ANNUAL REPORT 2010

institutions which resulted in a preference for electronic channels which benefited the parties by
reducing the operating risks associated with the volumes handled and substantially lowering the
transaction costs associated with these clients, all of which increased profitability per client.
At the close of 2010, Mercantil Banco Universal’s Public Sector Deposits amounted to Bs 555
million, of which 1.4 % were accounted for by the institution’s total deposits and a 1.0% market
share by government deposits in the Venezuelan financial system.
With that level of penetration, Mercantil Banco Universal now serves more than 93 public
administration and state institutions with a wide range of products, such as payroll services and
payments to suppliers, domestic tax collection, investment trust funds, management and
employee benefit trust funds.
Corporate Finance and Capital Market
Through the Mercantil Merinvest subsidiary, Mercantil’s Corporate Finance and Capital Market
sector remained active in the area of fixed-income investments in the primary market where
volumes were lower during 2010.
Mercantil Servicios Financieros continued to receive support for the restructuring of its issues of
short and long-term fixed income securities. The Institution’s requirements for financial advice,
particularly management of the Share Repurchase Program were also met.
Corporate Products
The Corporate Products Unit continues to focus its efforts on providing a more efficient
service, bring down costs and reduce operating risks, permanently striving to deliver a
personalized service that sets us apart from the competition.
The Deposit Products Unit continued with its efforts to implement the strategy designed to
encourage customers to use electronic channels. A campaign was carried out in conjunction
with Corporate Customer Service Unit and the business segments to automate clients’
transactions by introducing products offered by Mercantil’s Business Online Banking
platform, achieving its goal 100%. The HR strategy decided on in 2009 was also executed.
Annual Report 2010
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