ANNUAL REPORT 2010

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Manuel CABRÉ Caneyes y Valle de San Cristóbal, 1942 Oil on canvas 65 x 108 cm
Human Resources Many of the activities in 2010 were aimed at improving productivity and making the labor expenses process more efficient; maintaining and strengthening the working environment, the quality of life of our associates and compliance with labor standards. Use of the new administrative platforms and the self-service model was consolidated in Venezuela during the year. At December 31, 2010, Mercantil Servicios Financieros has 9,034 employees (9,833 at the close of 2009), 91% of whom work for Mercantil’s companies in Venezuela and 9% abroad (most of them for Mercantil Commercebank in the United States). During the year Mercantil Banco Universal and Mercantil Seguros implemented the Collective Bargaining Agreements signed in 2009. To strengthen the quality of life of our associates, various institutional seminars, health seminars, school fairs, and recreational and sports activities for workers and their families were organized Also within the framework of the Institution’s 85th anniversary, a walk was organized in Caracas in which more than 2000 workers and their relatives participated. Lapel pins were awarded for years of service to more than 400 workers with 35, 30, 25 and 20 years of service with the Company. In response to the climate problems towards the end of 2010, a Special Aid Plan was developed for workers affected by the prolonged and heavy rainfall. Mercantil’s training programs reached a consolidated level of 34,000 workers in their different categories, with emphasis on compliance, technologies and technical training. More than 9000 workers took part in different training events organized during the year. A new edition of the Organizational Climate survey was conducted with the support of the prestigious Great Place to Work Institute, improving the historic level of participation. In 2010 more than 85% of the employees of Mercantil Servicios Financieros and its subsidiaries consider that Mercantil is a great place to work. This year’s results enabled Mercantil Banco and Mercantil Seguros to be ranked for the sixth and fifth year running respectively among the best companies to work for in Venezuela. Mercantil Servicios Financieros 63
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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
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 and 60: Available for Sale and Held to matu
Page 61 and 62: Quality of Service and Operating Ef
Page 63: Manuel CABRÉ Ávila desde San Bern
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
Page 111 and 112: Board of Directors Directors Gustav
Page 113 and 114: 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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