Annualreport

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�� Mercantil Servicios Financieros ��
AnnualReport 2 0 1 1 CONTENTS Mercantil’s Stock Performance 4 Financial Highligths 5 Board of Directors and Administration 6 Notice of Ordinary General Shareholders’ Meeting 7 Board of Directors’ Report 9 Statutory Auditors’ Report 21 Financial Statements 23 Economic Climate 29 Strategic Positioning 33 Management Discussion and Analisys 35 Business Management Report 49 Quality of Service and Operating Efficiency 65 Human Resources 69 Risk Management 71 Performance of Subsidiaries 79 Credit Ratings 87 Prevention and Control of Money Laudering and Terrorist Financing (ML/TF) 89 Internal Auditing 91 Social Commitment 95 Corporate Governance 99 Report of the Board of Directors on Compliance with Corporate Governance 107 Awards and Acknowledgements 108 Management 111 Subsidiaries and Corporate Contacs 119
Page 1: AnnualReport 2011
Page 5 and 6: Mercantil is Venezuela’s in equit
Page 7 and 8: Financial Highligths Earnings Conso
Page 9 and 10: Notice of Ordinary General Sharehol
Page 11 and 12: * Dollar figures are given for refe
Page 13 and 14: The Stock Repurchase Program initia
Page 15 and 16: Inflation closed at 6.9% (6.5% in 2
Page 17 and 18: Mercantil Personal and Commercial O
Page 19 and 20: It also launched the Gold and Plati
Page 21 and 22: Special mention should be made of M
Page 23 and 24: Statutory Auditors’ Report ��
Page 25 and 26: Financial Statements (In accordance
Page 27 and 28: Consolidated Balance Sheet (In thou
Page 30 and 31: Fernando Irazábal Bestia 10, aroun
Page 32 and 33: Latin America During 2011 the regio
Page 34 and 35: Francisco Hung Materias flotantes,
Page 36 and 37: In the insurance business in Venezu
Page 38 and 39: Investments Portfolio by Issuer Bs
Page 40 and 41: Loan Portfolio by Business Segment
Page 42 and 43: Deposits by Business Segment Bs 81,
Page 44 and 45: Loan Portfolio Evolution Million Bo
Page 46 and 47: Operating Expenses Net Income Year
Page 48 and 49: Summary of the Accounting Principle
Page 50 and 51: Humberto Jaimes Sánchez Exterior 1
Page 52 and 53:
Personal Banking Deposits Year 2011
Page 54 and 55:
At the close of 2011, Commercial Ba
Page 56 and 57:
Corporate Banking During 2011, the
Page 58 and 59:
Corporate Products The Deposit Prod
Page 60 and 61:
In the Venezuelan money market, the
Page 62 and 63:
Portfolio of Investments Available
Page 64 and 65:
Private Banking and Wealth Manageme
Page 66 and 67:
José Ramón Sánchez Las tres aleg
Page 68 and 69:
In 2011, options or service functio
Page 70 and 71:
Alberto Brandt Untitled, around 195
Page 72 and 73:
Harry Abend Relieve, 1964 Bronze 1/
Page 74 and 75:
Credit Risk Breakdown of Credit Ris
Page 76 and 77:
Market Risk A financial institution
Page 78 and 79:
Price Risk Positions of Interest Ra
Page 80 and 81:
Maruja Rolando Untitled, 1960 Oil o
Page 82 and 83:
(1) Dollar figures are given for re
Page 84 and 85:
Mercantil Commercebank Florida BanC
Page 86 and 87:
Other subsidiaries of Mercantil Ser
Page 88 and 89:
Humberto Jaimes Sánchez Stage of b
Page 91 and 92:
Prevention and Control of Money Lau
Page 93 and 94:
Evaluation Special PCLC/FT - AML/TF
Page 96 and 97:
94 Annual Report 2011
Page 98 and 99:
Social Development and Healthcare P
Page 100 and 101:
Elsa Gramcko R-32, 1960 Acrylic, go
Page 102 and 103:
Another very significant aspect of
Page 104 and 105:
Board of Directors’ Compensation
Page 106 and 107:
Internal Audit Manager In accordanc
Page 108 and 109:
Ángel Hurtado Noche transfigurada.
Page 110 and 111:
Awards and Acknowledgements The wor
Page 112 and 113:
Alberto Brandt Fantasía, undated O
Page 114 and 115:
Víctor J. Sierra A. Member of the
Page 116 and 117:
Nerio Rosales Rengifo Member of the
Page 118:
Alberto Benshimol M. Manager of Ins
Page 121 and 122:
MERCANTIL, C.A. BANCO UNIVERSAL Ave
Page 123 and 124:
I n f o r m a l i s m i n V e n e z
Page 125 and 126:
Carlos Sosa (Caracas, 1950) Sosa is
Page 127 and 128:
Manuel Mérida (Carabobo, 1939) Pai
Page 129 and 130:
Alberto Brandt Untitled, around 195
Page 131:
Avenida Andrés Bello Nº 1, Edific
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Annualreport

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