Untitled - Banco Mercantil

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GOLDSCHMIDT, Gertrud (GEGO) TAM-1856 • 1966 • Lithograph on paper • 28 x 27.9 cm
Economic Climate Summary of Economic Performance 2006 2007 Percentage Variation of Gross Domestic Product % Total 10.3 8.4 Oil Sector -2.0 -5.3 Non Oil Sector 11.7 9.7 Exchange Rate Bs./US$ Year End 2,150.0 2,150.0 Average 2,150.0 2,150.0 Exchange Rate Variation % Year End - - Average - - Inflation Cumulative Variation 17.0 22.5 Annualized Variation 24.4 47.5 Interest Rates Average Lending Rates (6 main Banks) 15.2 21.7 90 day Time Deposits (6 main Banks) 10.0 11.2 Source: Central Bank of Venezuela and Own Calculations. Venezuela The Venezuelan economy grew 8.4% in 2007. The most dynamic sectors are still nontradables: Communications 21.7%, Financial Institutions and Insurance 20.6%, Commerce 17.3%, Transportation and Storage 13.7% and Construction 10.2%, while Tradable Activities increased moderately: Manufacturing 7.5% and Mining 1.4%. Oil fell 5.3%. Unemployment to November 2007 closed at just 6.3% (8.8% during the same period in 2006). However, GDP expanded slower than aggregate demand which grew 18.7% in terms of consumption (16.1%) and fixed capital formation (24.5%), resulting in faster rising inflation. Despite the increase in imports (32% in real terms), point inflation closed at 22.5% (17% in 2006), with a marked upturn in the fourth quarter. High oil prices (the Venezuelan oil basket averaged US$ 65.2/bbl versus US$ 56.4 /bbl in 2006) enabled the comfortable trade balance surplus to be repeated (US$ 24,993 million, US$ 7.7 billion less than in 2006), despite the fact that imports grew US$12 billion. The Capital and Financial account deficit, due above all to the accumulation of foreign assets in public and private sector savings funds (PDVSA bond and Bonos del Sur II and III) and debt payments resulting from the nationalization of the electric, telephone and oil companies, led to a global balance of payments deficit of US$ 5,922 million (compared with a US$ 5,138 million surplus in 2006). M e r c a n t i l B a n c o U n i v e r s a l 23
Page 3 and 4: Banco Universal CONTENTS Financial
Page 5 and 6: Earnings Consolidated (In millons,
Page 7 and 8: Notice of Ordinary General Sharehol
Page 9 and 10: * All figures stated in US$ are con
Page 11 and 12: To assert the value of the Mercanti
Page 13 and 14: The Capital and Financial account d
Page 15 and 16: Fondonorma approved the ISO 90001:2
Page 17 and 18: Working Environment For the third y
Page 19 and 20: Statutory Auditors’ Report To the
Page 21 and 22: Financial Statements (Pursuant to t
Page 23: GOLDSCHMIDT, Gertrud (GEGO) Esfera
Page 27 and 28: Management Discussion and Analysis
Page 29 and 30: Gross Loan Classified by Status (In
Page 31 and 32: Other Income, net Other Income, net
Page 33 and 34: GOLDSCHMIDT, Gertrud (GEGO) Chorro
Page 35 and 36: Loan Portfolio Management Report by
Page 37 and 38: The volume of foreign exchange auth
Page 39 and 40: Corporate and Invesment Banking Loa
Page 41 and 42: Corporate Finance and Capital Marke
Page 43 and 44: Excess over reserve requirement + C
Page 45 and 46: Service Quality and Operating Effic
Page 47 and 48: Operational excellence in the Merca
Page 49 and 50: Considerable headway has been achie
Page 51 and 52: GOLDSCHMIDT, Gertrud (GEGO) Sin tí
Page 53 and 54: Human Resources Human Resources con
Page 55 and 56: GOLDSCHMIDT, Gertrud (GEGO) Tejedur
Page 57 and 58: Risk Management Good risk managemen
Page 59 and 60: For 2007, credit risk exposures by
Page 61 and 62: Market Risk Market risk appears in
Page 63 and 64: Loss-risk distribution by category
Page 65 and 66: Mercantil Banco Universal National
Page 67 and 68: Mercantil’s Social Contributions
Page 69 and 70: Quality of Life and Environment Don
Page 71 and 72: Prevention and Control of Money Lau
Page 73 and 74: Corporate Governance Mercantil Banc
Page 75 and 76:
Board of Directors Compensation Com
Page 77 and 78:
Internal Auditor In accordance with
Page 79 and 80:
Awards and Acknowledgements M e r c
Page 81 and 82:
Jonathan Coles Assistant Professor
Page 83 and 84:
Federico Vollmer Acedo Vice Preside
Page 85 and 86:
Agency and Branch CORAL GABLES AGEN
Page 87:
GEGO Hamburg, 1912 - Caracas, 1994
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Untitled - Banco Mercantil

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