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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2006 FORTIS Tayfun Bayazit 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, is now in Turkey. BANKING AND INSURANCE BEYOND FRONTIERS: FORTIS 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, is now in Turkey. With its two core competencies - banking and insurance - Fortis aims to serve customers better. Making customers' lives easier and providing added value to businesses, Fortis offers 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 to the history of one of the European's financial giant. Fortis back to the days... 12 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' overall 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 4, 2005, Fortis acquired full ownership of 89.34% of the shares of D›flbank 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 D›flbank. Where we are now... The European financial landscape is undergoing fundamental changes. Major cross-border obstacles are gradually being removed from the retail market, which could influence local markets. Changing customer behavior and new distribution channels could create growth opportunities in Western Europe, as could new markets in an enlarged European Union. Both business and institutional customers are continuing to grow. This trend should result in an integrated European or global market with several crossborder opportunities in areas such as corporate banking, leasing, factoring and employee benefits. Today, Fortis is the market leader of Benelux countries and as being one of the 20th biggest financial institutions of Europe, Fortis targets to be the biggest financial power of Europe by 2009. It has opted for a new, customer group-driven organizational structure with business specific and geographic authorities. Activities are now organized into six businesses: Retail Banking, Commercial & Private Banking, Merchant Banking, Insurance Belgium, Insurance Netherlands and Insurance International. In Retail Banking, the target group is the retail customers, the independent professions and to small and medium-sized enterprises. Fortis offers advice on all forms of daily banking, saving, investment, credit and insurance through a variety of distribution channels. Medium-sized enterprises can also choose from a uniform product and service offering with the same range of cross-border products, services and specialisms. Commercial and Private Banking activities offer a wide range of business opportunities including commercial enterprises, multiple banking services i.e. leasing, factoring, international assets and liability management, international credit facilities. More than 100 business centers and team of 1,500 experts, Fortis Business Centers provide the crossborder and customized services for the company's financial needs. In Private Banking, Fortis business partners are high net worth individuals, institutions, large companies, financial institutions, institutional customers. FORTIS TURKEY IN 2005 Retail Banking The goals in 2005 were to boost customer acquisition, increase penetration within the existing client base and to enhance performance measurement. CRM campaigns had been organized, targeting over 200,000 customers, focused on asset-based (deposits, bonds and mutual funds) and unit-based products (standing orders, insurance and overdraft facilities) and resulted in a 21% sales ratio. Mortgages and car loans were major sources of customer acquisition and very convenient for cross-sale proposals. An innovative and customer-focused bancassurance partnership was introduced PAGE 12
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2006 on the insurance side. Cross-selling between the bank and insurance channels was intensified, with branch staff referring potential pension customers to the financial advisors. Already strong branch network serving the small business market was extended more. Commercial and Private Banking Commercial Banking has some 5,600 customers in Turkey. The newly added Private Banking operations will enable the business to pursue Fortis' overall strategy in this segment of becoming the bank of choice for “Enterprise and Entrepreneur” alike. The international Business Centre network was extended by the addition of twelve new Business Centres in high-potential areas in Turkey, covering over 90% of the country's foreign trade and over 80% of loan and deposit volumes. Three of the new Turkish Business Centres will operate as “Fortis Houses”, at which private bankers will 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 Centres. Merchant Banking Merchant Banking operated with five business lines and 132 full-time employees in 2005. Its new organization, fully integrated with Fortis, is providing a competitive edge, enabling Merchant Banking to leverage favorable market conditions of 2005 when privatization and Mergers&Acquisitions activity boomed. • The Corporate & Institutional Banking team had a key role in several landmark deals in 2005. • Extending the skills at Global Markets resulted in dealing with complex local and international product structures. • Fortis is one of Turkey's 12 primary fixedincome dealers and ranks among the top banks in terms of foreign currency and Eurobond transactions. Fortis also achieved 15-fold growth in derivative volumes. • The Corporate Finance Capital Markets team completed a sell side advisory process the sale of four shopping malls. • Fortis Securities, with its 28,000 retail clients, of whom 40% trade online, ranked in the top ten bank-affiliated brokers by volume. The Specialized Finance team established during late 2005 has already completed three transactions worth a total of EUR 100 million. 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. Internet branch was visited more than 8 million times in a year and almost 3,700 million financial transactions were made online. 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. During last year, Fortis' Telephone Banking System was completely renewed for faster and easier use. 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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