
Obligations to Central Bank of Venezuela
Deposits and Liabilities with BANAVIH
Borrowings
Borrowings from Venezuelan Financial Institutions, Up to 1 Year
Borrowings from Venezuelan Financial Institutions, More Than 1 Year
Borrowings from Overseas Financial Institutions, Up to 1 Year
Borrowings from Overseas Financial Institutions, More Than 1 Year
Other Borrowings, Up to 1 year
Other Borrowings, More Than 1 year
Other Liabilities for Financial intermediation
Interest and Commissions Payable
Expenses Payable on Customer Deposits
Expenses Payable on Obligations to the BCV
Expenses Payable on Deposits and Liabilities with BANAVIH
Expenses Payable for Other Financing Obtained
Expenses Payable for Other Borrowings
Expenses Payable for Other Obligations
Expenses Payable for Subordinated Debt
Other Liabilities
Subordinated Debt
Obligations Convertible to Capital
Total Liabilities
Nominal Capital Stock par value
Paid-in Surplus
Capital Reserves
Equity Adjustments
Retained Earnings
Unrealized Gain on Investments Available for Sale
Treasury Shares
Total Shareholders’ Equity
Total Liabilies and Shareholders’ Equity
Nerio Rosales R.
Executive President
Shareholders’ Equity
Alfonso Figueredo Davis
Global Chief Financial Officer
Mercantil Banco Universal
19
For Operations in
Venezuela
December 31
2009
31,912,842,588
17,586,306,917
8,852,093,896
8,734,213,021
2,358,767,348
0
10,640,374,597
741,061,722
25,900
355,354,670
230,951,434
0
38,639
137,252,005
134,443,836
0
697,539
0
0
2,110,630
19,493,915
12,683,365
12,427,747
0
0
255,618
0
0
0
1,122,881,791
0
0
33,205,192,303
268,060,233
35,833
268,060,233
0
2,735,052,745
28,307,696
0
3,299,516,740
36,504,709,043
Isabel Pérez Sanchis
Corporate Comptroller
Consolidated with
Overseas branches
December 31
2009
32,016,764,705
17,598,150,929
8,863,711,240
8,734,439,689
2,359,101,636
0
10,650,172,776
753,212,205
25,900
425,149,825
230,951,434
0
38,639
137,252,005
134,443,836
0
697,539
0
0
2,110,630
19,493,915
12,735,012
12,479,394
0
0
255,618
0
0
0
1,124,806,614
0
0
33,311,090,890
268,060,233
35,833
268,060,233
0
2,735,052,745
28,307,696
0
3,299,516,740
36,610,607,630
For Operations in
Venezuela
June 30
2009
28,147,080,034
15,593,419,207
7,456,478,192
8,136,941,015
629,565,302
0
8,938,125,307
875,266,778
36,570
285,634,170
1,825,032,700
0
2,764,907
139,694,960
136,774,520
0
696,697
0
0
2,223,743
34,836,422
12,183,712
11,924,806
0
0
258,906
0
0
0
1,368,959,642
0
0
29,705,519,677
268,060,233
35,833
268,060,233
0
2,346,081,599
(183,195)
0
2,882,054,703
32,587,574,380
Gustavo A. Marturet
President
Consolidated with
Overseas branches
June 30
2009
28,278,396,811
15,621,863,425
7,484,614,513
8,137,248,912
629,929,921
0
8,946,278,570
898,296,286
36,570
356,959,339
1,825,032,700
0
2,764,907
139,694,960
136,774,520
0
696,697
0
0
2,223,743
34,836,422
12,280,177
12,021,271
0
0
258,906
0
0
0
1,371,318,090
0
0
29,839,291,367
268,060,233
35,833
268,060,233
0
2,346,081,599
(183,195)
0
2,882,054,703
32,721,346,070

Income Statement
(In Bolivars)
Interest Income
Income From Cash and Due From Banks
Income From Investments Securities
Income From Loan Portfolio
Income From Other Accounts Receivable
Income From Invesments in Subsidiaries, Affiliates, and Branches
Income From Head Office and Branches
Other Interest Income
Interest Expenses
Expenses From Customer Deposits
Expenses From Obligations to Central Bank of Venezuela
Expenses From Deposits and Liabilies with BANAVH
Expenses From Other Borrowings
Expenses From Other Liabilities From Financial Intermediation
Expenses From Subordinated Debt
Expenses From Other Obligations
Expenses From Head Office and Branches
Other Interest Expenses
Net Interest Income
Income From Financial Assets Recovered
Expenses From Uncollectible and Devaluation of Financial Assets
Provision for Loan Portfolio and Other Accounts Receivable, Losses
Provision for Cash and Due from Banks
Net Financial Margin
Other Operating Income
Other Operating Expenses
Financial Intermediation Margin
Personnel and Operating Expenses
Salaries and Employee Benefits
Operating Expenses
Fees Paid to the Deposit Guarantee
and Banking Protection Fund (Fogade)
Fees Paid to the Superintendency of Banks
and Other Financial Institutions
Gross Operating Margin
Income From Realizably Goods
Income From Special Programs
Miscellaneous Operating Income
Expenses From Realizably Goods
Expenses for Depreciation, Amortization, and Devaluation of Micellaneous Goods
Miscellaneous Operating Expenses
Net Operating Margin
Extraordinary Income
Extraordinary Expenses
Gross Income Before Tax
Income Taxes
Net Income
Appropriation of Net Income
Legal Reserve
Profit Sharing
Board of Directors
Officers and Employees
Other Capital Reserves
Retained Earnings
LOSEP Fund
Nerio Rosales R.
Executive President
Alfonso Figueredo Davis
Global Chief Financial Officer
Annual Report 2009
20
Financial Statements
For Operations in
Venezuela
December 31
2009
2,040,454,002
216,349
224,177,463
1,718,472,822
21,458,840
0
0
76,128,528
787,668,800
716,738,652
0
0
298,874
50,852,387
0
0
0
19,778,887
1,252,785,202
74,807,623
253,285,000
253,285,000
0
1,074,307,825
427,389,117
105,905,714
1,395,791,228
924,920,121
485,934,319
353,530,958
66,129,666
19,325,178
470,871,107
4,253,499
0
72,433,021
8,368,566
0
37,050,261
502,138,800
0
37,283,905
464,854,895
75,883,749
388,971,146
0
0
0
0
0
388,971,146
4,276,148
Isabel Pérez Sanchis
Corporate Comptroller
Consolidated with
Overseas branches
December 31
2009
2,049,452,216
240,845
231,180,414
1,718,733,132
21,459,644
0
0
77,838,181
787,994,162
716,969,078
0
0
393,810
50,852,387
0
0
0
19,778,887
1,261,458,054
75,911,726
253,601,146
253,601,146
0
1,083,768,634
421,175,378
107,637,887
1,397,306,125
926,683,677
485,934,319
355,294,514
66,129,666
19,325,178
470,622,448
4,253,499
0
72,943,025
8,368,566
0
37,206,615
502,243,791
0
37,283,905
464,959,886
75,988,740
388,971,146
0
0
0
0
0
388,971,146
4,276,148
For Operations in
Venezuela
June 30
2009
2,118,912,285
613,371
459,730,069
1,522,095,152
18,604,293
0
0
117,869,400
922,066,972
793,490,618
0
0
25,532
58,685,483
0
0
0
69,865,339
1,196,845,313
24,909,805
221,500,000
221,500,000
0
1,000,255,118
342,787,565
64,781,069
1,278,261,614
906,699,432
494,076,303
334,518,832
60,704,614
17,399,683
371,562,182
7,399,330
0
47,785,602
75,704
0
28,704,031
397,967,379
0
29,142,456
368,824,923
35,761,327
333,063,596
20,703,830
0
0
0
0
312,359,766
3,330,636
Gustavo A. Marturet
President
Consolidated with
Overseas branches
June 30
2009
2,125,682,498
639,763
463,381,578
1,524,572,726
18,604,788
0
0
118,483,643
922,673,112
794,078,367
0
0
43,923
58,685,483
0
0
0
69,865,339
1,203,009,386
27,331,394
222,233,640
222,233,640
0
1,008,107,140
337,606,599
64,787,147
1,280,926,592
908,823,983
494,076,303
336,643,383
60,704,614
17,399,683
372,102,609
7,399,330
0
47,705,215
75,704
0
29,021,539
398,109,911
0
29,142,456
368,967,455
35,903,859
333,063,596
20,703,830
0
0
0
0
312,359,766
3,330,636

JORGE PIZZANI
JORGE PIZZANI
De Goya (from the Acción GAN series) • 2005
Acrylic on canvas • 170 x 136 cm

RAFAEL BARRIOS
RAFAEL BARRIOS
Triangular strokes • 1997
Lacquered iron • 250 x 212 x 29 cm
Born to Venezuelan parents in Louisiana, USA in 1947. Graduated in Art, Communication and Design from the
Ontario College of Art in Toronto, Canada. Winner of some important national and international awards. His
sculptural work is a testimony to his own ideas about man’s space and place as a prime reference.

Economic Climate
Summary of Economic Performance 2008 2009
Percentage Variation of Gross
Domestic Product %
Total 4.8 -2.9
Oil Sector 2.5 -6.1
Non Oil Sector 5.1 -1.9
Exchange Rate Bs./US$
Year End 2.15 2.15
Average 2.15 2.15
Exchange Rate Variation %
Year End - -
Average - -
Inflation
Cumulative Variation 31.9 26.9
Annualized Variation 36.8 17.2
Interest Rates. Year Ended
Average Lending Rates (6 main Banks) 21.7 18.9
90 day Time Deposits (6 main Banks) 17.6 15.0
Source: Central Bank of Venezuela and Own Calculations.
Venezuela
The Venezuelan economy, as is the case in the
rest of Latin America, closed its five-year cycle of sustained expansion with a 2.9% decline in
economic activity in 2009 (+4.8% in 2008). As has been the norm while the fixed exchange rate
has been in place, the worst performance registered was in non-oil tradable activities, which
decreased 5.1%, while non-tradable activities were down by just 0.8%. Unemployment closed the
year at 6.6% (6.1% during the same period in 2008). On the expense side, domestic aggregate
demand declined 8.1% (compared with 5.5% growth the previous year) as a combined result of a
decreases of 2.6% in consumer spending (+7.1% in 2008) and 7.6% in fixed capital formation (-3.3%
in 2008), and a 2.1% (6.7%) expansion of government spending which was unable to reverse the
effect of the contraction of the other components of aggregate demand.
Accumulated inflation to December 2009, measured through the Consumer Price Index, was
25.1% (30.9% the previous year), with a slowdown in the rate at which prices vary that is consistent
with the reduced pressure from aggregate demand and a less expansive (particularly fiscally
sourced) liquidity.
23
Mercantil Banco Universal

Venezuelan oil basket prices declined from US$ 99.6/bbl in 2008 to US$ 61.7/bbl in 2009. Despite
imports falling by about US$ 10 billion, the drop in the value of exports reduced the balance of
trade surplus from US$ 45,656 in 2008 to US$ 22,583 million at the close of 2009. This balance was
not sufficient to offset deficits of US$ 10,006 million in the Service Account and US$ 15,331 million
in the Capital and Financial Account which, added to the negative balance resulting from Errors
and Omissions, brought the global Balance of Payments deficit to US$ 7,297 million.
Fiscal management contracted still further than 2008. Primary real per capita spending, which
had fallen -5.3% in 2008, was down again in 2009, this time by 15.4%, in response to the negative
external shock. Despite this, the unfavorable behavior of ordinary revenue, especially non-oil
income, brought the Central Government’s financial deficit of -1.2% in 2008 to -5% in 2009.
Monetary liquidity grew 21.6% in 2009 (26.8% in 2008), so that after taking inflation into account,
payment methods in real terms fell 4.2% (exceeding the real decline of 3.9% in 2008). This
behavior, which was significantly influenced by the fiscal adjustment, was in spite of the
Venezuelan Central Bank’s expansive monetary policy , and was reflected in a decrease in the
availability of regulated securities (CDs and Repos) from Bs 22.7 billion at the close of 2008 to
Bs 10.2 billion in 2009, along with a reduction in the cost of financial aid (repurchases, advances
and rediscounts) from 33.5% to 29.5% and of absorption operations by 6%, and 7% for 28-day and
56-day securities.
Deposit rates averaged 13.5% and 16.2% for savings and term investments respectively, versus
averages of 13.8% and 16.1% during 2008. Lending rates averaged 20.7%, 254 basis points less
than 2008 average. In real terms, both lending and deposit rates registered negative values of -
4.9% and -8.5%, respectively (versus -6.3% and -12% respectively in 2008).
Annual Report 2009
24

Mission
To fulfill the needs of the individuals
and communities where Mercantil has
presence by providing excellent financial
products and services in various market
segments, enhancing shareholder’s value
by efficiently using our available
resources.
Vision
To be the independent financial institution
of reference in the areas of banking, asset
management and insurance, in the
markets where we serve.
Strategic
Positioning
Mercantil Banco Universal
25
Mercantil Banco has been implementing its
business strategy based on the development of value proposals differentiated by client
segment that aim to satisfy their banking, insurance and investment needs. This strategy is in
line with its corporate mission, long-term strategic vision and principles and values.
Principles and Values
• To be the best provider of financial products and services, measured by the degree of
satisfaction of our customers’ needs.
• To be the financial institution of reference in terms of service quality.
• To be recognized as an institution with proven and solid ethical principles.
• To be a solidary institution and an important factor in the development of the communities
where we operate.
• To have the best and most capable staff.
• To develop a high quality risk and asset and liability management.
• To stay focused on operational efficiency, using technology to support the management
processes.
• To be a modern and innovative institution, capable of anticipating the needs of our
customers and the actions of our competitors.
All year round Mercantil continued to make headway in its efforts to improve quality of service
for its customers through a timely and efficient response to their financial needs and by providing
them with the best products and services available through our network of offices and electronic
channels, incorporating new electronic banking functionalities and improving internal process
and customer services at banking centers. In turn, expanding the cross-selling of insurance, trust
fund, investment and brokerage products to traditional banking clients, creates a tighter bond
with our customers and increases our knowledge and awareness their needs.
We intend to keep on strengthening our activity and international presence through our
agencies and representative offices abroad.
We intend to do all of the above while complying strictly with the regulations in force in the
countries in which we operate, maintaining a strong level of capitalization and heeding the
principles of transparency and sound management which, for Mercantil, are key to its strategic
positioning, to the nature of the institution and to its daily activities.

OSCAR PELLEGRINO
OSCAR PELLEGRINO
Untitled • undated
Acrylic on paper • 61.6 x 45.5 cm
Born in Caracas, Venezuela (1947-1991). A self-taught painter with a degree in Architecture from Universidad
Central de Venezuela. Influenced by the works of great European artists of the 70’s, his work leans towards neoexpressionism
and calls into question the traditional precepts of painting. His clearly free-flowing style earned
him a significant place among his generation of painters during the 80’s.

Management Discussion
and Analysis
Summary of the Consolidated
Balance Sheet
Year ended
(In thousands of Bs. and millions of US$.
except percentages)
Total Assets
Cash and Due from Banks
Investment Portfolio
Loan Portfolio (net)
Deposits
Shareholders’ Equity
Balance Sheet
A summarized Balance Sheet at December
31, 2009, 2008 and 2007 is shown below and the variations found when comparing
December 2009 with December 2008 are commented on:
The audited financial statements and their notes, which include the summary of the
accounting standards used, can be found annexed to this report.
Total Assets
At December 31, 2009 Mercantil Banco Universal registered Bs 36,610 million in total assets, up
Bs 6,428 million (21.3%) compared to 2008 and Bs 13,612 million (59.2%) versus 2007. At year end,
Mercantil Banco Universal ranks second in Venezuela’s financial system in terms of total assets
with 10.5% market share. The largest market share of any single institution in Venezuela is 12.3%
while the country’s four largest banks account for 39.3% of the market.
Cash and Due from Banks
At December 31, 2009 cash and equivalents registered a Bs 1,753 (23.7%) year-on-year increase
to Bs 9,143, and Bs 3,054 (50.2%) compared to December 2008 and 2007 respectively, mainly
due to the increase in the balances in the Central Bank of Venezuela (BCV), as a result of the
growth of government deposits.
27
2009
US$ (1)
17,071
4,263
2,778
9,460
14,927
1,539
2009
bolivars
36,609,791
9,143,190
5,956,675
20,287,426
32,013,443
3,299,517
Mercantil Banco Universal
2008
bolivars
30,181,479
7,390,079
6,220,556
15,338,403
24,804,865
2,708,877
2007
bolivars
22,997,523
6,089,114
3,608,182
12,432,519
19,757,310
2,091,272
2009 Vs. 2008
Increase/
(Decrease)
bolivars %
6,428,312
1,753,111
(263,881)
4,949,023
7,208,578
590,640
(1) Dollar figures are given for reference purposes only and are converted at the exchange rate of Bs. 2.1446/1US$. Exchange control has been in place in Venezuela since February 2003.
Historic figures presented in accordance with the standards of the Superintendency of Banks and Other Financial Institutions.
21.3
23.7
(4.2)
32.3
29.1
21.8
2009 Vs. 2007
Increase/
(Decrease)
bolivars %
13,612,268
3,054,076
2,348,493
7,854,907
12,256,133
1,208,245
59.2
50.2
65.1
63.2
62.0
57.8

Investments in Securities
by Issuer
Year ended
(In thousands of Bs. except percentages)
Central Bank of Venezuela (BCV)
Venezuelan Government
U.S. Government
U.S. Government Sponsored Agencies
Venezuelan Private Sector
International Private Sector
Sub-Total
Investments sold under Repurchase Agreement
Total Invesments
Investments in Securities
2009
bolivars
3,057,000
3,258,817
256,756
8,044
3,001
84,954
6,668,572
(711,897)
5,956,675
At December 31, 2009 investments in securities fell Bs 264 million (4.2%) to Bs 5,957 million
compared to December 2008 and grew Bs 2,348 million (65.1%) compared to December 2007.
At December 31, 2009 total investments in security were composed of: 45.8% in certificates of
deposit and other securities issued by the Central Bank of Venezuela (BCV) with maturities
under 30 days; 48.9% in securities issued or guaranteed by the Venezuelan government, 3.9%
in securities issued by the US government, 1.3% in securities issued by the Venezuelan and
international private sectors and 0.1% in US government sponsored agencies.
Total investments in Securities Issued or Guaranteed by the Venezuelan nation (excluding the
BCV) represent 100% of Mercantil’s equity and 8.9% of its assets. According to information
obtained from the Ministry of Economics and Finance, Mercantil Banco Universal holds 2.8%
of the public debt securities issued by the Venezuelan State at June 30, 2009.
Loan Portfolio
At year end net loans registered Bs 4,949 million (32.3%) and Bs 7,855 million (63.2%) growth
to Bs 20,287 million compared to December 2008 and 2007 respectively. At the close of
December 2009 Mercantil Banco Universal ranks second in the Venezuelan financial system
in terms of gross loans, with 13.1% of the market. Loan portfolio quality remains very favorable,
with a ratio of Past-due and Nonperforming Loans to Gross Loans of 0.9%, compared to 2.4%
for the Venezuelan financial system as a whole.
Annual Report 2009
28
2008
bolivars
6,033,617
1,138,069
0
86,209
109,271
97,229
7,464,395
(1,243,839)
6,220,556
2007
bolivars
3,275,000
1,742,918
17,092
11,499
139,349
128,978
5,314,836
(1,706,654)
3,608,182
2009 Vs. 2008
Increase/
(Decrease)
bolivars %
(2,976,617)
2,120,748
256,756
(78,165)
(106,270)
(12,275)
(795,823)
(531,942)
(263,881)
(49.3)
186.3
100.0
(90.7)
(97.3)
(12.6)
(10.7)
(42.8)
2009 Vs. 2007
Increase/
(Decrease)
bolivars %
(218,000)
1,515,899
(4.2) 2,348,493
(6.7)
87.0
239,664 1,402.2
(3,455)
(136,348)
(44,024)
1,353,736
(994,757)
(30.0)
(97.8)
(34.1)
25.5
(58.3)
65.1

(1) Legal requirements for gross loans at June 30, 2009.
(2) Legal requirements for gross loans at December 31, 2008.
(3) Legal requirements for average gross loan portfolio balances at
December 31, 2008 and 2007.
(4) Legal requirements for gross loans at March 31, 2009.
Loan Portfolio
Quality 1
Year ended
Past Due + Non-Performing Loans
/ Gross Loans (%)
Allowance for Loan Losses /
Past Due + Non-Performing Loans
(1) Calculated on operations in Venezuela.
Gross Loans Classified
by Status
Year ended
(In thousands of Bs. except percentages)
Current
Reestructured
Past Due
In Litigation
Total
The banks are required by law to earmark a percentage of their loan portfolio for the
agricultural, microenterprise, mortgage, tourism and manufacturing sectors.
At December 31, 2009, Mercantil Banco Universal’s level of compliance is as follows: 3.4% for
the microenterprise sector (compulsory level 3%); 3.2% for the tourism sector (compulsory
level 3%) (2) . 24.0% (3) for the agricultural sector (compulsory level 21%), which represents 24.7%
year-on-year growth. This portfolio was subject to some additional considerations in 2009,
such as the requirement on new borrowers, which total 2,169 at year end, Of these, 588 are
new borrowers (455 personal loans). There was also a new requirement on financing for
priority items and the 88.4% of the agricultural portfolio was targeted at the production of
primary and agroindustrial commodities and marketing of agricultural products. Mercantil
Banco Universal ranks second in Venezuela’s financial system in terms of agricultural loans
with a 13.0% market share. Long and short-term mortgages for house purchase account for
9.6% and 4.7% of total loans (2) respectively. The minimum requirements are 6% and 4% in
each case. Mercantil Banco Universal leads the Venezuelan financial system with respect to
loans granted under the Mortgage Debtor Law (Ley Especial del Deudor Hipotecario) with 16.9%
of the market. The banks must earmark at least 10% of their total loans to the manufacturing
sector; the Bank earmarked 16.2% of its loan portfolio (4) .
System
Average
2.4
137.3
2009
bolivars
20,738,903
82,414
183,300
2009
bolivars
0.9
378.6
Mercantil Banco Universal
29
% 2008 % 2007 %
98.7
0.4
0.9
8,098 0.0
21,012,715 100.0
2008
bolivars
0.8
353.0
bolivars
15,628,946
41,439
124,048
98.9
0.3
0.8
6,259 0.0
15,800,692 100.0
2007
bolivars
0.6
385.8
bolivars
12,614,579
18,939
64,497
5,007
12,703,022
99.3
0.2
0.5
0.0
100.0

(1) Obtained from dividing shareholders’ equity by total
assets minus investments in public debt securities
Net Income
Year ended
(In thousands of Bs. and millons of US$,
except percentages)
Financial Income
Financial Expenses
Earnings From Financial Operation
Income from Financial
Assets Recovered
Provision for Loan Portfolio Losses and
other Accounts Receivable Losses
Net Interest Income
Other Income, net
Operating Expenses
Taxes
Net Income for the year
Deposits
Deposits grew to 32,013 million at December 31, 2009, registering Bs 7,209 million (29.1%) and
Bs 12,256 million (62.0%) growth compared to December 2008 and 2007 respectively. At the
close of December 2009, Mercantil Banco Universal in Venezuela is the leading institution in the
national banking system with 19.6% of savings deposits. It ranks second in terms of total deposits
including investments sold under repurchase agreement with 11.2% of the market
Shareholders’ Equity
At December 31, 2009 shareholders’ equity grew Bs 591 million (21.8%) and Bs 1,208 million
(57.8%) to Bs 3,300 million compared to December 2008 and 2007 respectively. This year-onyear
growth December 2008 mainly includes Bs 722 million in net accumulated earnings in
2009. It also includes a Bs 198 million reduction in cash dividends and a Bs 67 million increase
from adjusting available-for-sale investments to their fair value.
Mercantil Banco Universal’s equity/assets ratio at December 31, 2009 is 10.2% (1) (minimum
requirement 8%) and its equity/risk-weighted assets ratio is 17.0% (minimum requirement 12%)
according to the standards of the Superintendency of Banks in Venezuela.
Income Statement
2009
US$ (1)
1,951
797
1,154
48
222
980
251
858
36
337
Annual Report 2009
30
2009
bolivars
4,184,610
1,710,190
2,474,420
103,243
476,728
2,100,935
538,012
1,840,595
76,317
722,035
2008
bolivars
3,679,378
1,440,323
2,239,055
42,956
312,542
1,969,469
485,497
1,587,038
46,972
820,956
2007
bolivars
2,242,167
684,812
1,557,355
36,824
86,490
1,507,689
386,987
1,248,208
111,516
534,952
2009 Vs. 2008
Increase/
(Decrease)
bolivars %
505,232 13.7
269,867 18.7
235,365 10.5
60,287
164,186
131,466
52,515
253,557
29,345
(98,921)
(1) Dollar figures are given for reference purposes only and are converted at the exchange rate of Bs. 2.1446/1US$. Exchange control has been in place in Venezuela since February 2003.
Net Interest Income
140.3
52.5
6.7
10.8
16.0
62.5
(12.0)
2009 Vs. 2007
Increase/
(Decrease)
bolivars %
1,942,443 86.6
1,025,378 149.7
917,065 58.9
66,419
390,238
593,246
151,025
592,387
(35,199)
187,083
180.4
451.2
39.3
39.0
47.5
(31.6)
35.0
Net interest income was Bs 2,474 million in 2009, Bs 235 million (10.5%) and Bs 917 million
(58.9%) more than at December 31, 2008 and 2007 respectively. The main reason for this
growth was year-on-year increase in financial intermediation from 63.7% to 65.6%.

Loan Portfolio Provision
During 2009 expenses for loan portfolio losses increased Bs 164 million (52.5%) and Bs 390 million
(451.2%) to Bs 477 million compared to December 31, 2008 and 2007 respectively, as a result of
loan portfolio growth and in particular to increase provision for the commercial and construction
sectors. The accumulated provision is Bs 725 million at December 31, 2009 and accounts for
378.9% of past-due and nonperforming loans. Write-offs for the year totaled Bs 207 million.
Other Income, net
Other income, net totaled Bs 538 million in 2009, Bs 53 million (10.8%) and Bs 151 million
(39.0%) more than at December 31, 2008 and 2007 respectively. The increase compared to
2008 is due mainly to:
• Bs 34 million in revenue from bank charges for services, 7.4% higher than at year end 2008, due
to the rise in the volume of operations carried in 2009.
• Bs 42 million increase in earnings from investment trading, mainly in government securities.
• Bs 36 million from the sale of shares issued by VISA and Mastercard in 2009, compared with
Bs 46 million in 2008.
• Bs 28 million in losses due to the difference between the value in the domestic market at the
date of purchase and the fair value on the international market, of investments in foreign
currency-denominated securities purchased in October 2009.
Operating Expenses
Operating expenses totaled Bs 1,841 million in 2009 and are Bs 254 million (16.0%) and
Bs 592 million (47.5%) higher than for the years ended December 31, 2008 and 2007
respectively. This increase is due mainly to:
• Bs 179 million (22.3%) rise in personnel expenses. This includes the application of wage and
salary increase policies. Assets per employee grew from Bs 3.9 million in 2008 to Bs 4.9
million in 2009.
• Bs 75 million (9.5%) increase in general and administrative expenses. This increase is mainly
due to:
• Bs 23 million (21.2%) in expenses for outsourced services, such as security transportation.
• Bs 23 million (16.6%) in Depreciation, Property and Equipment Expenses, Amortization
of Intangibles and Others.
Mercantil Banco Universal
31

32
• Bs 33 million in fees paid to regulatory bodies (24.9%), mainly due to the growing volume
of transactions.
Venezuela registered 26.5% inflation in 2009. This variable has a significant impact on
Mercantil Banco Universal’s operating expenses.
In 2009 the efficiency ratio measured by calculating operating expenses as a percentage of
average assets, was 5.0%, compared to 5.5% in 2008; while the efficiency ratio, measured by
calculating operating expenses as a percentage of total income was 51.5%, versus 49.7% in
2008.
Annual Report 2009
A

Taxes and Contributions
For the year ended December 31, 2009 Mercantil Banco Universal and its subsidiaries
reported a significant volume of expenses for various types of taxes and contributions.
Bs 76 million were reported for estimated corporation tax payable on operations carried out
in Venezuela, presented net of the deferred corporation tax accounting entry for Bs 12 million.
There was a further Bs 62 million in Value Added Tax; Bs 84 million in Municipal Taxes; Bs 127
million in contributions to the Deposit Guarantee and Banking Protection Fund (Fogade);
Bs 37 million in contributions to the Superintendency of Banks and Other Financial
Institutions (Sudeban). Mercantil C.A. Banco Universal and its subsidiaries also complied
with all the other contributions provided for in the pertinent legislation.
DRIÁN, PUJOL
ADRIÁN PUJOL
Crepúsculo en la bahía de Pampatar • 1989
Acrylic on canvas • 65 x 155 cm

CARLOS ZERPA
CARLOS ZERPA
El Dorado • 1987
Acrylic on canvas • 192 x 133 cm
Born in Valencia, Venezuela, in 1959. Studied in Milan and New York and has received important recognitions
throughout his career. Recovers and mixes popular iconography which he cultivates regardless of its differences
until they are dissolved. He inverts the terms of cultural subordination in a kitsch style, characterized by
crowding and a dazzling polychromy, propitiating formal ruptures and proposing new attitudes.

Commercial and Personal Banking
Loan Portfolio
By segment
2009
Affluent 30%
Mass Market 13%
Middle Market 37%
Small Businesses 20%
Business
Management Report
Commercial and Personal Banking
During 2009 Commercial and Personal
Banking continued to focus on providing a customized service to the Affluent, Mass Market,
Middle Market and SME segments.
At the close of 2009, this area accounts for the highest proportion (73%) of Mercantil Banco
Universal's total deposits (Bs 23,604 million), registering a 25% year-on-year increase. Net
loans totaled Bs 17,440 million, which is equivalent to 87% of total loans. Commercial Banking
accounts for 57% and Personal Banking 43% of this portfolio at the close of 2009. The area’s
financial intermediation margin was 74% (7 points higher than in 2008), reflecting the effort
made by each of the segments.
Personal Banking has a customer base of more than 3 million made up of the Affluent, Mass
Market and Majorities segments. This area’s deposits totaled Bs 15,818 million, 25% more than
at the close of 2008 and represent 67% of the total deposits of Commercial and Personal
Banking. The Mass Market segment alone accounted for Bs 5,721 million and the Affluent
segment grew Bs 3,470 million (52%) compared to December 2008.
35
Commercial and Personal Banking
Loan Portfolio
By region
2009
Provinces 71%
Metropolitan Area 29%
Mercantil Banco Universal

Commercial and Personal Banking
Deposits
By segment
2009
Affluent 43%
Mass Market 24%
Middle Market 15%
Small Businesses 18%
Source: Central Bank of Venezuela
36
Commercial and Personal Banking
Deposits
By region
2009
Provinces 32%
Metropolitan Area 68%
Personal Banking’s loan portfolio totaled Bs 7,462 million, broken down as follows: Affluent
69% and Mass Market 31%, achieving 31% and 29% growth respectively compared to 2008.
The major contributors to that growth were Credit Cards, Mortgages and Promissory Notes.
During 2009 the Affluent segment continued with its strategy to create alliances with Private
Hospitals through special events aimed at capturing business. Thanks to this strategy the
volume of financing for the medical community increased to Bs 78 million in 2009.
The main achievements of the Affluent Segment include participation in the Capital Market
with Bs 620 million in investments in the primary and secondary markets.
The Mass Market segment, through the Bancassurance business, grew 29% compared with
the close of 2008, attaining an outstanding portfolio of over 463,000 Vital Mercantil policies
at the close of 2009.
This year the network of Mercantil’s Ally contact points was expanded to serve the Majorities
Banking segment with 150 commercial alliances made up of Correspondent Trading Desks
and Trading Points. Mercantil’s Ally offers customers traditional services: deposits,
withdrawals, payment of utility bills and transfers to third-party accounts. There are other
products available, such as: Tarjeta Efectivo Mercantil, Credisan Mercantil and Mercantil Móvil.
The trading desks also function as service points where individuals and groups of
entrepreneurs can apply for microcredits, which gives customers access to financial services
in areas not currently served by banks.
During 2009, in an effort to democratize banking services, the Mercantil’s Ally network
extended its coverage to the following communities: La Pastora, Pérez Bonalde, Valle Fresco,
Guarenas, Propatria, La Candelaria, Avenida Baralt, Los Teques, Valles del Tuy, Catia, el
Junquito, Catia La Mar, Maiquetía, El Valle, Baruta, Petare, Higuerote, Mamporal, San José de
Barlovento, Caucagua and Filas de Mariche. It also embarked on the expansion of the
Mercantil’s Ally network, starting with Carúpano and Cumaná, in Sucre state.
Annual Report 2009

At the close of 2009 Commercial Banking, which comprises the Middle Market and SME
segments, increased its loan portfolio 47%. The Middle Market segment also registered 65%
loan portfolio growth compared to the close of 2008, highlighting its leadership and effort in
this area. The different economic sectors (among them, trade, agriculture, construction,
manufacturing and services) demonstrate this effort. SMEs also contributed to this area’s
achievement of 22% year-on-year loan portfolio growth to Bs 3,282 million.
This area’s deposits grew 25% compared to the close of 2008 and are made up of the Middle
Market segment with Bs 859 million and SMEs with Bs 720 million. Interest-earning sight
deposits registered the highest level of growth in this segment.
Commercial banking clients totaled 130,000 at the end of 2009, of which more than 11,000
are affiliated to the Pronto Crédito Empresarial Mercantil product. They are broken down into
Middle Market clients (23%) and SME clients (77%), which makes it possible to meet their
short and long-term needs and guarantee the profitability of their cash balances. Through
this product, SMEs received corporate credit cards with limits in excess of Bs 89 million.
The SME segment has maintained its strategy aimed at strengthening its relationship with the
Travel Agencies community and expects to close the year with more than 500 client agencies.
Penetration of Points of Sale in this community is 95%. This, combined with the virtual
keyboard product, has improved e-ticketing settlement times.
Through the Commercial and Personal Banking area, Mercantil has continued to work on the
agreement with Conindustria (the Venezuelan Confederation of Industrialists) that supports
Venezuelan companies through an advisory program to boost competitiveness. The program
has been going strong since 2003 and has served 248 firms that have received more than
Bs 1 million in consultancy services from Mercantil Banco Universal over that period. In 2009,
Bs 313 million customers benefited from the program.
Also in 2009, Mercantil Banco Universal became the first bank in Venezuela to incorporate
chip and pin technology into its Debit Cards and Automatic Teller Machines. With the launch
of this technology, customers now benefit from additional security and are safeguarded
against fraud when carrying out transactions at the newly adapted devices. This launch was
advertised in newspapers and on radio and TV, as well as by e-mail and through personalized
messages in the “My Messages” section of Mercantil Online and through messages at ATMs.
The Certificado de Depósito a la Vista market was launched in August, and enables holders to
obtain a yield on funds for up to 29 days, sell them at any time and recover the amount
deposited plus the interest earned to date.
37
Mercantil Banco Universal

To encourage customers to use our credit cards for their purchases, we continued to increase
the lending limits of more than 50% of customers in our active portfolio. In mid-2009, through
an alliance with MasterCard we organized a promotional campaign called “Do you want to be
one of the greatest” (¿Quieres estar entre los Grandes?). Four customers each won a trip for 2
people to attend the South American elimination round between Argentina and Brazil held
in Buenos Aires.
To encourage customers to use our Consumer Credit products, in August we introduced
enhancements to the parallel CrediPlan, CrediFácil and Préstame Mercantil lines by
expanding the maximum lending limits to Bs 50,000 and Bs 100,000 respectively. Mercantil
also furthered its commercial relationship with furniture and interior decorating companies,
manufacturers and distributors by participating in fairs and exhibitions. Use of the following
products was promoted at these events: credit cards and the parallel CrediPlan and
CrediFácil lines.
Commercial and Personal Banking continued to develop its Academic Communities strategy.
It currently involves five higher education institutes (UCAB, UNIMET, UCSAR, IESA and USB).
So far more than 36,900 “Smart Academic Cards” have been issued to student and can be
used both for identification and as debit cards. They incorporate chip and pin technology to
give university students access to additional facilities, such as: canteens, libraries,
photocopiers and car parks, to name just a few. We also continued to implement the “New
Professionals Credit Card” program for students who will soon be graduating.
Mercantil launched a new section called My Messages which is one of its Customer
Relationship Management (CRM) activities. Mercantil included this section in Mercantil
Personal Online Banking in the second half of 2009 as a secure and dynamic method of giving
customers personalized information about events of interest to them.
During the second half of the year, building on the strategy to enhance and drive the services
we provide through electronic channels, Mercantil relaunched the WAP service under the
name Mercantil Mobile Internet which allows customers to access Mercantil Online Personal
Banking via cell phone to check their account balances and movements, make transfers
between their own and third-party accounts at Mercantil and other banks in the country, pay
their own and third-party credit cards at Mercantil and other banks in the country, pay utility
bills and apply for an instant Préstame Mercantil loan.
In 4Q 2009 Personal Online Banking customers were able to configure an option requesting
digital statements for their accounts and credit cards instead of printed statements.
Annual Report 2009
38

Corporate and Invesment Banking
Loan Portfolio
2009
Corporate/Oil & Gas 93%
Financial Institutions 7%
Corporate and Investment Banking
Total Investments + Investments
sold under repurchase agreement
2009
Corporate/Oil & Gas 86%
Financial Institutions 7%
Public Sector 7%
Corporate and Investment Banking
Global Corporate and Investment Banking continued to offer a wide range of top-quality
financial products and services to more than a thousand economic groups through different
corporate segments in Venezuela.
The Global Corporate and Investment Banking loan portfolio grew 20% compared to 2008,
closing the year at Bs 3,491 million and made up of the Corporate, Oil & Gas and Financial
Institutions segments.
Total deposits plus investments sold under repurchase agreement grew 14% compared to 2008,
registering Bs 9,544 million at year end and distributed among the Corporate and Investment
Banking segments.
Corporate Banking
Total deposits of the corporate client segment ended the year 25% higher than in 2008. This
growth was managed according to basic profitability criteria in response to the increase in the
amount of money in the hands of the public.
The loan portfolio for this segment also increased by a moderate 21%, mainly in the second half
of the year. This growth was in line with the dynamics observed in Venezuela’s economic activity
and with our policy to satisfy our clients’ credit demands. All of this was implemented in
accordance with our aim to support priority sectors with appropriate risk-management and
profitability policies.
Oil and Gas
Activity in this segment was affected by the shrinking oil GDP and the expropriation of oil service
companies in the Lake Maracaibo area. The oil sector’s client porfolio at year end was Bs 260
million (US$ 121 million) at Mercantil Banco Universal, 27% less than the previous year.
The sector’s deposits in Mercantil Banco Universal grew 30% to Bs 676 million (US$ 314 million)
at year end. Deposits grew at a slower rate than inflation, in line with the sector’s decrease in GDP.
The Bank’s participation in the Oil & Money conference in London and the Offshore Technology
Conference in Houston gave the international operation a strong boost.
Mercantil Banco Universal
39

Financial Institutions and International Relations
The Financial Institutions segment in Venezuela was restructured in response to the behavior of
the market and its participants during the year. Considerable effort was devoted to rationalizing
our strategic and necessary counterparts in the money and capital markets in terms of Banks,
Brokerages Firms and Insurance Companies. In response to our focus on cross selling products
and services to our clients, combined with the growth of Venezuela’s financial system, we
achieved Bs 236 million in assets and Bs 710 million in liabilities. This led to a 159% increase in
investments and a 36% decrease in deposits compared to December 2008.
Public Sector
At the close of 2009, Mercantil Banco Universal’s government deposits were Bs 642 million,
representing 2.5 % of the Institution’s total deposits and 1.7 % of government deposits in the
Venezuelan financial system.
With that level of penetration, Mercantil Banco Universal now serves more than 150 public sector
entities with a wide range of products and services: payroll services and payments to suppliers;
domestic tax collection; investment trust funds, managed funds and pension funds.
Corporate Finance and Capital Market
The financing needs of corporate clients were met through the private bond market with Bs 111.9
million in short and medium-term securities.
This area also continued to support Mercantil Servicios Financieros for its issues of short and
long-term fixed-income securities. The Bank’s requirements for financial advice, including
management of the Stock Repurchase Scheme, were also met.
Corporate Products
During 2009, the Corporate Products unit focused its efforts on defining and implementing a
strategy to provide efficient services, decrease costs and reduce operational risks. The Bank has
implemented a joint campaign with the business segments to teach and encourage commercial
clients to use the Mercantil Online Companies platform and increase the volume of e-banking
affiliations. The structure was reviewed during the year and changes made in the second half.
This produced a stronger team, reduced costs and increased both efficiency and the profitability
of business relationships. The Corporate Products unit continued with its strategy to link up
products and services within the portfolios.
Annual Report 2009
40

The Bank retained its place as leader in foreign trade operations, especially through ALADI. In
September, the last month for which foreign trade statistics were published by the Central Bank
(BCV), Mercantil handled a market quota in the order of 22% of the transactions processed under
the official foreign exchange system. Once again Mercantil was the foreign exchange operator
that handled the largest volume of currency transactions for its clients through Cadivi, boasting
a 19% share and two whole percentage points more than its closest competitor.
The Corporate Products area continued to coordinate events and sponsor companies in the
segment, supporting social and business initiatives and emphasizing how important it is for the
companies in our community to exercise social responsibility. Through this unit, Mercantil ratified
its commitment to the entrepreneurial culture of our country, participating once again in the
organization and development of the “Ideas” competition and coordinating Mercantil’s role in
“Innovex, Capital en Tecnología,” a company that provides advice on new business ideas and
finances new business ventures.
Private Banking and Wealth Management
The main work of the Global Private Banking and Wealth Management unit in 2009 was driven
by cross selling and the understanding of customers’ needs. This is what made it possible for the
Bank to intensify its consolidation of the Wealth Management business and serve the wealthy
individuals in the different region where it is present.
Mercantil Banco Universal’s Private Banking and Wealth Management unit is made up of the
Private Banking segment and the Trust Fund business in Venezuela.
At the close of 2009, Mercantil Banco Universal’s Trust Fund registered 17% year-on-year asset
growth, represented mainly by the business sector. Its main achievements during the year were
to standardize processes and maintain the quality of service as part of its ongoing endeavor to
improve and attain third-party certification.
In the 2009 customer satisfaction surveys, Mercantil Banco Universal’s Trust Fund obtained a
high ranking. One of the enhancements during the year was the post-sales mobile messaging
service using the electronic tools capability.
Mercantil Banco Universal
41

Finance
In 2009 the Treasury unit concentrated on optimizing the Institution’s liquid asset
management and the positions exposed to interest rate fluctuations. As a result of the
Venezuelan Central Bank’s monetary policy and other institutional factors, both surplus
liquidity in the financial system and interest rates underwent significant variations
throughout the year.
The surplus over and above the reserve requirement, plus the BCV’s open market absorption
operations in the financial system, averaged Bs 24.1 billion in 2009, compared with Bs 18.9
billion in 2008, reflecting a drop resulting from the bolivar/dollar issues (2019 and 2024
Sovereign Bonds and PDVSA bonds) in July and October. Mercantil Banco Universal
maintained an average annual participation of 24.8% (19.6% per annum on average in 2008).
At year end, the Central Bank of Venezuela injected Bs 2.2 billion into the financial system
through open market operations. The interbank overnight market rate registered high
volumes, with average annual interest rates of 14%. The bank was actively involved in this
market as a fund investor.
In the regulatory sphere, the BCV continued its control over interest rates through various
adjustments to its monetary policy. The minimum interest rate on savings accounts was cut
from 15% per annum at the close of 2008 to 14% in April. In June the Central Bank reduced it
by 150 basis points and by the close of 2009 it had reached 12.5% per annum. The minimum
interest rate on time deposits was also reduced from 17% to 16% per annum in April, ending
the year at 14.5% after a reduction in June. In an attempt to boost money supply, the Central
Bank lowered the reserve requirement from 30% to 27% in January, then in March from 27%
to 25%, followed by a further reduction to 23% in November.
Annual Report 2009
42

It also adjusted lending rates in March 2009, cutting the maximum interest rate on loans from
28% to 26% and reducing interest on credit card financing from 33% to 31%, and the minimum
to 17% per annum. Again in June the Central Bank reduced the maximum rate 200 basis points
to 24% and a maximum of 29%; and cut the minimum rate from 17% to 15% per annum. The
13% interest rate set for agricultural sector financing by the Central Bank’s Board in 2008 was
maintained. The maximum social interest rate for home purchase was set at 14.39%, pursuant
to the provisions of the Mortgage Debtor Law, and 10.5% for home construction. The interest
rate on financing for the manufacturing sector remained at 19% and in the case of the tourism
sector was reduced 100 basis points, from 16% to 15% for Group A, and from 17% to 16% for
Group B.
Consequently, changes were made to interest rates for open market operations. Rates for
absorption operations at 28 and 56 days were adjusted to 8% and 9% per annum respectively
in March 2009 (previously 13% and 14% per annum) and again to 6% and 7% per annum
respectively in April 2009. The Central Bank reduced the rate for injection operations in June
and November by 200 and 100 basis points, to 19%, 20% and 21%, for 7, 14 and 28 days
respectively. In 2009 the Central Bank also incorporated two new terms for liquidity injection
operations: 56 days at 21.25% and 90 days at 21.5%.
The Central Bank limited the maximum participation by financial institutions in its absorption
operations at November 27 for each of the terms.
In April 2009, the Ministry of Economics and Finance resumed public auctions of 90-day
Treasury Bills which had an initial pondered average yield of approximately 10.65% per annum
and in December averaged a yield of around 9.79% per annum. In April 2009 the National
Office of Public Credit announced the domestic public debt (DPN) allocation program for the
sale of bonds at auction which included different versions of DPN bonds (Vebonos, TIF, TIIC
and the Agricultural Bond). During 2009 there were several issues of dollar-denominated
bonds payable in bolivars, for a total of US$ 9 billion. In July, US$ 3 billion in PDVSA bonds were
issued and in October US$ 6 billion in Sovereign Bonds (maturing 2019 and 2024) and three
US$ 3 billion issues of Petrobond (2014, 2015 and 2016). Mercantil played an active brokerage
role in this process on behalf of its clients. Mercantil Banco Universal’s portfolio of
investments in securities, which consisted mainly of Bs 3 billion in placements in the Central
Bank of Venezuela, decreased 12.8% compared with the close of December 2008, reaching
Bs 6.3 billion at the close of December 2008.
Mercantil Banco Universal
43

RAFAEL BARRIOS
RAFAEL BARRIOS
Trifásica levitante • 1987
Lacquered iron • 177 x 142 x 50 cm

Quality of Service and
Operating Efficiency
During 2009, the Operations and Technology
unit focused strongly on enhancing the quality and efficiency of its Internet driven customer
processes. Additional distribution channels such as Mercantil Mobile Internet were also
developed.
Network of Mercantil Banco Universal Banking Centers
Mercantil Banco Universal opened 4 new banking centers in 2009, bringing the total
nationwide network to 297.
In the last quarter of 2009, customer waiting time at teller desks was 2.39 minutes and
transaction processing time 87 seconds, reflecting a 14% improvement over the last two years.
Adjustments and improvements were also made to the fixtures and furnishings banking
centers, particularly teller desks and sales and service areas, for the benefit of customers with
disabilities, senior citizens and pregnant women.
ATM Network
The Automatic Teller Machine network at the close of 2009 consists of 1,355 ATMs in 812
locations, 47 of which are new additions.
Point of Sale Network
Mercantil Banco increased its physical, Merchant and e-Commerce Point of Sale network by
15.7% compared to 2008 with the installation and/or configuration of new devices,
consolidating a network of 41,027 POS at the close of 2009, with average annual availability
levels of 99.20 %.
45
Mercantil Banco Universal banking centers opened in 2009
Banking Center
Alianza Mall Guacara
Centro Comercial Cima
Centro Comercial
Buenaventura Acarigua
Centro Comercial
Sambil Paraguaná
Mercantil Banco Universal
Región
Carabobo
Centro Occidente
Centro Occidente
Occidente

46
Mercantil Banco, C.A. and BBVA Banco Provincial Banco Universal set up a common platform
using the Point of Sale channel to process payments by credit, debit and food cards at commercial
establishments through Inversiones Platco C.A. with is the company that operates the network.
Mercantil Banco Universal Point of Sale Network
(Physical, Merchant and e-Commerce)
Period
2007
2008
2009
Mercantil's Ally Channel
In order to strengthen customer service for the Majorities, in 2009 Mercantil Banco expanded
this channel, increasing the network of service points to 116, made up of 27 Correspondent
Teller Desks and 83 Trading Points in the Greater Caracas area.
During the year, 4,522 Tarjeta Efectivo (cash card) and Credisan products were delivered (84% of
these were Tarjeta Efectivo). In addition, some 140,000 transactions totaling Bs 30.8 million were
made.
SMS Mobile Telephony Channel
In 2009 the SMS platform grew in terms of the volume of customer alerts and notifications
about suspicious transactions detected through the preventive monitoring system; changes
in data and affiliations; as well as transactions associated with the Credisan Savings and
Credisan Debit products, approvals of direct debit to accounts and trust fund, and credit card
collection.
At year end, 33% of all messages sent out to customers were transaction notifications.
ISO 9001 Quality System Management
In 2009, Mercantil Banco Universal incorporated into its quality management system ISO
9001: 2008, the Employee Trust line of service. The scope of the certification for the
application, processing, engraving and delivery of credit cards was extended, and a further
eight previously certified lines were ratified through maintenance audits conducted by the
certification entity Fondonorma, bringing the number of certified lines to 10.
Annual Report 2009
Points of Sale
35,989
41,619
46,509
Establishments
26,528
31,243
35,091

Customer Complaints
In 2009 there were an average of 1,996 (13%) fewer monthly customer complaints about debit
and credit cards and deposit compared to 2008, as a result of improvements introduced to
mitigate fraud and optimize operating processes.
Settlement of customer complaints regarding credit, debit and deposit accounts took 9 days
on average, although 75% were solved in an average of 3 days.
Mercantil Processes Model
At the close of 2009, there was a significant year-on-year variation in the time taken to
process mortgages, vehicle loans, new accounts and credit cards, due to the application of
lean banking techniques whose aim is to simplify and eliminate waste and activities that add
no value. These are the key variables that allow quality products and services to be delivered
to customers on a timely basis.
Between 2006 and 2009 the time taken to process the different services provided by
Mercantil Banco Universal was reduced significantly. For instance, mortgage processing time
was cut by 23%; vehicle loans 18%; opening of new personal accounts 78%; opening of
company accounts 69%, credit card applications for credit card holders 85%; and credit card
applications for account holders and non-customers 82%.
Major Projects
One of the most important projects in 2009 in the Operations and Technology area was
Venezuela’s first debit card with chip and pin technology based on the EMV (Europay
International, Mastercard and Visa International) standard with the adaptation of ATMs and
Points of Sale to this technology. At the close of December 2009, a total of 424,564 debit
cards had been delivered.
Another improvement was the incorporation of digital deposit account and credit card
statements into the Personal Online Banking segment.
Purchase orders for government bonds sold on the primary market can be placed through
Mercantil Online Personal banking. To facilitate inter-company invoicing and collection, the
Invoice Collection service was enabled for use by the corporate and commercial segment.
Affiliated companies can also pay their corporate income tax and VAT on line.
Mercantil Banco Universal
47

Continuing with the strategy to develop mobile banking, the “Mercantil Mobile Internet”
services was developed to handle a range of online personal banking transactions: payments,
transfers, queries, Préstame Mercantil instant loan applications, etc. from customers’ cell
phones.
To support our administrative processes the Bank’s “We are Mercantil” (Somos Mercantil)
portal was enabled so that employees have quick and easy access to the services offered by
the Human Resources unit and supervisors can access staff management tools.
Annual Report 2009
48

CARLOS ZERPA
CARLOS ZERPA
Foto de grupo con Picasso el día de su cumpleaños y algunos amigos (Polyptic) • 1987
Acrylic on canvas • 246 x 815 cm

ERNESTO LEÓN
ERNESTO LEÓN
Porrón con plantas • 1986
Acrylic paint on wood • 122 x 110 cm
Born in Caracas, Venezuela in 1956. Studied art in Madrid, Mexico, Caracas and New York. Has won many
awards during his career. The approach he takes to depict detaches itself from academic truth. He proposes a
new iconography. The setting responds to the social, geographic, historic and cultural contrasts of the place that
from which it stems.

Human Resources
As of December 31, 2009, Mercantil Banco
Universal has 7,397 employees. The Bank’s human resource activities were mainly addressed at
giving development opportunities to workers; improving and strengthening the organizational
climate; implementing new schemes of competencies; modernizing administrative and selfservice
platforms; maintaining harmonious relations with the unions at the subsidiaries in
Venezuela and ensuring that the unit complies with current labor legislation.
In December 2009, the Bank signed a new Collective Bargaining Agreement with the National
Federation of Workers and its affiliated unions which will be valid for three years, from January
1, 2010 to December 31, 2012. The Collective Bargaining Agreement gives workers a series of
important economic benefits that allow them to retain their competitive position in the market,
and now it extends those social benefits to include health, education and workers’ families.
Workers and their direct relatives now have the advantage of a new health insurance policy
scheme as well as scholarship and family aid programs. Good performance and customer service
by bank tellers are also recognized.
The Company reiterates the importance of its relationship with union representatives over the
years, during which time the parties have worked together to enhance the benefits that workers
receive, depending on market conditions. All of this has evolved within a framework of mutual
respect and autonomy, taking into account the circumstances and capacity of the company and
the expectations of its workers.
During the year Mercantil’s training programs have benefited approximately 21,800 workers
who have received over 224,000 man/hours of training in the different training program
categories. Also important in this area were the programs implemented to prevent money
laundering and update the operational, risk and business areas. All in all 7,900 workers took
part in the training events.
Once again, Mercantil Banco Universal strove hard to ensure the implementation, compliance,
adjustment and modification of the company’s internal processes pursuant to the labor
regulations in force and the provisions of the labor law. Matters related to the People with
Disabilities Act and the Family Protection Act in particular all reflect this effort. The process for
electing security and labor health compliance delegates and setting up labor health and safety
committees in the different offices in the capital and the provinces continued it course.
51
Mercantil Banco Universal

Within the framework of the project to improve management processes, the Bank consolidated
the new SAP Human Resource Technological Platform. Through it all the HR processes are
reviewed and aligned to best practices. The Somos Mercantil Intranet portal was launched for
employees to manage their administrative issues themselves and other matters related to
services, plans and benefits.
For the fifth consecutive year the Great Place to Work Institute® conducted an organizational
climate survey on Mercantil in which 69% of the staff participated. The results of the survey
reveal that 88% of the staff considers Mercantil “a great place to work.” An overwhelming 88%
of employees evaluated the honesty, values and ethics dimensions at Mercantil as highly positive.
Mercantil Banco Universal was also selected in 2009 as one of the best companies to work for
in Venezuela.
Annual Report 2009
52

OSCAR PELLEGRINO
OSCAR PELLEGRINO
Zona Inca • 1989
Paint and mixed media on canvas • 160 x 140 x 2.5 cm

JULIO PACHECO RIVAS
JULIO PACHECO RIVAS
Ciudad de los símbolos precarios • 1989
Acrylic on canvas • 280 x 840 cm
Born in Caracas, Venezuela in 1953. Has lived in Paris since the 70’s and won many national and international
prizes. Considered self taught, his personal language reached maturity during the 80’s when he sketched a
world of expression on large formats, without textures or chromatic dissonances, accentuating volumes and
tenuous color contrasts.

Risk Management
Risk management is key to Mercantil Banco
Universal’s competitive strategy and its ability to create value. During 2009, the Risk
Management unit furthered its plans to consolidate risk management, defining and applying
the desired risk profile in line with best practices and within the tolerance limits defined by the
Board of Directors and senior management, providing the support necessary to achieve its
goals in the different business areas and pinpointing new opportunities capable of creating
value without affecting risk exposure.
Mercantil continued to reinforce a risk culture throughout the organization. It aligned actions
and behaviors with the strategic objectives established by consolidating their corporate values,
developed advanced internal models and tools, automating processes and implemented
information technology.
55
Mercantil Banco Universal

Breakdown of Credit Risk by Country and Type of Customer
Venezuela
USA
Other
Mexico
30%
25%
20%
15%
10%
5%
0%
BCV
OTHER
COMPANIES
56
Credit Risk
The function of Mercantil Banco Universal’s Risk Management unit is to identify, gauge and
control the risks to which the Bank is exposed in the course of its business; conduct ongoing
objective and rigorous risk management to determine the level of capital reserves necessary
to back the risks assumed, and trigger early warnings to mitigate undesirable risks.
In 2009 the Bank strengthened its method for designing metrics and indicators to support the
process it uses to quantify its current level of credit risk versus expected risk.
It also developed methodologies to determine the level of provisioning requirements in line
with International Financial Reporting Standards (IFRS). These include the use of statistical
methods to calculate provisions based on incurred losses, recoveries, and to estimate loss
identification periods, taking into account the adjustments established on a national level. This
process should be completed before the end of 2010.
The unit continued to develop management tools (Data Architecture and Management
Systems Project) to ensure the rapid, reliable creation of different types of analyses and reports.
One of the most important aspects of the project aimed at improving credit risk operating
processes which focuses specifically on the write-offs and guarantees area, is the creation of
the new Write-offs System tool whose purpose is to improve management tasks and facilitate
follow-up and recovery of written-off loans.
During the second half of the year a new system for received collaterals was implemented and
integrated with the following applications: medium term loans, automated credit request and
warranties to provide the metrics necessary to optimize calculations of loss due to default.
The following graph shows the distribution of global credit risk exposure and includes direct,
contingent and issuer risk by country and type of client with the breakdown of credit risk as of
December 2009:
INDIVIDUALS
GOVERNMENT
CORPORATE
Annual Report 2009
OTHER
ASSETS
FINANCIAL
GOVERNMENT
AGENCIES
REAL ESTATE
LOANS

Distribution of the consolidated Mercantil Loan Portfolio by Economic Activity
ELECTRICY,
GAS AND WATER
MINING EXPLOITATION
AND HIDROCARBONS
TRANSPORTATION, WAREHOUSING,
TELECOMUNICATIONS
SOCIAL AND PERSONAL
COMMUNITY SERVICES
NO SPECIFIED
ACTIVITIES
CONSTRUCTION
MANUFACTURING
INDUSTRIES
AGRICULTURES, FISHING
AND FORESTRY
TRADE, RESTAURANTS
AND HOTELS
FINANCIAL INSTITUTIONS
AND INSURANCE
0.0%
0.1%
0.9%
1.8%
Source: Own calculations – Credit Risk Management
2.6%
In 2009 Mercantil Banco Universal’s risk exposure was Bs 24.50 billion, a year-on-year increase
of 23.1%. The country with the highest risk exposure in the region is Venezuela, with 98.6% of
the total.
A major change was observed in the distribution of credit risk in 2009. The credit risk exposures
of the Central Bank and financial institutions at the close of 2008 were redistributed towards
other non-corporate enterprises and the government sector, mainly in securities investments.
The figures show that the shares of the Central Bank and the financial institutions decreased
23% and 72% respectively. On the other hand, the other non-corporate and government
enterprises increased their shares by 29% and 125% respectively.
The distribution of Mercantil’s loan portfolio by clients’ economic activity is shown below:
10.9%
1 1.1%
13.4%
21.5%
37.9%
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0%
Five economic activities account for 94.8% of the loan portfolio: financial establishments,
insurance, real estate and services provided to companies 37.9%, wholesale and retail trade,
restaurants and hotels 21.5%, agriculture, fisheries and forestry 13.4%, manufacturing industry
11.1% and construction10.9%.
Trade was the fastest-growing economic activity in 2009 (from 18.1% at the close of 2008 to
21.5% in December 2009) and represents a variation of +18%. The increase in trading activity
is in line with the growth observed in other non-corporate enterprises.
Risk concentration is monitored constantly, through portfolio analyses, exposure limit reviews
and policy-setting. At the close of 2009, the loan portfolio’s twenty largest debtors account for
7% of total loans. That risk appetite is considered adequate appetite, given that there are no
significant concentrations.
57
Mercantil Banco Universal

Market Risk
An institution is subject to market risk when the market conditions deteriorate and affect the
liquidity and value of the financial instruments that institutions hold in investment portfolios
or contingent positions, resulting in a loss for the institution. For Mercantil Banco Universal,
market risk consists fundamentally of two types of risk: price risk and liquidity risk.
Based on the profits expected for each of the activities budgeted by the Treasury unit, and
taking into account the evolution envisaged for each of the market factors, the procedure
entails setting exposure limits for the risk-taking units’ activities and obtaining approval from
the Global Risk Committee. This procedure looks at account consistency between the level of
risk taken and the potential profit from each business, according to the risk-yield profile
established by Senior Management.
Each market factor and its effect on the organization’s risk profile is measured daily. To
accomplish this, Mercantil Banco Universal has a technological infrastructure and early
warning systems. Treasury employs this technology to monitor and track market risk. It then
produces a series of reports for Treasury’s risk-taking units and the corresponding
management levels.
Mercantil focuses its analyses on different methodologies for measuring market risk, such as
Value at Risk (VaR), Financial Margin Sensitivity due to interest rate changes (Repricing Gap,
Risk Gains), Liquidity Gap and a series of other measures and ratios for managing market risk
effectively, both under normal market conditions and stress conditions.
The Market Risk unit is responsible for establishing and certifying the models for measuring
market risk. Each of the parameters that support these models is periodically reviewed and
compared using backtesting studies.
Annual Report 2009
58

Price Risk Positions of Interest Rate Mismatch
The price risk involved in the mismatches between interest rates is caused by assets and
liabilities duration gap. When adverse changes occur in the interest rate market, this gap can
impact the institution’s financial margin. To manage this risk, Mercantil quantifies the assets
and liabilities interest rates mismatch duration gap to reflect the sensitivity of the financial
margin to changes in interest rates over a 12 month period, and then measures and compares
them against the interest rate risk limits designed. The sensitivity of the financial margin to
changes in interest rates caused by their historic volatility is also quantified.
Liquidity Risk
Liquidity risk depends on the likelihood that a company will be unable to deliver funds or
financial assets, as agreed with a client or financial market counterpart, at any time or in any
place or currency. This risk is one of the major ones a financial institution could face in its
intermediation activity because it can trigger a host of different risks, one of the worst being
reputational (or franchise) risk.
For Mercantil Banco Universal, managing and measuring liquidity risk is seen as a priority
within the organization’s global risk and business management activity. Treasury is
responsible for liquidity risk, which follows the liquidity policy parameters for organizations
outlined by the Board of Directors, through the Board of Directors Risk Committee, the Global
Risk Committee and the Assets and Liabilities Committee.
The Assets and Liabilities Committee meets monthly and must make decisions on the liquidity
and structure of the financial balance sheet by presenting the evolution and trends of the
main factors that affect liquidity, measured by a series of tools and reports for optimizing the
management of assets and liabilities (analysis of liquid assets; short, medium and long-term
liquidity gap; liquidity indicators); balance sheet structure (evolution of balance sheet items),
among others. These reports and measurements make it possible to cover a broad spectrum
of potential situations for the institution to anticipate and react to.
59
Mercantil Banco Universal

Operational Risk
Operational risk management at Mercantil Banco Universal is a demanding task, given the
complex environment and dynamic financial activity that puts the ability to satisfy the
expectations of stakeholders and compliance with regulatory entities to the test.
Operational risk in identifying and analyzing the risks is a fundamental element of its
management and involves anticipating possible losses that could compromise performance
and the ability to meet objectives.
During 2009, the qualitative and quantitative approach of operational risk management was
maintained. Risks in critical processes for the organization were assessed and identified and
the information necessary for decision making was offered, with emphasis on the importance
of following up action plans for operational risk events to minimize their occurrence.
The comparative study of how operational risk events behave over time is part of the
continuous risk management effort. Using information collected from past events, risks are
quantified and scenarios analyzed. The results are then used to estimate economic capital, set
goals and control expected losses.
A combination of training and awareness activities proved fundamental in reinforcing the
organization’s risk culture through a practical approach intended to motivate staff and help
prevent and mitigate operational risk.
Annual Report 2009
60

ERNESTO LEÓN
ERNESTO LEÓN
Bandera • 1986
Enamel and acrylic on wood (veneer) • 122 x 110 cm

ADRIÁN, PUJOL
ADRIÁN PUJOL
Caracas desde El Estanque • 1999
Acrylic on canvas • 128 x 206 cm
Born in Palma de Mallorca in 1948 where he studied at the Escuela de Artes Aplicadas y Oficios Artísticos and
then at the Escuela Superior de Bellas Artes de San Jorge, Barcelona, Spain. Moved to Venezuela in 1974 and
joined the Centro de Enseñanza Gráfica in Caracas. Pujol furthered his research into pictorial techniques to
use visual textures that resemble crumbling walls or worn textiles. He also incorporates everyday elements such
as bicycles or huge water bottles. During the eighties one of the central themes of his work was automobiles
on dislocated planes. Later on, towards the end of this decade, he focused entirely on landscapes.

Mercantil Banco Universal
Credit Ratings
63
Mercantil Banco Universal
Risk rating agencies Moody's Investors
Service and Fitch Ratings conduct annual credit risk ratings on Mercantil Banco Universal.
The table below summarizes the current credit ratings.
The national risk rating, which are sustained by the Bank’s deposit franchise, the stability of
its deposit base, adequate performance and its risk management culture, have earned it the
best ratings for any private financial institution in Venezuela. The international ratings are
largely predicated on Venezuela’s country risk.
Mercantil Banco Universal Fitch Ratings Moody’s
National Ratings
Long Term AA+ (Ven) -
Short Term F1+ (Ven) -
International Rating
Long Term (Foreign Currency) B+ B3
Short Term (Foreign Currency) B -
Long Term (Local Currency) B+ B1
Short Term (Local Currency) B -
Individual D E+

NTONIO LAZO
ANTONIO LAZO (Blas Antonio Graterol Lazo)
Desnudo y paisaje • 1989
Acrylic and charcoal on canvas • 240 x 300 cm
Blas Antonio Graterol Lazo was born in Caracas in 1943. A multifaceted artist with solid training and teaching
experience. From his travels around North and South America and Europe he has taken an iconographic alphabet
whose roots lie in universal cultures, and incorporated them into his paintings and drawings which, influenced
by the Italian Trans-Avantgarde, break down the sense of art itself both formally and conceptually .

Mercantil’s Social Contributions
Year 2009
Education 50%
Social Development 16%
Culture 13%
Healthcare 8%
Religious Institutions 13%
Social Commitment
Mercantil has always fostered, promoted and
supported social development programs and one of its corporate values is “To be a solidary
institution and an important factor in the development of the communities where we operate”.
These programs are implemented almost entirely through Fundación Mercantil.
Mercantil Banco Universal’s social investment in 2009 totaled Bs 8.6 million and was
channeled towards the projects and programs of a series of social development organizations
and educational, cultural and environmental institutions. Approximately half of this amount
was earmarked for educational institutions and the other half for social development, cultural,
healthcare and religious organizations.
Education
Through Fundación Mercantil, the Bank continued to provide support for Basic Education through
the “Give your School a Helping Hand” program which has been going strong for 27 years.
Through this program, implemented in conjunction with the Foundation for Educational Buildings
(FEDE), under the Ministry of Education, school buildings nationwide are repaired and maintained
and the environment within which they function is conserved.
In order to keep expanding the objective, scope and penetration of the activities undertaken by
the “Give your School a Helping Hand” program, direct support is being provided by a group of
educational institutions, the main one being Fe y Alegría and its national network of schools.
Various activities were implemented to support Higher Education through programs addressed
at students from public and private universities, to help train future professionals. Further support
was given to different scholarship programs for students from the following universities:
Universidad Central de Venezuela, Simón Bolívar, Metropolitana, Católica Andrés Bello, Los
Andes, del Zulia, Monte Ávila and Oriente.
Health and Social Development
Mercantil is firmly committed to assisting organizations that provide direct help to children,
young people and senior citizens. The following institutions were the main beneficiaries of the
Foundation’s contributions in 2009: Comedores Madre Teresa de Calcuta, FUNDAPROCURA,
Asociación Civil Buena Voluntad, Hogar Vida Nueva, Centro al Servicio de la Acción Popular
(CESAP), Centro El Portal and Damas Salesianas. Mercantil has demonstrated its commitment
to society through support for specialized healthcare and hospital programs for children,
young people and adults. These include Fundación Amigos del Niño con Cáncer, Fundación
Cardioamigos, Sociedad Anticancerosa de Venezuela, Asociación Venezolana de Servicios de Salud
de Orientación Cristiana, Hospital Ortopédico Infantil, Hospital San Juan de Dios and the
Venezuelan Red Cross.
65
Mercantil Banco Universal

Culture, Quality of Life and Environment
Because Mercantil sees culture as a value worth stimulating, it fosters programs to disseminate
national artistic talent in the field of music, art and literature. The principal institutions supported
are Fundación del Estado para el Sistema Nacional de Orquestas Juveniles e Infantiles de Venezuela
(FESNOJIV), Orquesta Sinfónica Juvenil Simón Bolívar, Fundación Ballet Contemporáneo de
Caracas and Fundación Camerata de Caracas.
There is growing international awareness of the importance of environmental conservation. In
Venezuela, Mercantil promotes environmental conservation as a means of fostering and
disseminating initiatives to improve people’s quality of life by protecting the country’s natural
resources through programs such as those developed by Fundación Tierra Viva, la Sociedad Amigos
del Árbol - Sadarbol) and the Venezuelan Audubon Society.
Support for Social Work by Religious Institutions
Mercantil’s also supports religious institutions that carry out social work. Among others
Mercantil has been supporting Pastorial Familiar and also created permanent fund Solidaridad
Mercantil – Cáritas to deal with national emergencies. It also and contributes to the
Archdioces and Dioces, Fundación para la Educación Eclesiástica Juan Pablo II and Fundación
Amigos del Seminario.
Online Donations Program
The “Online Donations” program is an excellent initiative at the service of a series of social
development organizations, through which clients can learn about the work of the participating
institutions and make online donations by transferring funds electronically through the userfriendly
system Mercantil Online via our website.
Special mention is also due Mercantil’s staff for their voluntary work with various institutions in
the community in the field of education, social development and culture. We should mention in
particular the initiatives to collect food and toys, as well as visits to hospitals and children’s and
old people’s homes.
Annual Report 2009
66
A

DRIÁN, PUJOL
ADRIÁN PUJOL
Playa Majagual • 1987
Acrylic on canvas • 150 x 205 cm

ERNESTO LEÓN
ERNESTO LEÓN
Turpial Vegetal • 1985
Acrylic and oil on wood (veneer) • 110 x 122 x 0.4 cm

Prevention and Control
of Money Laundering
The mission of the Prevention and Control of
Money Laundering unit is to ensure compliance with the Anti-Money Laundering regulations in
force (Superintendency of Banks and Other Financial Institutions Resolutions 185-01 and 136-03),
the Law Against Organized Crime and the Law Against Illicit Traffic and Use of Narcotic Drugs
and Psychotropic Substances, supporting the Organization through a systematic, professional
approach in order to detect, follow up and manage reputational risk due to money laundering and
by providing data, analyses and recommendations to guarantee that it acts in accordance with
the legislation in force and with best international practices in that field, such as the
recommendations of the Financial Action Task Force (GAFI), the Caribbean Financial Action Task
Force (GAFIC), the Wolfsberg Principles and the Customer Due Diligence for Banks of the Basel
Committee on Banking Supervision of the Bank for International Settlements.
The Comprehensive System for the Prevention and Control of Money Laundering has been set
up and developed to guarantee compliance with anti-money laundering legislation. It consists of
a Compliance Officer, a multidisciplinary committee, a Prevention and Control unit and a
Compliance unit whose staff is responsible for areas liable to involve money laundering risks.
The unit also implements operating and follow-up plans, undertakes evaluation and control, and
has a Code of Ethics and a Manual of Anti-Money Laundering Policies, Standards and Procedures,
and it also runs a Training Program.
Its action during 2009 was targeted mainly at strengthening coverage and minimizing Money
Laundering risks, by approving and setting policies, updating the Policies, Standards and
Procedures for the Prevention and Control of Money Laundering Manual, appointing 197
compliance staff in areas susceptible to risk, implementing new anti-money laundering
administrative and operating processes, training staff with special emphasis on those responsible
for managing processes that are the most sensitive to risk, and acquisition of state-of-the-art
technology, all of which has led to an efficient and effective structure and a highly professional
risk management process, all interacting with the rest of the units within a climate of ongoing
improvements.
The “Know your Customer” policy is crucial to the timely detection of operations presumed to
involve money laundering. Anti-money laundering compliance processes are reviewed on a
regular basis by the Superintendency of Banks and Other Financial Institutions and by the
External and Internal Auditors.
The unit liaises constantly with all the regulatory authorities to guarantee a free and effective flow
of communication between them.
An extensive anti-money laundering training program of workshops and courses was organized
and these were attended by a total of 7,616 employees.
69
Mercantil Banco Universal

ADRIÁN, PUJOL
ADRIÁN PUJOL
El Ávila desde Altamira II • 1994
Acrylic on canvas • 130 x 176 cm

Corporate Governance
71
Mercantil Banco Universal
Mercantil Banco Universal was incorporated as
a Bank in Venezuela in 1925 and will be celebrating its 85th anniversary this year. The Bank’s
principal stockholder, Mercantil Servicios Financieros, is registered in Venezuela and its shares
are listed on the Caracas Stock Exchange. It also has a program of Level 1 ADRs which are traded
over the counter in the United States of America. The Bank’s corporate governance structure is
based on the company bylaws, the Law on Banks and other Financial Institutions, the Code of
Commerce and the standards issued by the Superintendency of Banks and Other Financial
Institutions.
Ever since Mercantil was incorporated, its Administrators have maintained a close relationship
with their shareholders, customers, clients, creditors and employees, marked by the highest
professional and ethical principles to guarantee transparent, efficient and proper
management. The Corporate Governance structure has been designed to facilitate the
supervision and work of the Board of Directors and Management aimed at safeguarding the
interests of shareholders, customers, clients, creditors and staff alike.
Mercantil has not restricted its Corporate Governance activities to the requirements of the
standards. To remain at the forefront in this field, the Board of Directors and Management of
Mercantil study the latest trends in this area so that the Company’s Corporate Governance
structure can be adapted to current best practices.
It is important to highlight the development and execution during 2009 of the strategic
project to set up a unit in charge of the detecting and managing compliance risk arising from
violation of regulatory obligations through policies, methodologies and procedures capable
of strengthening the business model by eliminating or reducing exposure to associated risks.
Given the characteristics of the Company, Compliance focuses on the Mercantil, C.A., Banco
Universal subsidiary. During 2009 an exhaustive diagnosis was made of the Compliance
practices observed and executed. It was used to design the organizational structure of the
Unit that would be in charge of Compliance and the Unit’s roles, responsibilities, and
governance structure were defined. The work involved formulating the strategic agenda for
the next four years and its implementation plan. The Corporate Compliance Manager reports
to the President of the Bank.
All the Bank’s activities are carried out according to the strictest ethical and professional
principles. The Bank has a Code of Ethics which encompasses a series of ethical principles and
values that guide its decision-making process and activities. This Code covers fundamental duties
such as probity, loyalty, efficiency, co-fraternity, honesty, sincerity, dignity and law abidance. It
also establishes standards to regulate the treatment of conflicts of interest that may arise and
complement the provisions of the Bylaws in this area. These Bylaws stipulate how such situations
should be handled and ban Board Members from taking part in discussions on any matters in
which they or their partners in civil or mercantile companies have a personal interest, requiring
that directors remain outside the meeting room until a final decision is reached.

72
Mercantil’s governance structure is comprised by the Shareholders’ Meeting, followed by the
Board of Directors, with its Audit, Risk and Compensation Committees, the Executive Committee,
the President and Executive President, the Internal Auditor and the Compliance Officer.
Board of Directors
The Board of Directors must act efficiently and in the interests of shareholders, creditors,
customers, employees and the community at large. The Board has responsibility for defining
corporate strategies, determining business policies and establishing and controlling the strategic
direction of the institution. It also supervises management of the organization’s various business
and support areas. It evaluates results by comparing them against previously approved plans and
strategies, performance in previous years and the general banking environment.
In line with best corporate governance practices, the majority of the Directors on the Board
of Directors of Mercantil Servicios Financieros are independent of its administration. This
independence is further proof of Mercantil’s commitment to international management
standards and best corporate government practices.
The Directors are highly qualified and well-versed in business and finance which guarantees their
performance. The Board of Directors is made up of 10 directors and 20 alternate directors. The
President and Executive President are chosen from the Board members and both these offices
can be held by the same person. The Board meets once a month and whenever else the President
deems necessary.
To ensure better transparency and control over management procedures, since 1981 the Bank’s
Bylaws have provided for the creation of the Compensation and Audit Committees whose
functions are governed thereby. Mercantil Banco Universal, since 1981. An Ordinary
Shareholders’ Meeting held in March 2006 passed a proposal submitted by the Board of
Directors to amend the stipulation in the Bylaws that had been approved at a Board meeting
on May 31, 2001 to give the Risk Committee legal status. These Committees are comprised
mainly of Directors who are independent from the bank’s administration.
Consistent with tradition to adhere to best Corporate Governance practices, the Audit
Committee approved the Company Bylaws which describes the Committee’s purpose,
functions and responsibilities; its members are under obligation to prepare an annual
evaluation of their compliance therewith. It also states that its members must evaluate such
compliance each year and affirms the obligation that the majority of its members must be
independent from the bank’s administration, adding that at least one of them must have
considerable accountancy or financial management experience.
Annual Report 2009

Compensation Committee
Members
Gustavo J. Vollmer H.
(Coordinator)
Alfredo Travieso P.
Víctor J. Sierra A.
Gonzalo Mendoza M.
Luis Esteban Palacios W.
Luis Alfredo Sanabria U.
Gustavo A. Marturet (Ex officio)
Nerio Rosales Rengifo (Ex officio)
Audit Committee
Members
Luis A. Romero M.
(Coordinator)
Jonathan Coles W.
Eduardo Mier y Terán
Federico Vollmer A.
Gustavo Machado C.
Francisco Monaldi M.
Oscar Machado K.
Claudio Dolman C.
Miguel Ángel Capriles Capriles
Gustavo A. Marturet (Ex officio)
Nerio Rosales R. (Ex officio)
Risk Committee
Members
Gustavo J. Vollmer A.
(Coordinator)
Roberto Vainrub A.
Miguel Ángel Capriles L.
Gustavo Galdo C.
Luis A. Marturet M.
Germán Sánchez Myles
Carlos Hellmund B.
Luis Pedro España N.
Gustavo A. Marturet (Ex officio)
Nerio Rosales R. (Ex officio)
This Committee is responsible for setting company policy on staff pay and benefits, approving the
remuneration of the President, the Executive President and senior management, and informing the Board
of Directors accordingly. The Compensation Committee met 11 times during 2009 and reported on the
following matters: consider annual remuneration of the President, Executive President and members of the
Executive Committee; short and long-term management incentive programs; set annual wage and salary
policy; impact of national minimum wage policy; impact of the year’s job stability program; benefits related
to collective bargaining agreement discussions; consider Board of Directors fees; analysis staff turnover
during the year; review interest rates for special staff financing programs ; review demands of Mercantil
Retirees Association; rationalizations of staff expense initiatives; Mercantil complementary pension plan:
actuarial results and adjustment of minimum pension under the plan; analysis of executive compensation
and its benchmark positioning.
The Committee has responsibility for reviewing and discussing accounting and management policies,
opinions and reports of the organization’s internal and external auditors, establishing Reserves, reviewing
the Financial Statements and their Notes and formulating recommendations to the Board on matters
incumbent upon it. It also approves the engagement and remuneration of external auditors. In 2009 the
Audit Committee met 8 times to discuss the following topics: consider the Bank’s financial statements
and hear the opinions of the external auditors on these and their notes; review the internal auditing and
anti-money laundering activities; consider the fees of the External Auditors; consider and set loan portfolio
provisions and other reserves; consider internal control aspects observed by the external auditors; consider
contributions to Fogade and Sudeban; consider the financial statements according to US GAAP at
December 31, 2008; review the methodology used to classify and value investments; consider deferred
taxes; project on presenting financial statements according to IFRS).
The Risk Committee approves the Bank’s risk profile, policies and limits. It optimizes the use of capital
to support the approved risk profile. In 2009 the Risk Committee met 6 times to review the following
topics: consider loan portfolio provisions and other reserves; consider credit risk policies, validate and
follow up methodologies for estimating credit risk, examine results of credit portfolio review reports on
segments and units, follow up Oil & Gas segment situation; follow up integral risk management,
questionnaire on integral risk required by Sudeban; follow up Cadivi authorizations for letters of credit
and credit cards; consider operational risk reports, examine the status of debit and credit card fraud;
consider market risk reports, investment portfolio, set asset management portfolio limits.
Mercantil Banco Universal
73

74
Executive Committee
The Bank has an Executive Committee with a President and Executive President plus eight
senior managers from the Business and Support areas of the organization, which guarantees
the timely implementation of the Bank’s decisions and strategies. It meets on a weekly basis
and holds extraordinary meetings as required. It is responsible for evaluating options and
formulating recommendations on policy matters, objectives, strategies and organization and
submitting them to the Board of Directors for consideration, as well as for giving Management
assistance and guidance on how to implement the policies adopted. It is also responsible for
evaluating the outcome of such implementation.
President
The Chairman of the Board of Directors is the President of the Bank. Together with the
Executive President and the other Board Members, he is responsible for managing the Bank’s
activities and business. The Chairman of the Board has general executive powers and must
consider and approve the policy, objectives, strategies and major decisions presented by the
Executive President. He chairs the Meetings of the Shareholders, the Board of Directors and
the Executive Committee, guiding and advising them on the policies, objectives, strategies
and major decisions necessary; and supervising and ensuring that the decisions and policies
of the Board of Directors and the Executive Committee are adequately executed. He also
represents the company before political and administrative authorities and other government
entities, bodies corporate or individuals.
The Board of Directors, exercising its statutory attributions, has resolved that the Executive
President reports to the President. The President stands in for the Executive President during
his temporary absences, exercising the same powers and attributions.
Executive President
The Executive President is responsible for the executive management and coordination of
the Bank; submitting to the consideration of the President, the Board of Directors and the
Executive Committee policies, objectives, strategies and major decisions and informing them
of the results of its operations. He is responsible for seeing that the decisions reached by the
Board of Directors and the Executive Committee are executed. He is also responsible for
designing, establishing and developing the Bank’s organizational structure and appointing
and removing general managers, consultants and advisers as necessary. He represents the
Bank before political and administrative authorities and government entities, bodies
corporate or individuals.
As stated above, the Executive President reports to the President of the Company and stands
in for him in his temporary absences, having the same faculties and attributions.
Annual Report 2009

Internal Auditor
In accordance with the regulations applicable to Mercantil and its subsidiaries, Mercantil has
an Internal Audit Manager who works in conjunction with the Audit Committee when the
overall operations of Mercantil and its subsidiaries are examined.
The Internal Audit Manager heads the Global Internal Audit Unit, which works with the Audit
Committee to design Mercantil’s internal audit plan. This plan is executed throughout the
year. The results of the internal audits are reviewed and discussed periodically by the Audit
Committee and the Board of Directors, so that any corrective action necessary may be taken.
Compliance Officer
In accordance with the regulations on the matter, Mercantil has a Compliance Officer who
chairs the Committee on the Prevention and Control of Money Laundering and is responsible
for designing the Annual Operating Plan for the Prevention and Control of Money Laundering,
coordinating and supervising the Anti-Money Laundering Committee and the Money
Laundering Prevention and Compliance Unit, coordinating staff training activities on antimoney
laundering and maintaining institutional relations with the regulatory bodies on the
matter. The Compliance Officer also advises the Audit Committee and the Board of Directors
on compliance with their anti-money laundering obligations under the legislation in force.
Disclosure of Information
The Bank prepares and publishes its Financial Statements monthly, as of the end of the
preceding month, in compliance with the standards of the regulatory bodies. The Bank also
makes available to shareholders on the occasion of its Shareholders’ Meetings, a detailed
report of its activities and the semi-annual and annual Financial Statements for the
immediately preceding periods; this information is disclosed to the general public and the
Superintendency of Banks through the national media. The Bank’s financial information is
available on its website: www.bancomercantil.com.
Mercantil Banco Universal
75

OSCAR PELLEGRINO
OSCAR PELLEGRINO
SEMINARIO • 1988
Acrovinylic paint, plaster and cement on wood • 120 x 365 x 2 cm

Awards and
Acknowledgements
Mercantil Banco Universal received various
recognitions in 2009 from internationally prestigious institutions and publications.
• In February, Global Finance magazine awarded Mercantil Banco Universal its “World’s Best
Trade Finance Providers 2009” prize for Venezuela. This prize acknowledges the financial
institutions that have the highest volume of transactions, range of global coverage,
customer services, competitiveness in prices and technological innovation in the world.
• In March 2009, for the fourth time running, the Great Place to Work® Institute ranked
Mercantil Banco Universal among the best 20 companies to work for in Venezuela. It was
also the financial institution with the best workplace environment. Different national and
multinational companies took part in the survey conducted by the Great Place to Work®
Institute.
• In July, Mercantil Banco Universal was acknowledged by Global Finance magazine as the
Best Consumer Internet Bank in Venezuela. This result was obtained thanks to the strategic
strength of its Online Banking, the benefits it offers customers, and deposits by the new
users of the Online Banking service.
• In July, Dinero magazine ranked Mercantil Banco Universal as the bank preferred by
executives to handle their main accounts, according to the results of a survey of 289
executives from different professions in Venezuela’s main cities.
• In October, in Mercantil Banco Universal’s annual follow up of the audit conducted in
accordance with ISO 9001:2008, the Venezuelan Standardization and Quality Certification
Institute (Fondonorma) ratified the certification of the bank’s lines of services and granted
a new one, bringing the total number of lines of service certified in 2009 to ten. The ten
certified lines of service are: CAM, Online Banking, Home delivery of checkbooks, Préstame
instant loans, corporate client securities, Teller Line, Promissory Notes for businesses, ATM
network, credit cards and Employee Trust.
• In November, Global Finance magazine recognized Mercantil Banco Universal, for the
second year running, as the "World´s Best Foreign Exchange Bank” in Venezuela.
• In its December 2009 edition, The Banker chose Mercantil Banco Universal as the: Best
Bank in Venezuela in 2009 thanks to its outstanding financial results. The magazine
emphasized the high profit yield maintained by Mercantil Banco Universal, characterized
by its sound organizational structure, optimum risk management and adequate level of
capitalization. The Banker highlighted the creation of the new "Mercantil's Ally" network of
service points which provide banking services and innovative products to sectors of the
population where there was no banking presence.
77
Mercantil Banco Universal

Board of Directors
Directors
Gustavo Antonio Marturet Machado
President
Management
Degree in Civil Engineering from Universidad Central de Venezuela (1962),
President and member of the Board of Directors of Mercantil Servicios
Financieros and Mercantil Banco Universal. Chairman of the Boards of Mercantil
Commercebank Florida Bancorp, Mercantil Commercebank N.A., Mercantil
Merinvest and Fundación Mercantil. Member of the Boards of Directors of
Mercantil Seguros and Mercantil Bank (Schweiz) AG. Member of the Board of
Directors of the Institute of International Finance, Inc.” (IIF). Vice President
Venezuelan American Chamber of Commerce and Industry (VenAmCham).
Member of the Chairman’s Advisory Council of the Council of the Americas.
President of the John Paul II Foundation for Ecclesiastical Education (FESE).
Former President of Mercantil Servicios Financieros and Mercantil Banco
Universal, President of the Venezuelan Banking Association, National Banking
Council, Council of Venezuelan American Entrepreneurs (CEVEU) and the
Colombian Venezuelan Economic Integration Chamber (CAVECOL). Former
member of the Advisory Council of the Central Bank of Venezuela (BCV),
member of the Board of Directors of the Andean Development Corporation
(CAF) and of various associations connected with the financial and production
sectors.
Nerio Rosales Rengifo
Executive President
Global Manager Commercial and Personal Banking
Degree in Economics from Universidad Católica Andrés Bello. Executive
President of Mercantil Banco Universal, Global Manager Commercial and
Personal Banking, member of the Executive Committee of Mercantil Banco
Universal and Mercantil Servicios Financieros. Director of Mercantil Banco
Universal Director of Mercantil Commercebank Holding Corporation Director
of Mercantil Seguros. Director of Mastercard International Latin American
Region. Director of Mercantil Bank Curaçao N.V. and Mercantil Bank (Panama),
S.A. Alternate Director of Mercantil Servicios Financieros.
Gustavo J. Vollmer H.
Former Chairman of the Board
of Banco Mercantil, C.A.
(Banco Universal)
Degree in Civil Engineering from Cornell University (USA); Doctorate from
Universidad Central de Venezuela (UCV). Member of the Boards of Mercantil
Servicios Financieros, C.A. and Mercantil Banco Universal. Former member of
the Boards of Directors of S.C. Johnson & Son de Venezuela, C.A. IBM de
Venezuela and IBM World Trade, Americas Far East. Former Chairman of the
Board of Directors of Banco Mercantil, C.A. (Banco Universal) and Consorcio
Inversionista Mercantil Cima, C.A. and President and/or Director of a number
of Venezuelan sugar, metalworking, cement, finance, construction, alcoholic
beverage companies and several international corporations. Former President
and Director of several business organizations and national and foreign
organizations and foundations.
78
Annual Report 2009
Alfredo Travieso Passios
Senior Partner of Law Firm Tinoco, Travieso,
Planchart & Núñez
Graduate and postgraduate degrees in law from Universidad Católica Andrés
Bello (UCAB), postgraduate degree from the University of Michigan, USA.
Senior Partner of Tinoco, Travieso, Planchart & Núñez, Attorneys at Law,
President of Grupo Emboca, C.A. and Tapas Corona, S.A., Board member of
Mercantil Servicios Financieros, C.A. and Mercantil Banco Universal, Mercantil
Commercebank Holding Corporation, Manufactura de Papel MANPA, C.A.,
Corporación Industrial de Energía, C.A., Ars Publicidad C.A., C. Hellmund & Cia.
Toyo Club Valencia, C.A., Envases Venezolanos, C.A. and Desarrollos Judibana,
C.A.; President of the Venezuelan Association of Financial Law (AVDF), member
of the Venezuelan Association of Tax Law (AVDT), the International Bar
Association and the International Academy of Estate & Trust Law.
Luis A. Romero M.
Electrical Engineer
Graduate of Universidad Metropolitana, MBA from Babson College, PMD and
CEP from Harvard University. Member of the Boards of Directors of Mercantil
Servicios Financieros C.A., Mercantil Banco Universal, Mercantil Commercebank
Holding Corporation and Mercantil Commercebank Florida Bancorp. and
Mercantil Commercebank, N.A. Member of the Consultative Council of the
Venezuelan American Business Council (CEVEU). Director of Sociedad de Amigos
del Árbol “SADARBOL.” Director of International Briquettes Holding (IBH),
Director of Caurimare, S.A. and Desarrollos e Inversiones, S.A. Former Corporate
Director of Strategic Planning of Siderúrgica Venezolana, SIVENSA, S.A.
Gustavo Vollmer Acedo
President of Grupo Palmar
Degree in Economics from Duke University; Postgraduate in Economic
Development, Cambridge University, UK; PED in Business Administration from
IMEDE, Switzerland. Chairman and CEO of Corporación Palmar, C. A., and other
companies in the Palmar Group. Chairman of the Board of Directors of Empresas
PMC. Chairman of the Board of Directors of: Mercantil Servicios Financieros,
Mercantil Banco Universal, Mercantil Commercebank Holding Corporation,
Siderúrgica Venezolana, S.A. (SIVENSA), The Pantaleon Group Inc., Vetra Energía,
S.L., and Director of S.C. Johnson for the Andean Countries. Member of the
Advisory Committee of the Venezuelan Confederation of Industry (Conindustria).
Member of the Development Council of Universidad Católica Andrés Bello.
Former Chairman of the Board and currently member of the Institute of Advanced
Studies in Administration (IESA). Former President, Founder, and member of the
Board of Directors of CEVEU (US-VENEZUELA Business Council). Former
International President of the Young Presidents' Organization (YPO) and Alianza
para una Venezuela sin Drogas.

Jonathan Coles W.
Assistant Professor of IESA
Graduate of Yale University, with an MBA from Venezuela’s Institute of Advanced
Studies in Administration (IESA). Member of the Boards of Mercantil Servicios
Financieros and Mercantil Banco Universal. Director of Mercantil Commercebank,
N.A. and Mercantil Commercebank Holding Corp.; General Manager, Executive
President and President of the Board of Directors of Mavesa, S.A.; Former Minister
of Agriculture; Director of the Central Bank of Venezuela (BCV); speaker at
national and international institutions. Publications: “Reforming Agriculture”, in
Lessons of the Venezuelan Experience, Woodrow Wilson International Center for
Scholars and Johns Hopkins University (1995). “Inequality-Reducing Growth in
Agriculture: A Market-Friendly Policy Agenda,” in Beyond Tradeoffs, Market
Reform and Equitable Growth in Latin America, Inter-American Development
Bank (IDB) and the Brookings Institution (1998). J. Coles and C. Machado,
“Trayectoria de las políticas agrícolas venezolanas: Aprendizajes y exigencias para
el futuro,” in Agronegocios en Venezuela. Ediciones IESA (2002).
Víctor J. Sierra A.
Director of Valores and Desarrollos VADESA S.A.
Degree in Law from Universidad Central de Venezuela (UCV). Currently Director
of Valores and Desarrollos VADESA, S.A., Vice President of Inversiones Capriles
and Legal Representative of Cadena Capriles. President of Publicaciones
Capriles, C.A. Member of the Boards of Directors of Mercantil Servicios
Financieros, C.A. and Mercantil Banco Universal. Former Legal Adviser, Legal
Representative and President of Cadena de Publicaciones Capriles publishing
group and the Capriles group of companies. Director of Valinvenca, Inversiones
Finalven, Sociedad Financiera Finalven, Servicios Finalven, Banco República,
Inversiones Diversas, C.A. (INVERDICA) and C.A. La Electricidad de Caracas.
Former Director of C.A. Venezolana Guías (CAVEGUÍAS).
Roberto Vainrub
Executive Director of Actibienes and Holding Activalores
PhD in Engineering (UCAB-1999 Summa Cum Laude), Master’s Degree (Stanford
University-1981), Industrial Engineer (UCAB-1978).
Has been a professor at IESA since 1997. Founder of IESA’s Center for
Entrepreneurship and its first coordinator.
Former Vice President and Alternate President of IESA, member of the Board of
Directors of IESA and the IESA Foundation. He is a full tenured professor at
Universidad Católica Andres Bello where he taught at the Engineering School from
1982 to 2003 – Gold Medal, UCAB. Vainrub started his managerial career in the
Marketing Department of Procter and Gamble. Former partner and Executive Vice
President of the Venezuelan industrial group Frigilux. Was Director of the Savings
and Loan Association Prosperar, E.A.P. (1998 - 2002) and Tucarro.com (2003-2008).
Executive Director of Actibienes and of financial group Holding Activalores.
Member of the Boards of Directors of Mercantil Servicios Financieros, Mercantil
Banco Universal and Mercantil Commercebank Holding Corp. Director of
Farmatodo C.A. and President of its Audit and Risk Committee.
Vainrub has authored many books and articles and participated in national and
international conferences. Director of Educrédito, member of the advisory
committee of Conciencia Activa. Former president of the National Association of
Manufacturers of Refrigeration Equipment, director of CAFADAE and member of
the Conciliation and Arbitration committee of Union Israelita, the Venezuelan
Jewish community in Caracas.
Miguel A. Capriles L.
President of the Capriles Group of Companies
Degree in Administrative Sciences from Universidad Metropolitana. President of
Cadena Capriles, Director of the Boards of Mercantil Servicios Financieros and
Mercantil Banco Universal. Director of Mercantil Commercebank Holding Corp.;
Chairman of the Board of Directors of Mantex C.A., Director of H. L. Boulton, S.
A.; member of the Board of Directors of the Institute of Advanced Studies in
Administration (IESA); former Director of C.A. La Electricidad de Caracas and
Cerámicas Carabobo, C. A.
79
Mercantil Banco Universal
Alternate Directors
Luis A. Sanabria U.
Legal Adviser to Corporación Palmar
Law degree from Universidad Católica Andrés Bello (UCAB) and studied at
Georgetown University, Washington. Currently Director of Inversiones AEFEVE,
C.A., C.A. Ron Santa Teresa, Constructora Alvo. Alternate Director of the Boards
of Mercantil Servicios Financieros and Mercantil Banco Universal.
Oscar A. Machado K.
President of Siderurgica Venezolana SIVENSA, S. A.
Industrial Engineer graduated from Universidad Católica Andrés Bellok 1974. First
Vice President of the Venezuelan Confederation of Industrialists
(CONINDUSTRIA) and Vice President of the Latin American Iron and Steel
Institute (ILAFA) and of the Board of Directors of IESA and the IESA Foundation.
Director of Aeropuerto Caracas, S.A.; Board of Directors of the Venezuelan
American Chamber of Commerce (VenAmCham), Venezuela Competitiva,
Instituto Venezolano de Siderurgia (IVES) and the IESA Foundation, Adviser to
the Venezuelan Association of Executives (AVE).
Alternate Director of the Board of Directors of Mercantil Servicios Financieros,
C.A. and Mercantil Banco Universal. Member of the Executive Committee of the
Latin American Iron and Steel Institute (ILAFA).
Ex–President of Venezuela Competitiva, Instituto Venezolano de Siderurgia
(IVES), Venezuelan Association of Executives (AVE) and the Latin American Iron
and Steel Institute (ILAFA).
Eduardo A. Mier y Terán
President of Desarrollos e Inversiones, S.A.
Degree in Civil Engineering from Universidad Católica Andrés Bello, MSc from
Stanford University. Currently Chairman of the Board of Caurimare S.A. and
Desarrollos e Inversiones S.A. Director of Moore de Venezuela,S.A., H.L.Boulton
& Co.,S.A. and Fundación John Boulton. Alternate Director of the Board of
Mercantil Servicios Financieros and Mercantil Banco Universal. Former General
Manager of Inversiones Tacoa, C.A. and President of Educrédito.
Luis Esteban Palacios W.
Founding Partner of law firm Palacios, Ortega y Asociados
PhD in Law from Universidad Central de Venezuela and postgraduate degree
from New York University, MCJ. 1958. Founding partner of Palacios, Ortega y
Asociados; Director of the Venezuelan Scout Foundation; Alternate Director of
Mercantil Banco Universal and Mercantil Servicios Financieros; Vice President
of the Venezuelan Arbitration Committee.
Adviser on corporate law, banking law and capital markets. Has participated in
a number of financing transactions through bank syndicates and project
financing.
Former member of the Foreign Investment Advisory Council of the
Superintendency of Foreign Investments (SIEX); Director of Cantv, Secretary of
the Board of Directors of the Bar Association of the Federal District of Caracas
and President of Montepío de Abogados de Venezuela. Was Professor of Labor
Law at Universidad Central de Venezuela and assistant to the President of the
Central Bank of Venezuela (BCV).

Gustavo Galdo C.
President of Inversora Parnaso, S.A.
Degree in Civil Engineering from Universidad Católica Andrés Bello (UCAB),
MSc in Civil Engineering Management and MSc in Industrial Engineering
Economic Systems Planning and Honorary Alumni of the Department of
Management Science and Engineering of Stanford University, USA. Director of
Fe y Alegría, alternate director of the Boards of Mercantil Servicios Financieros
and Mercantil Banco Universal. In the public sector he was General Sectoral
Director of Public Finance of the Ministry of Finance, Director of Banco
Industrial de Venezuela and member of the Advisory Commission on the
Negotiation of the External Public Debt (1983-1985). President of Inversiones
Finalven, S.A., Sociedad Financiera Finalven, S.A. and Sociedad Financiera
Valinvenca, S.A., in the private sector (1987-1998).
Gonzalo A. Mendoza M.
Chairman of the Board of Negroven C.A.
Civil Engineer graduated from Universidad Santa María with an MS in Civil
Engineering Management from Stanford University, USA. Chairman and
Director of the Board of NEGROVEN, S.A., Kamequin, C.A., Director of
Tripoliven, C.A. and Valores Químicos (VALQUIMICA), C.A. Alternate Director
of the Board of Directors of Mercantil Servicios Financieros and Mercantil Banco
Universal. Former President of the Venezuelan Association of the Chemical and
Petrochemical Industry (ASOQUIM) and of the Venezuelan Ecuadorian
Chamber of Commerce (CAVENEC).
Germán E. Sánchez Myles
Dentist, Director General of Grupo COR Dental
Graduated in Dentistry at Universidad Central de Venezuela with
specializations in Buccal Surgery, Cosmetic Dentistry, Prostheses and
Management. Formerly Assistant in the Surgical Area of the Puerto Ayacucho
Central Hospital and of the Eudoro González Hospital. Director of the
Restorative Dental Center 1997-2002. Currently Director General of Grupo
COR Dental and Director of Inversiones ARISAN C.A., as well as alternate
Director of the Boards of Mercantil Servicios Financieros and Mercantil Banco
Universal.
Luis A. Marturet M.
Computer Engineer
Degree in Computer Engineering and Postgraduate in Business Management
from Universidad Simón Bolívar (USB). Furthered his management skills at
Wharton, the University of Pennsylvania Business School and in various
advanced technology programs. Developed and managed the Information
Technology Planning area of C.A. La Electricidad de Caracas. Member of the
Board of Directors of C.A. Ed. Marturet & Co. Scrs., and Alternate Director of
Mercantil Servicios Financieros and Mercantil Banco Universal. Director of an
international mailbox, shipping and messaging franchise and is currently
developing new business in the field of production of audiovisual content for the
media and entertainment industries and storage of structured information in
digital format.
80
Annual Report 2009
Carlos Hellmund Blohm
Executive President of Empresas Casa Hellmund
Industrial Engineer graduated from Northeastern University, USA, with a
Master’s in Business Administration (MBA/SLOAN Fellowship) from the London
Business School, U.K. Executive President of C. Hellmund & Cía., S.A., President
of Laboratorios Rapid Fot, C.A., President of OPC Operadora, C.A.; Director of
the Caracas Chamber of Commerce and Service, the Venezuelan-Japanese
Chamber (CAVEJA) and the Venezuelan Chamber of the Photography Industry
(CAVIFOT); alternate Director of the Boards of Directors of Mercantil Servicios
Financieros and Mercantil Banco Universal and member of the Board of Trustees
of the London Business School; member of the Marketing Committee of
VenAmCham.
Gustavo Machado Capriles
Vice President and Editorial Adviser to Cadena Capriles
Degree in Economics from Universidad Central de Venezuela (UCV). Specialized
studies in Journalism and Media Management at Universidad de Navarra,
Pamplona, Spain. Specialization courses in International Banking at
Manufacturers Hanover Trust in New York. Has worked in the tourism
construction industry and international trade sectors and held management
positions in the field of Strategic Planning with the Confinanzas Consortium.
Currently Vice President and Editorial Adviser to Cadena Capriles and Alternate
Director of the Boards of Mercantil Servicios Financieros and Mercantil Banco
Universal.
Francisco J. Monaldi M.
Director of the International Center for Energy
and Environmental Studies of IESA
Economist graduated Cum Laude from Universidad Católica Andrés Bello
(UCAB), with a Master’s in Economics from Yale University and a PhD in Political
Economy from Stanford University. Director of the International Center for
Energy and Environmental Studies of Instituto de Estudios Superiores de
Administración (IESA). Professor of Economics at Universidad Católica Andrés
Bello. From 2008-2009 was a Visiting Professor in Political Economics at
Stanford University and a National Fellow at the Hoover Institution. Has been
a consultant to public and private institutions, including: the World Bank, the
Inter-American Development Bank, the Andean Development Corporation (CAF)
and Harvard University. Director of Siderúrgica Venezolana, S.A. (SIVENSA) and
Alternate Director of Mercantil Servicios Financieros and Mercantil Banco
Universal.
Federico Vollmer Acedo
Vice President of Industrias Palmar
BSc in Agribusiness from Middle Tennessee State University, master’s degree in
Agricultural Economics (MPS/Agriculture) from Cornell University. President of
AGRIPLUS, C.A., Director of Empresas PMC, Member of the Executive
Committee and the Board of Directors of Inversiones AEFEVE, President of
VENAZÚCAR, Director of FUNDACAÑA, Director of Inversiones Porcinas, S.A.,
Director of CAVIDEA. Alternate Director of the Boards of Mercantil Servicios
Financieros and Mercantil Banco Universal.

Claudio Dolman C.
Director of Holding Activalores
Degree in Industrial Engineering from Universidad Católica Andrés Bello.
President and Director of ActiBienes. Director of Holding ActiValores. Director
and Vice President of Rattan Group. Alternate Director of the Boards of
Mercantil Servicios Financieros and Mercantil Banco Universal. President and
Director of Promotora Itaca 2000, C.A. Was Director of Seguros PanAmerican.
Director of Corimon and General Manager of Grupo Osiris.
Alejandro González Sosa
Global Executive Coordination Manager
Degree in Chemical Engineering from Universidad Metropolitana in Caracas.
MBA Babson College, Massachusetts USA., Massachusetts. Twenty-eight years
of service with the Institution. Member of the Executive Committee of
Mercantil Servicios Financieros, Mercantil C.A. Banco Universal, Mercantil
Commercebank Holding, Mercantil Commercebank Florida BanCorp and
Mercantil Commercebank N.A. Member of the Board of Directors of Mercantil
C.A. Banco Universal, Mercantil Commercebank Holding, Mercantil
Commercebank Florida BanCorp, Mercantil Seguros C.A., Mercantil Merinvest,
Casa de Bolsa, C.A., Mercantil Merinvest, C.A., Fundación Mercantil, Todo1
Services, Inc., and Educrédito, A.C. President of the Board of Supervisory
Directors of Mercantil Bank Curaçao N.V. and Mercantil Bank Panama, S.A.
Former Executive President of Mercantil C.A. Banco Universal, President of
Interbank C.A., Banco Universal and Mercantil Merinvest, C.A. and Director of
the Venezuelan National Banking Council, the Venezuelan Banking Association,
the Swiss-Venezuelan Chamber of Commerce and Industry and the Venezuelan
Council for Investment Promotion (CONAPRI).
Philip R. Henríquez S.
Global Corporate and Investment Banking Manager
Degree in Economics from Universidad Católica Andrés Bello (1986) with an
MBA from Columbia University, New York (1991). Since 2004 has been a
member of the Executive Committee of Mercantil Servicios Financieros,
Mercantil Banco Universal (Venezuela) and Mercantil Commercebank (USA).
Former President of Citibank N.A. and Citigroup Country Officer in Venezuela
(2000-2004); Executive Vice President of Banca Mayorista Global; member of
the Board of Directors of Banco Venezuela – Grupo Santander and President of
Valores Santander Casa de Bolsa (1997-2000), responsible for the Treasury, Fixed
Income, Derivatives, Corporate Finance, Analysis, Capital Market, Trust Fund
and Custody business. Joined Citibank N.A., Venezuela in 1991 in the Treasury
and Derivatives area. Appointed Vice President of Treasury in Venezuela in 1993.
His career began at Banco Exterior where he had managerial responsibility in
the field of corporate banking. Member of the Board of Directors of the
Venezuelan Council for Investment Promotion (CONAPRI) and the Venezuelan
Association of Executives (AVE). Former member of the Boards of VenAmCham
(2001-2004), Venezuelan National Banking Council (2001-2004), Caracas Stock
Exchange (1998-2000) and the Venezuelan National Gallery of Art (2001-2003),
Venezuelan Institute of Financial Executives (IVEF) (2001-2007) and the
Venezuelan Anti-Diabetes Foundation (2000-2008).
81
Mercantil Banco Universal
Miguel Ángel Capriles Capriles
Vice President of Valores y Desarrollos VADESA S.A.
and Inversiones Capriles C.A.
Degree in Administrative Sciences from Universidad Metropolitana, Option
Management (1988) and Option Banking and Finance (1991). Currently Vice
President/Non-executive Director of Valores y Desarrollos VADESA, S.A. and
Vice President/Director of Inversiones Capriles, C.A. Director of Mantex, S.A;
C.A. Últimas Noticias; Grabados Nacionales C.A. and C.A. El Mundo. Alternate
Director of the Boards of Mercantil Servicios Financieros and Mercantil Banco
Universal. Former Finance Manager of Inversiones Capriles, C.A., Director of
C.A. La Electricidad de Caracas and President of Distribuidora Samtronic de
Venezuela, C.A.
Luis Pedro España Navarro
Director of the Economic and Social Research Institute
of UCAB
B.A. in Sociology from Universidad Católica Andrés Bello and a Master’s in
Political Science from Universidad Simón Bolívar. Currently Director of the
Economic and Social Research Institute of UCAB Alternate Director of the Boards
of Mercantil Servicios Financieros and Mercantil Banco Universal. Member of
the Advisory Council of the newspaper El Mundo Economía y Negocios published
by Cadena Capriles. Former banking, insurance and marketing adviser to lowincome
sectors for Arthur D. Little and Cantv and Adviser on Social Programs
for institutions such as the United Nations Development Programme (UNDP);
World Bank-Ministry of the Family; UNICEF-Children’s Foundation; governments
of Germany and the Netherlands and national and regional public institutions.
Coordinated various publications, such as Venezuela: Un acuerdo para alcanzar
el desarrollo - UCAB, USB, UCV; IESA (2006) and Detrás de la Pobreza. Diez Años
Después (2009), among others.
Armando Leirós R.
Global Operations and Technology Manager
Degree in Economics from Universidad Católica Andrés Bello. Has been with
Mercantil for over 30 years. Currently Global Operations and Technology
Manager, member of the Executive Committee of Mercantil Servicios
Financieros and Mercantil Banco Universal, Director of Todo1 Services, Director
of Mercantil Commercebank N.A. and Alternate Director of Mercantil Servicios
Financieros. Has held various positions at Mercantil Servicios Financieros,
including in particular Manager of Corporate Banking, Manager of Corporate
and Institutional Banking, Executive President of Arrendadora Mercantil, C.A.
and Banco de Inversión Mercantil, C.A., Director of Fondo Mercantil and Banco
Hipotecario Mercantil.

Executive Committee
Gustavo Antonio Marturet Machado
President
See CV (Board of Directors Section)
Nerio Rosales Rengifo
Executive President
Global Commercial and Personal Banking Manager
See CV (Board of Directors Section)
Alejandro González Sosa
Global Executive Coordination Manager
See CV (Board of Directors Section)
Philip R. Henríquez S.
Global Corporate and Investment Banking Manager
See CV (Board of Directors Section)
Rosa M. de Costantino
Global Private Banking and Wealth Management Manager
Degree in Economics from Universidad Central de Venezuela. Has been with
the institution for 30 years where she has held several positions in the Finance
and Commercial Banking areas. Manager of Global Private Banking and Wealth
Management and member of the Executive Committee of Mercantil Banco
Universal, Mercantil Commercebank Holding Corporation and Mercantil
Servicios Financieros. Member of the Board of Directors of Mercantil
Commercebank Trust Company, Director and member of the Executive
Committee of Mercantil Commercebank Investment Services with a Broker-
Dealer license in the USA. Chairwoman of the Boards of Mercantil Sociedad
Administradora de Entidades de Inversión Colectiva and Portafolio Mercantil
de Inversión, Director of Mercantil Seguros, Mercantil Bank Curaçao N.V.,
Mercantil Bank (Panama), S.A. and Mercantil Bank (Schweiz) AG.
Alfonso Figueredo Davis
Global Chief Finance Officer
Certified Public Accountant with a master’s degree in Business Administration
from Universidad Católica Andrés Bello. Twenty-two years of service with
Mercantil Banco Universal. Global Chief Risk Officer of Mercantil Banco Universal
and Mercantil Servicios Financieros Member of the Executive Committee of
Mercantil Servicios Financieros, Mercantil Banco Universal and Mercantil
Commercebank. Member of the Boards of several subsidiary companies; chaired
the Comptrollers’ Committee of the Venezuelan Banking Association. Worked
for Espiñeira, Sheldon y Asociados (PriceWaterhouseCoopers) for 7 years.
82
Annual Report 2009
Millar Wilson
Global International Operations Manager
Degree in Business and Administrative Studies from Bradford University England
(1973). Has been with Mercantil for 32 years. Wilson began his financial career
with Mercantil Banco Universal in 1977; he moved to the USA in 1982 to open the
Miami office. He was Mercantil Commercebank, N.A.’s Executive President from
1984 to 2004 and from 2004 to 2008 was Global Chief Risk Officer of the
Mercantil Group. Wilson is currently Global Manager of International Operations
of Mercantil Servicios Financieros. Executive President and Director of Mercantil
Commercebank Florida Bancorp, Inc., Mercantil Commercebank, N.A., Mercantil
Commercebank Investment Services, Inc., and Mercantil Commercebank Trust
Company, N.A. Country Manager of Mercantil in the United States. Chairman of
the Board of Directors of BMC Bank & Trust Ltd., Mercantil Bank (Panama), S.A.
and Mercantil Bank Curaçao N.V. Member of the Executive Committees of
Mercantil Servicios Financieros and Mercantil Banco Universal; member of the
Board of Directors of Mercantil Seguros, Fundacion Mercantil, and Mercantil
International Holding Limited. Graduated from the Harvard Business School
Management Development Program (1992). Former Chairman of the Board of the
Greater Miami and Keys Chapter of the American Red Cross (2001-2002) and
was Director and Treasurer of the Miami Dade College Foundation (1999-2004).
Fernando Figueredo M.
Global Chief Risk Officer
Graduated in Law from Universidad Católica Andrés Bello; MBA from Columbia
University, New York, and a dual specialization in Finance and Marketing.
Member of the Executive Committee of Mercantil Servicios Financieros,
Mercantil Banco Universal (Venezuela) and Mercantil Commercebank (USA)
and prior to that was Credit and Operational Risk Manager of Corporate and
Investment Banking at Mercantil Servicios Financieros. Prior to joining
Mercantil, was Head of Financial Institutions at Citibank N.A., Venezuela, where
he had responsibility for the transactional client segment and the corporate
client service area. In Banco Venezuela, as a manager in the Oil and Gas sector
and in the Corporate Finance area at Santander Investment.
Armando Leirós R.
Global Operations and Technology Manager
See CV (Board of Directors Section)
Luis Alberto Fernandes
Global Chief Legal Counsel
Law degree from Universidad Católica Andrés Bello, with a Master’s in Corporate
and Mercantile Law from London University. Currently Global Chief Legal Counsel
for Mercantil Servicios Financieros and Mercantil Banco Universal. Formerly Legal
Manager for Financial and Corporate Affairs for Mercantil. Director of Mercantil
Seguros and Mercantil Merinvest Casa de Bolsa. Member of the Supervisory
Board of Mercantil Bank Curaçao N.V. and Director of Mercantil Bank (Panama),
S.A. Before joining Mercantil he held various positions at the Central Bank of
Venezuela (BCV), including General Counsel, Alternate General Counsel for
Financial Affairs and Legal Adviser on Monetary and Financial Affairs. Former
Adviser to the Financial Emergency Board. Was Professor of Banking Law and
National and International Regulation, Financial Contracts and Oversight of
Financial Services at postgraduate level at Universidad Católica Andrés Bello
(UCAB) and Universidad Central de Venezuela (UCV). Participated as a negotiator
and adviser for Venezuela on financial services within the framework of the World
Trade Organization and the Andean Community of Nations. Participant and
speaker at national and international seminars and events. Studies in arbitration
and negotiation.

Agency and Branch
CORAL GABLES AGENCY (FLORIDA)
220 Alhambra Circle, Coral Gables
Fl.33134, U.S.A.
Phone: (1-305) 460.8500
Fax: (1-305) 460.8595
Télex: 681278 BMER UW
asala@mercantilcb.com
CURAÇAO BRANCH
Abraham Mendez Chumaceiro Boulevar 1
Willemstad, Curaçao,
Netherlands Antilles
Phone: (5999) 461.8241 / 1706
Fax: (5999) 461.1974
fgirigori@bancomercantilcu.com
International
Offices
Representative Offices
BOGOTÁ
Av. 82, Nº 12-18, Piso 8, Ofc. 805
Edificio Interbolsa, La Cabrera
Bogotá, D.C. Colombia
Phone: (57-1) 635.0035
Fax: (57-1) 623.7701
jrequena2@mercantilcb.com
LIMA
Av. Canaval y Moreyra N° 452
Edificio Standard Chartered, Piso 15, San Isidro
Lima 27, Perú
Phone: (51-1) 442.5100 anexo 232
Fax: (51-1) 442.5100 anexo 237
rafael.alcazar@rebaza-alcazar.com
MEXICO
Eugenio Sue N° 58, Colonia Polanco
Chapultepec, Delegación Miguel Hidalgo
C.P. 11560, México, D.F.
Phone: (52-55) 5282.2300
Fax: (52-55) 5280.9418
mercvenmex@prodigy.net.mx
SAO PAULO
Av. Paulista, N° 1842, 3° andar, CJ. 37
Edf. Cetenco Plaza, Torre Norte-Cep 01310-200
Sao Paulo, SP, Brasil
Phone: (55-11) 3285.4647 - 3284.0206
Fax: (55-11) 3289-5854
mercansp@uol.com.br
NEW YORK
11 East 51st. Street, New York
NY, 10022-5903, U.S.A.
Phone: (1-212) 891.7400
Fax: (1-212) 891.7419
ljordan@bancomercantilny.com
Mercantil Banco Universal
83
Corporate Contacts
MERCANTIL, C.A. BANCO UNIVERSAL
Avenida Andrés Bello, N° 1
Edificio Mercantil
Caracas 1050, Venezuela
Phone: (58-212) 503.1111
Telex 27002/27003 BMERVC
P.O. Box 789, Caracas 1010-A
Venezuela
mercan24@bancomercantil.com
www.bancomercantil.com
Mercantil’s Call Center (CAM):
Phone: 0-500-600 2424/ 0-500-503 2424
(58-212) 600.2424 -(58-212) 503 2424
INVESTOR RELATIONS
CARACAS
Av. Andrés Bello, N° 1, Edificio Mercantil
Piso 25, Caracas, 1050, Venezuela
P.O. Box 789,
Caracas 1010-A
Phone: (58-212) 503.1335
Fax: (58-212) 503.1075
inversionista@bancomercantil.com
NEW YORK
11 East 51st. Street, New York
NY, 10022-5903, U.S.A.
Phone: (1-212) 891.7405
Fax: (1-212) 891.7419
OFFICE OF THE PRESIDENT
Av. Andrés Bello, N° 1, Edificio Mercantil
Piso 35, Caracas 1050, Venezuela
P.O. Box 789, Caracas, 1010-A
Phone: (58-212) 503.0782 / 0783
Fax: (58-.212) 503.0709
presidencia@bancomercantil.com
CORPORATE COMMUNICATIONS
Av. Andrés Bello, N° 1, Edificio Mercantil
Piso 14, Caracas 1050, Venezuela
P.O. Box 789, Caracas 1010-A
Phone: (58-212) 503.1670
mcomunicacionesc@bancomercantil.com

Produced by: Corporate Communications unit
Artwork Photography: Colección Mercantil / Walter Otto
Graphic Design: Arte Impreso H.M., C.A.
Printed by: La Galaxia • Caracas, Venezuela, March 2010.

80
Ingenuity and self-expression achieve new levels
A Study in Contrasts
VenezuelanArtintheEighties
For decades, the Mercantil Collection has proudly
supported and showcased the rich legacy and evolution of Venezuelan art. The pieces included were
carefully selected -- all express a clear point of view and represent significant transformations for
their period. As a collection, the works express a key period in our history and make visible the
changes that have taken place in our society. It is our hope that understanding these changes and
trends will guide us toward a better future.
The eighties were a decade of broadening racial and
linguistic diversity, both internationally and within the country of Venezuela itself. This environment
in turn produced new social, cultural, economic, and political views that have since set the stage for
the interconnected world we live in today. It was a period in which opposing and even incoherent
ideas found expression and common ground. Through these pieces, we catch a glimpse of a widening
freedom of thought and greater tolerance towards a range of opinions not previously accepted.
Artists during this period were attuned to a growing
global sensibility, and produced a range of works in which diversity and eclecticism is presented as
an alternative approach to more traditional forms of organization. While this movement offered no
real signature, no structure and an acute self-consciousness about the instability of the times, the
artists looked to the past for inspiration while incorporating the contradictions of the present.
It was a decade that made the impossible real, as
evidenced by our collective experience of the computer age, music videos, CDs, and international
TV via satellite dishes. In response, artists used new media to bring back the grandeur of their work,
experimenting freely with figurative art and abstractionism without the restrictions and censure
from an earlier, less opulent time.
The works of this period generally find their place
within two movements of contemporary art: Neo-expressionism and Neo-figurative art. In these
movements, an exciting renaissance of painting, ceramics and sculpture took place. Drawing and
engraving gained recognition as autonomous arts. Photography became increasingly appreciated
as a viable medium of artistic expression. Conceptual art, installations and performance art all
gained momentum and recognition within the art world. And Venezuelan museums and galleries
exhibited it all.
A great number of renowned Venezuelan and
international artists from this prolific period have shaped our collective thoughts today. For this
purpose, the Mercantil Collection presents a selection of the works by these iconic artists: Rafael
Barrios, Antonio Lazo, Ernesto León, Oscar Pellegrino, Jorge Pizzani and Adrián Pujol. The selections
are based on the rich expression of contrasts and depiction of the range of possibilities found in
diversity.
Mercantil Banco Universal is pleased to present
these selections from the Mercantil art collection, as part of our continuous endeavor over the past
five years to share the works of the Colección Mercantil in our Annual Reports.