ANNUAL REPORT 2010

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Luis Alfredo LÓPEZ MÉNDEZ Carretera vieja La Guaira-Caracas, 1943 Oil on canvas 52.7 x 60.2 cm Caracas, 1901-1996 Studied at the Caracas Academy of Fine Arts. From a very early age took part in the activities of the Fine Arts Circle. In 1936, after a long absence, returned to Venezuela. From then on was immersed in the country’s cultural activities, involved in teaching, administrative work and policy making at institutions such as the School of Plastic and Applied Arts, the Museum of Fine Arts and the Venezuelan Congress. Awarded the National Prize for Painting in 1943.
Quality of Service and Operating Efficiency The distribution channels of Mercantil Servicios Financieros through Mercantil Banco and Mercantil Commercebank as the financial vehicles, at the close of 2010 are made up of 293 Banking Centers, 1,344 ATMs, 230 Call Center Operators, 473 IVR ports and Personal and Business Online Banking’s services. Major Projects in the field of operational efficiency and enhanced quality at Mercantil Servicios Financieros In 2010, Mercantil Banco Universal continued with the process to adapt debit and credit cards, ATMs and points of sale to chip technology which offers advanced security benefits for customers, protecting them from fraud when carrying out transactions using devices that have been adapted to the new chip technology. At year end, 1.3 million customers had updated their debit cards which means that more than 82% of the transactions incorporate chip technology and over 61% of them are carried out using plastic and devices adapted to this technology. New online banking functionalities were developed during 2010 to facilitate interaction by customers with the Foreign Exchange Commission, Cadivi. Customers can now book an appointment to hand in applications for travel currency at a branch of the bank. There is also an option to place orders to trade securities bought at auction, to speed up the process. Online Business Banking also includes a new option for submitting invoices and collecting payments which shortens invoicing cycles for clients. Mercantil Online Personal Banking also incorporates a module for configuring the desired method for sending communications to clients interested in hearing about the Bank’s new promotions and offers. To support the customer relationship management (CRM) functionalities, Mercantil Banco Universal is expanding the channels for accessing the “My Messages” section, giving clients access to personalized communications through Mercantil Call Center’s IVR system and via Mercantil Mobile Internet. Mercantil Servicios Financieros 59
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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
Page 9 and 10: Notice of Ordinary General Sharehol
Page 11 and 12: * Dollar figures are given for refe
Page 13 and 14: * Dollar figures are given for refe
Page 15 and 16: Adjustments to Reporting Lines At a
Page 17 and 18: Venezuela The Venezuelan economy co
Page 19 and 20: 85th Anniversary During the second
Page 21 and 22: Special mention should be made of M
Page 23 and 24: Statutory Auditors’ Report To the
Page 25 and 26: Financial Statements (In accordance
Page 27 and 28: Consolidated Balance Sheet (In thou
Page 29 and 30: César PRIETO Calle caraqueña, aro
Page 31 and 32: Economic Climate Mercantil Servicio
Page 33 and 34: Summary of Economic Performance 200
Page 35 and 36: Mission To fulfill the needs of ind
Page 37 and 38: Management Discussion and Analysis
Page 39 and 40: Loan Portfolio by Business Segment
Page 41 and 42: Financial Margin Year Ended (In tho
Page 43 and 44: Distribution of Total Income Bs 7,4
Page 45 and 46: Summary of the Accounting Principle
Page 47 and 48: Business Management Report Commerci
Page 49 and 50: Commercial Banking Deposits Year 20
Page 51 and 52: Corporate Banking During 2010, the
Page 53 and 54: This made the team more consolidate
Page 55 and 56: In Venezuela, Mercantil Servicios d
Page 57 and 58: Excess Liquidity and Interbank Mark
Page 59: Available for Sale and Held to matu
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 and 108: In 1996 the Bank changed its status
Page 109 and 110: Mercantil’s principles and values
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Board of Directors Directors Gustav
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Gustavo Galdo C. President of Inver
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Executive Committee Gustavo Antonio
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MERCANTIL, C.A., BANCO UNIVERSAL Av
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T h e F i n e A r t s S o c i e t y
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Alberto EGEA LÓPEZ Ávila, hacia 1
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ANNUAL REPORT 2010

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