ANNUAL REPORT 2010

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The following year, 2009, following guidelines on how to use state-of-the-art technology to provide services, the Bank introduced chip technology into its ATM network, points of sale and debit and credit cards, making its transactions more secure for the benefit of all its clients. Mercantil is its People, a key success factor For eight and a half decades Mercantil has never failed to respect and attend to its people, who in turn have learned: enhancing their working skills; developing individually and professionally; improving the way they serve customer and enforcing the standards set by the regulatory bodies. This process has evolved over time. Its scope has ranged from credit analysis courses through which generations of skilled banking staff have been trained over the past 42 years; operations courses held at recognized education institutes in the country; and more recently the use of modern technologies to train Mercantil’s employees at their work stations through distance education. Our staff has responded by working more efficiently; showing respect for the Institution’s principles and values; participating on a massive scale in leisure activities designed for employees and their families; and adopting a positive attitude to working with colleagues as a team, and to participating in voluntary work for the community. Within the framework of its human talent policies, Mercantil Banco Universal is considered by its workers to be an excellent company to work for in Venezuela. This has been confirmed in the past few years by the company that specializes in this subject, through studies on human resource management policies. These included surveys to find out what employees think about the Institution’s organizational climate. For Mercantil it has been a priority to stimulate the individual development of its workers in an appropriate labor environment. The important role that union representatives played during these years should also be mentioned. Together with the bank they have worked hard to strengthen and develop workers’ benefits within the conditions of the market, always within a framework of mutual respect and autonomy. Annual Report <strong>2010</strong> 106
Mercantil’s principles and values: unchanged throughout the years Eight-five years after it was founded, Mercantil Banco Universal - the main subsidiary of Mercantil Servicios Financieros in Venezuela - remains true to its 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. The principles and values that are the cornerstone of Mercantil's corporate culture are still valid and have guided the professionalism of various generations of people at Mercantil. These are: • To be the best financial services provider measured by the degree to which customers’ needs and expectations are met, through products and services considered by them as the best in the market. • To be the financial institution of reference in terms of excellent service quality. • To be recognized for having sound and proven ethical principles. • To be an integral institution and an important factor in the development of the community and places in which it is involved. • To have the best and most capable group of human resources. • To exercise optimum risk management, along with and excelent assets and liabilities management. • To maintain a constant focused approach to the operating efficiency of the organization as a whole, using technology to support the overall exercise of its management. • To be a modern and innovative institution, capable of anticipating the requirements of its customers and the organization’s response. • To be an institution with a broad shareholder base, governed by the best principles of transparency and access to information that our shareholders and the securities market expect. These sound principles and values that were established by its founders, combined with Mercantil’s Code of Ethics, guide our behavior in everything the Institution and its employees do, and they are one of the main reasons why millions of clients place their trust in us. With the satisfaction of having served the country successfully over these years, Mercantil Banco Universal continues to take on new challenges with every confidence in the future of Venezuela and its institutions. Mercantil impulsa tu mundo Mercantil Servicios Financieros 107
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ANNUAL REPORT 2010
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ANNUAL REPORT 2010 CONTENTS Mercant
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Mercantil is Venezuela’s leading
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Earnings Consolidated Balance Sheet
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Notice of Ordinary General Sharehol
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* Dollar figures are given for refe
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* Dollar figures are given for refe
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Adjustments to Reporting Lines At a
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Venezuela The Venezuelan economy co
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85th Anniversary During the second
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Special mention should be made of M
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Statutory Auditors’ Report To the
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Financial Statements (In accordance
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Consolidated Balance Sheet (In thou
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César PRIETO Calle caraqueña, aro
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Economic Climate Mercantil Servicio
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Summary of Economic Performance 200
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Mission To fulfill the needs of ind
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Management Discussion and Analysis
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Loan Portfolio by Business Segment
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Financial Margin Year Ended (In tho
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Distribution of Total Income Bs 7,4
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Summary of the Accounting Principle
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Business Management Report Commerci
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Commercial Banking Deposits Year 20
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Corporate Banking During 2010, the
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This made the team more consolidate
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In Venezuela, Mercantil Servicios d
Page 57 and 58: Excess Liquidity and Interbank Mark
Page 59 and 60: Available for Sale and Held to matu
Page 61 and 62: Quality of Service and Operating Ef
Page 63 and 64: Manuel CABRÉ Ávila desde San Bern
Page 65 and 66: Human Resources Many of the activit
Page 67 and 68: Risk Management Good risk managemen
Page 69 and 70: Distribution of Mercantil's loan po
Page 71 and 72: Trading in fixed-income securities
Page 73 and 74: Operational risk management in non-
Page 75 and 76: Performance of Subsidiaries Equity
Page 77 and 78: (1) Obtained from dividing sharehol
Page 79 and 80: Mercantil Commercebank Florida Banc
Page 81 and 82: Mercantil Merinvest, C.A. Consolida
Page 83 and 84: Credit Ratings Mercantil Servicios
Page 85 and 86: Prevention and Control of Money Lau
Page 87 and 88: * Prevention and Control of Money L
Page 89 and 90: Mercantil’s Social Contributions
Page 91 and 92: Pedro Ángel GONZÁLEZ Paisaje de G
Page 93 and 94: Corporate Governance Mercantil Serv
Page 95 and 96: Board of Directors The Board of Dir
Page 97 and 98: Executive Committee Mercantil has a
Page 99 and 100: Pedro Ángel GONZÁLEZ Comenzando l
Page 101 and 102: Report of the Board of Directors of
Page 103 and 104: Mercantil Commercebank • In March
Page 105 and 106: Mercantil Banco Universal: 85 years
Page 107: In 1996 the Bank changed its status
Page 111 and 112: Board of Directors Directors Gustav
Page 113 and 114: Gustavo Galdo C. President of Inver
Page 115 and 116: Executive Committee Gustavo Antonio
Page 117 and 118: MERCANTIL, C.A., BANCO UNIVERSAL Av
Page 119 and 120: T h e F i n e A r t s S o c i e t y
Page 121 and 122: Alberto EGEA LÓPEZ Ávila, hacia 1
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ANNUAL REPORT 2010

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