In This Report - Banco Mercantil

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In this report, Mercantil Commercebank celebrates a group of Venezuelan artists from the early twentieth century who revitalized Venezuela’s art scene and influenced art movements for decades to come. These artists based their work on the close study of nature leaving a legacy of art, beauty and life. Together they established what became known as the Fine Arts Society, and later lent their creative spirit to the “Escuela de Caracas.” For five decades, these artists have inspired landscape painting in Venezuelan art and given younger generations the opportunity to forever witness the beauty and light that suffuses Caracas and its surrounding areas. The works presented in this report are part of the Mercantil Collection.
ANNUAL REPORT 2010 CONTENTS Profile 3 Administration 4 Financial Highlights and Key Ratios 5 Board of Directors Report 7 Economic Environment Management Discussion and Analysis 11 Financial Condition and Results of Operations 19 Business Segments Review 27 Business-Support Segments Review 37 Enterprise Risk Management 41 Compliance 44 Corporate Governance 46 Social Responsibility Banking Centers, Subsidiaries 55 and Affiliates 59
Page 4 and 5: Federico BRANDT Azotea, around 1924
Page 6 and 7: Administration 4 Board of Directors
Page 8 and 9: Bernardo MONSANTO Paisaje, 1961 Oil
Page 10 and 11: 8 help their businesses prosper, wh
Page 12 and 13: Armando Lira El Ávila desde Sarria
Page 14 and 15: 12 Financial Markets During 2010, g
Page 16 and 17: 14 Growth and Consumption During 20
Page 18 and 19: 16 than in 2009. It is important to
Page 20 and 21: César PRIETO Los Caobos, around 19
Page 22 and 23: 20 Net Income Net income of $1.2 mi
Page 24 and 25: Investment Securities Portfolio Dec
Page 26 and 27: 24 Liabilities Deposits and Securit
Page 28 and 29: Elisa Elvira ZULOAGA Paisaje con ni
Page 30 and 31: 28 Domestic Retail Banking utilizes
Page 32 and 33: 30 Looking at the year ahead, Domes
Page 34 and 35: 32 migrated 96 percent of the custo
Page 36 and 37: 34 Private Banking Working in syner
Page 38 and 39: 1,400 1,200 1,000 800 600 400 200 0
Page 40 and 41: 38 Human Resources At the close of
Page 42 and 43: Manuel CABRÉ Río Guaire , 1917 Oi
Page 44 and 45: 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.
Page 46 and 47: 44 Compliance The Compliance Depart
Page 48 and 49: Corporate Governance 46 Stockholder
Page 50 and 51: 48 Former Executive President of Me
Page 52 and 53:
50 Salvador López de Azúa Directo
Page 54 and 55:
52 Industry in Venezuela, Venezuela
Page 56 and 57:
Pedro Ángel GONZÁLEZ Macuto, 1920
Page 58 and 59:
56 • Housing Opportunities Projec
Page 60 and 61:
Próspero MARTÍNEZ El árbol del c
Page 62:
T h e F i n e A r t s S o c i e t y
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In This Report - Banco Mercantil

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