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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT APRIL 2007 FORTIS BANKING AND INSURANCE BEYOND FRONTIERS: FORTIS Yvan De Cock CEO Fortis, being one of the 20 financial giants of Europe in commercial, retail and private banking with its 56,000 experts in 55 countries all over the world, has also been operating in Turkey since 2005. With its two core competences - banking and insurance - Fortis aims to serve customers better. Making customers’ lives easier and providing added value to businesses, Fortis offers a wide range of products and services. Aiming to rank among the top European financial institutions, Fortis intends to achieve it through organic growth, supplemented with selective acquisitions and strategic partnerships. Here is a brief look at the history of one of the European’s financial giants. Fortis back to the days... 12th December 1990 was a memorable day: AMEV/VSB in the Netherlands and AG Group in Belgium signed an agreement to become one of the largest financial institutions in Europe, with a total of 20,000 employees. The new financial services provider was named Fortis; a Latin word meaning strong, steadfast and determined. AG Group had held a strong position in the Belgian insurance market; AMEV in both the Dutch and international insurance market and VSB, a savings bank, was quite successful in the Dutch retail market. Banking activities have been strengthened over the years as several banks have been acquired. It began in 1993, with a controlling interest in Belgium's ASLK-CGER bank. In 1997, Fortis acquired the Netherlandsbased merchant bank MeesPierson. This acquisition significantly strengthened Fortis' private, corporate and investment banking activities and provided it with many more asset management customers. In 1998, Fortis took over the prestigious Belgian Generale Bank. Since 2000, ASLK-CGER, Generale Bank, VSB Bank and MeesPierson (with the exception of MeesPierson Private Banking) have been integrated and are operating under the same banner - as Fortis. In 2000, Fortis also increased its 53% stake in Banque Générale du Luxembourg to 97.73% of the share capital. This strengthened Fortis' overal presence in the Benelux region. Two years later, Fortis acquired 100% of Intertrust Group. Intertrust is active in trust and company management and has since been merged with MeesPierson. In 2001, ASR Verzekeringsgroep N.V. and Fortis announced the merger of ASR and AMEV Nederland N.V. As a result Fortis became the biggest insurer in the Benelux region and the Netherlands' second-largest insurer operating through intermediaries. AMEV, Stad Rotterdam and Woudsend are currently being fully integrated into one new business, to operate under the name Fortis ASR. Outside the Benelux, many joint ventures and alliances have been formed in Fortis' 15-year history. In Europe, Fortis has entered into joint ventures with one of Spain's largest banks, "La Caxia" and with Banco Comercial Português (BCP), Portugal's biggest privately-owned bank. Fortis has also ventured into Asia in recent years; a joint venture with Malaysia's biggest financial services group Maybank, a life insurance partnership with the China Insurance Group, and a strategic alliance with Haitong Securities in Shanghai. Last year it also entered into a partnership with Muang Thai in Thailand. As announced on July 4th, 2005, Fortis acquired full ownership of 89.34% of the shares of Disbank from majority shareholders. Further to the approval of the transaction by all the relevant Turkish regulatory and governmental authorities, Fortis has also completed the public bid and acquired full ownership of 93.3% of the shares of Disbank. FORTIS TURKEY IN 2006 Retail Banking CRM applications in place facilitated further advances in the segmentation of customers. These applications focus on asset-based (deposits, bonds and mutual funds) and unitbased products (standing orders, insurance and overdraft facilities). New and innovative products like ‘Ideal Marriage’ and ‘Ideal Baby’ aimed at different life cycles of our customers met with great demand while new and structured campaigns in ‘Ideal Card’ increased its customer activation levels. On the consumer finance side, the ‘loan campaign for civil servants’ attracted immense attention for its features like ‘no guarantors’ and ‘three months payback postponement.’ Moreover, consumer finance’s cross-sell strategy resulted in the tripling of the amount of outstanding in cash loans. The increase in Ideal Card’s outstanding balance outperformed the market average. The customer-focused bancassurance partnership on the insurance side was developed further, effectively integrating the bank with Fortis Pensions and Life Insurance. Cross-selling between the bank and insurance channels was intensified, with branch staff referring potential pension customers to the financial advisors. The already strong branch network was further enhanced with the addition of 40 new branches, bringing the total number of branches up to 225. SMEs Pursuing an active strategy towards helping SMEs achieve strong growth, Fortis continued its support for enterprises. The results were outstanding as Fortis enhanced its special relationship through integrated product and service packages as well as its loyalty program for SMEs, the Dynamic Step. Fortis’ range of products and services for SMEs were expanded throughout 2006. As a result, 32,000 new SME customers joined the ranks of Fortis. Of particular interest was the Ideal Entrepreneur Package, an extended range of products and services designed exclusively for the needs of SMEs. The Dynamic Step, which provides queuing privileges in the branches, fee & commission discounts as well as free-of-charge services also created value for SME customers. The new agreements signed within the context of ‘Entrepreneur Support Loans’ brought in thousands of new customers through 99 professional associations. The share of SMEs in our loans portfolio reached to 33%, testament to the difference Fortis creates in the segment where the average ratio is still below 10%. PAGE 12
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT APRIL 2007 Commercial and Private Banking Commercial Banking has some 5,600 customers in Turkey. Private Banking operations, commenced in 2005, obtained promising results in its first year towards achieving its aim to pursue Fortis’ overall strategy in this segment. Relationship was deepened with customers in this segment via the ‘Prime Banking’ concept providing benefits to customers according to the depth of their relationship with the bank. A real estate financing team was also set up and trade finance capabilities were enhanced Extension of the international Business Center network to Turkey with the opening of 12 new Business Centers in high-potential areas in Turkey, covering over 90% of the country’s foreign trade and over 80% of loan and deposit volumes also proved to be a wise strategy in its first year of operation. Three of the new Turkish Business Centers have started operating as ‘Fortis Houses’, at which private bankers work alongside relationship managers from Commercial Banking. A number of specialized financial services – including leasing, factoring, global cash management and trust – have also been deployed to the new Business Centers. Merchant Banking & Asset Management Merchant Banking operated with six business lines and 163 full-time employees in 2006. Its organization, fully integrated with Fortis, provides it with a competitive edge, enabling Merchant Banking to leverage favorable market conditions at the beginning of 2006 as privatization and Mergers & Acquisitions activity continued to intensify. Global Markets Group has absorbed the effect of market turmoil which has started at end of 2nd Q of 2006 with good management. Merchant Banking acted as a lead arranger in many high profile transactions. • The Corporate & Institutional Banking team had key roles in several landmark deals in 2006. • With its extended skill base, Global Markets continued dealing in local and international product structures with increasing complexity. • Fortis is one of Turkey’s 12 primary fixedincome dealers and ranks among the top banks in terms of foreign currency and Eurobond transactions. • The Corporate Finance Capital Markets team co-lead the public equity offerings of THY and Coca Cola. • Fortis Securities continue to serve the market with more than 29,000 retail clients, of whom 95% trade online. • The GEPF team executed several highly visible mandates and completed deals in targeted areas such as mining and Treasury guaranteed transactions. • A local ALF franchise was set up in 2006. • A local GSFG franchise will be operational in the first half of 2007. Alternative Distribution Channels Internet Banking At Fortis, Internet Banking services were designed to meet the diverse needs of both individuals and companies. During 2004, Internet Banking System was completely renewed for faster and easier use. 3,840 million financial transactions were made online through Internet branch. Telephone Banking Fortis’ Telephone Banking Service at 444 0 144 can be accessed 24 hours a day and 365 days a year. In addition to regular banking services, trained and experienced customer representatives also provide information and support services. Customers can either talk to the customer representatives for their banking needs or use the voice response system to obtain extensive information. ATM and Kiosks According to the last years’ statistics, Fortis served its customers through 268 ATMs and 100 kiosks. The time availability of the bank ATMs was 96%. CONTACT INFORMATION Call Center 444 0 144 Website www.fortis.com.tr PAGE 13
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