In analyses conducted by leading economists, Turkey is shown among a few countries having recovered stronger from the global financial crisis that left its mark on the last two years. Also, it is reported in such analyses that Turkey is the strongest candidate to join to the countries considered to determine the world’s future, namely Brazil, Russia, India and China. It became a great source of moral and motivation for all of us that the rate of growth in the industrial production reached 16.9% at the end of 2010 as data supporting these opinions.

It will not be much dreaminess to expect our country to enter among the world’s largest 10 economies in 2023, the centennial of our Republic. Every person, living on the territory of Turkey, must work more efficiently and produce more to achieve this target.

International credit rating agencies have nearly raised Turkey to investment-grade countries by rating upgrades which they made one after another. It is indicated in comments made by such agencies that new rating upgrades are imminent for Turkey. Political and economic stability in Turkey and the confidence in our country help our Banking sector develop on a solid ground.

Accordingly, as Türkiye Finans, we continue to follow our course by increasing the success we achieved each year. Besides having achieved our targets in 2010, we were also pleased to offer our customers Individual Retirement plans composed of interest-free funds for the first time in Turkey. In the next period we will keep driving the sector with new products and services we will offer and maintain our vision to become a pioneer for participation banking.

As a result of our harmonized works with The National Commercial Bank (NCB), our main shareholder, the credit agreement started in 2008 between Türkiye Finans and Saudi Export Program (SEP) founded to encourage export of non-oil goods from Saudi Arabia reached a new stage in 2010 following successful works. Türkiye Finans’s credit limit rose from 5 Million Dollars to 20 Million Dollars and our Bank enjoyed the success of being the bank with the highest limit in this area in Turkey. I believe that, in parallel to our country’s emerging value in the Middle East, Türkiye Finans, too, will bring off much more successful activities in the region in the upcoming periods.

While leaving a successful year behind, I wish the future will bring many good things for our Bank and our country, and I would like to thank all our employees, shareholders and customers having contributed to the high performance we achieved.

Sincerely,
Mustafa BOYDAK
Chairman