ANNUAL REPORT 2010
ANNUAL REPORT 2010
ANNUAL REPORT 2010
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Performance of Subsidiaries<br />
Equity<br />
Main Activity<br />
Main Subsidiaries<br />
(In thousand of Bs) (1)<br />
Total Assets<br />
Investments<br />
Loan Portfolio, Net<br />
Deposits<br />
Net Income<br />
for the Year<br />
(In millions of US$) (2)<br />
Total Assets<br />
Investments<br />
Loan Portfolio, Net<br />
Deposits<br />
Net Income<br />
for the Year<br />
Mercantil, C.A.<br />
Banco Universal<br />
Bs 5,003,023<br />
US$ (2) 1,166<br />
Venezuelan<br />
Universal<br />
Bank<br />
46,170,343<br />
7,703,230<br />
26,703,385<br />
39,218,115<br />
1,630,359<br />
10,764<br />
1,796<br />
6,225<br />
9,143<br />
455<br />
Mercantil’s global business includes the Company’s operations in Venezuela and abroad. Its<br />
management results are presented in the Consolidated Financial Statements Review chapter.<br />
A summary of Mercantil’s operations carried out through each subsidiary at December 31,<br />
<strong>2010</strong>, and prepared in accordance with the accounting standards of the National Securities<br />
Superintendency (SNV) is presented below.<br />
Mercantil Servicios Financieros (1)<br />
(In thousands of Bs and millons of US$, except percentages (2) )<br />
as of December 31, <strong>2010</strong><br />
Shareholders’ Equity 8,513.301<br />
Shareholders’ Equity US$ (2) 1,985<br />
Mercantil<br />
Commercebank<br />
Florida BanCorp.<br />
Bs 2,270,940<br />
US$ (2) 529<br />
Commercial Bank,<br />
Brokerage and<br />
Trust<br />
Services<br />
in the USA<br />
Mercantil<br />
Commercebank<br />
N.A.<br />
Mercantil<br />
Commercebank<br />
Investment<br />
Services (MCIS)<br />
Mercantil<br />
Commercebank<br />
Trust Company<br />
(MCTC)<br />
27,532,854<br />
9,897,583<br />
15,877,988<br />
21,362,617<br />
(34,588)<br />
6,419<br />
2,308<br />
3,702<br />
4,981<br />
(7)<br />
Holding<br />
Mercantil<br />
Internacional<br />
Bs 585,859<br />
US$ (2) 137<br />
International<br />
Bank<br />
Mercantil Bank<br />
(Schweiz), AG.<br />
(Switzerland)<br />
Mercantil Bank<br />
and Trust Limited<br />
(Cayman)<br />
(Cayman Islands)<br />
Mercantil Bank<br />
Curaçao NV<br />
(Curaçao)<br />
Mercantil Bank<br />
(Panama) S.A.<br />
2,195,370<br />
1,525,490<br />
346,733<br />
1,786,181<br />
144,285<br />
512<br />
356<br />
81<br />
416<br />
40<br />
Mercantil Servicios Financieros<br />
73<br />
Mercantil<br />
Seguros, C.A.<br />
Bs 870,657<br />
US$ (2) 203<br />
Insurance in<br />
Venezuela<br />
3,192,925<br />
2,306,862<br />
0<br />
0<br />
408,933<br />
744<br />
538<br />
0<br />
0<br />
114<br />
Mercantil<br />
Merinvest, C.A.<br />
Bs 112,317<br />
US$ (2) 26<br />
Investment<br />
Banking, Mutual<br />
Funds, Trading &<br />
Brokerage in<br />
Venezuela<br />
Mercantil Merinvest<br />
Casa de Bolsa, C.A.<br />
Mercantil<br />
Servicios de<br />
Inversión, C.A.<br />
Mercantil<br />
Sociedad<br />
Administradora<br />
de Entidades<br />
de Inversión<br />
Colectiva, C.A.<br />
Other Non<br />
Financial<br />
Businesses<br />
221,584<br />
92,100<br />
0<br />
0<br />
Number of Employees<br />
6,685<br />
746<br />
41<br />
1,487<br />
26<br />
49<br />
9,034<br />
(1) In accordance with the standards of the National Securities Superintendency. Figures net of elimination resulting from the consolidation process<br />
(2) Dollar figures are given for reference only; the balance sheet is converted at the exchange rate at the end of the period (Bs 4.2893/US$ and the income statement at the average exchange rate for the period<br />
(Bs 3.5827/US$). Exchange control has been in place in Venezuela since February 2003.<br />
69,887<br />
66,465<br />
0<br />
0<br />
42,560<br />
16<br />
15<br />
0<br />
0<br />
12<br />
Others<br />
Bs 29,094<br />
US$ (2) 7<br />
(15,236)<br />
52<br />
21<br />
0<br />
0<br />
(7)<br />
Total<br />
79,382,962<br />
21,591,730<br />
42,928,106<br />
62,366,913<br />
2,176,313<br />
18,507<br />
5,034<br />
10,008<br />
14,540<br />
607
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