2011 annual report

Transkript

2011 annual report

İşBank GMBH Offices in eurOpe
a n n ua L r e p O r t 2 0 1 1
Frankfurt (Head Office)
Mannheim (Branch)
Paris (Branch)
Roßmarkt 9
U 1,8
13, Place Kossuth, 75009 Paris
60311 Frankfurt am Main
68161 Mannheim
Tel. + 33 / 1 / 43 12 93 70
Tel. + 49 / 69 / 2 99 01- 0
Tel. + 49 / 621 / 397 49 80
Fax + 33 / 1 / 48 78 02 70
Fax + 49 / 69 / 28 75 87
Fax + 49 / 621 / 156 994 22
S.W.I.F.T.-Code: ISBKDEFXPAR
Gelsenkirchen (Branch)
Amsterdam (Branch)
Arminstraße 11
World Trade Center
Frankfurt (Branch)
45879 Gelsenkirchen
Strawinskylaan 841, Tower C,
Roßmarkt 9
Tel. + 49 / 209 / 177 073 14
Level 8
Fax + 49 / 209 / 177 073 19
1077 XX Amsterdam
key figures
5-year comparison
Tel. + 31 / 20 / 5 30 63 33
Tel. + 49 / 69 / 2 99 01- 0
Fax + 49 / 69 / 28 75 87
Hamburg (Branch)
Fax + 31 / 20 / 5 30 63 40
Telex 4189 385
Ballindamm 8
S.W.I.F.T.-Code: ISBKDEFXAMS
01
03
04
Bank in TRanSiTiOn:
STaBLE GROWTH
BUiLDS COnFiDEnCE
Telex 4189 385
S.W.I.F.T.-Code: ISBKDEFX
cOntents
10
12
13
24
26
27
36
20095 Hamburg
Berlin (Branch)
Tel. + 49 / 40 / 30 29 01 0
Zürich (Branch)
Müllerstraße 150
Fax + 49 / 40 / 30 29 01 22
Löwenstraße 61, 8021 Zürich
Offices
Legal notice
Tel. + 41 / 44 / 2 26 41-00
13353 Berlin
Tel. + 49 / 30 / 254 22 70
Köln (Branch)
Fax + 41 / 44 / 2 26 41-09
Fax + 49 / 30 / 254 22 777
Unter Sachsenhausen 35
S.W.I.F.T.-Code: ISBKDEFXZUR
50667 Köln
Berlin-Kreuzberg (Branch)
Tel. + 49 / 221 / 91 38 21 0
Sofia (Branch)
Kottbusser Straße 2
Fax + 49 / 221 / 91 38 21 20
2, Pozitano Sq.
Perform Business Center
10999 Berlin
Tel. + 49 / 30 / 616 95 50
Karlsruhe (Branch)
1000 Sofia
Fax + 49 / 30 / 614 89 88
Amalienstraße 23
Tel. + 359 2 402 20 00-02
76133 Karlsruhe
Fax + 359 2 402 20 15
München (Branch)
Tel. + 49 / 721 / 257 35
Goethestraße 21
Fax + 49 / 721 / 266 24
80336 München
Tel. + 49 / 89 / 5 30 79 23
Stuttgart (Branch)
Fax + 49 / 89 / 5 38 03 02
Friedrichstraße 9 –11a
70174 Stuttgart
Düsseldorf (Branch)
Tel. + 49 / 711 / 22 29 91 6
Graf-Adolf-Straße 73
Fax + 49 / 711 / 22 29 91 77
40210 Düsseldorf
Tel. + 49 / 211 / 38 80 10
Nürnberg (Branch)
Fax + 49 / 211 / 38 80 130
Am Plärrer 6
editorial
report of the supervisory Board
interview with Bayram Öztürk, selami Düz
and Burkhard von Wallenberg
interview with Okan Özoğlu, Deniz tüzün
and Ozan akar
Management
Management report
range of services
contacts at Head Office
Balance sheet
executive Bodies
auditors’ report
90429 Nürnberg
Tel. + 49 / 911 / 92 99 53 80
Fax + 49 / 911 / 92 99 53 82 0
Roßmarkt 9
Tel. +49 / 69 / 2 99 01-0
Fax +49 / 69 / 28 75 87
www.isbank.de
İşbank GmbH Annual Report 2011
Mannheim (Branch)
Paris (Branch)
Roßmarkt 9
U 1,8
68161 Mannheim
Tel. + 33 / 1 / 43 12 93 70
Tel. + 49 / 69 / 2 99 01- 0
Tel. + 49 / 621 / 397 49 80
Fax + 33 / 1 / 48 78 02 70
Fax + 49 / 69 / 28 75 87
Fax + 49 / 621 / 156 994 22
Amsterdam (Branch)
Arminstraße 11
World Trade Center
Frankfurt (Branch)
45879 Gelsenkirchen
Roßmarkt 9
Tel. + 49 / 209 / 177 073 14
Level 8
Fax + 49 / 209 / 177 073 19
1077 XX Amsterdam
key figures
5-year comparison
Tel. + 31 / 20 / 5 30 63 33
Tel. + 49 / 69 / 2 99 01- 0
Fax + 49 / 69 / 28 75 87
Hamburg (Branch)
Fax + 31 / 20 / 5 30 63 40
Telex 4189 385
Ballindamm 8
01
03
04
Bank in TRanSiTiOn:
STaBLE GROWTH
BUiLDS COnFiDEnCE
Telex 4189 385
cOntents
10
12
13
24
26
27
36
20095 Hamburg
Berlin (Branch)
Tel. + 49 / 40 / 30 29 01 0
Zürich (Branch)
Müllerstraße 150
Fax + 49 / 40 / 30 29 01 22
Offices
Legal notice
Tel. + 41 / 44 / 2 26 41-00
13353 Berlin
Tel. + 49 / 30 / 254 22 70
Köln (Branch)
Fax + 41 / 44 / 2 26 41-09
Fax + 49 / 30 / 254 22 777
50667 Köln
Tel. + 49 / 221 / 91 38 21 0
Sofia (Branch)
Fax + 49 / 221 / 91 38 21 20
2, Pozitano Sq.
10999 Berlin
Tel. + 49 / 30 / 616 95 50
Karlsruhe (Branch)
1000 Sofia
Fax + 49 / 30 / 614 89 88
Amalienstraße 23
Tel. + 359 2 402 20 00-02
76133 Karlsruhe
Fax + 359 2 402 20 15
München (Branch)
Tel. + 49 / 721 / 257 35
Goethestraße 21
Fax + 49 / 721 / 266 24
80336 München
Tel. + 49 / 89 / 5 30 79 23
Stuttgart (Branch)
Fax + 49 / 89 / 5 38 03 02
70174 Stuttgart
Tel. + 49 / 711 / 22 29 91 6
Fax + 49 / 711 / 22 29 91 77
40210 Düsseldorf
Tel. + 49 / 211 / 38 80 10
Nürnberg (Branch)
Fax + 49 / 211 / 38 80 130
Am Plärrer 6
editorial
and Ozan akar
Management
Management report
range of services
Balance sheet
executive Bodies
auditors’ report
90429 Nürnberg
Tel. + 49 / 911 / 92 99 53 80
Fax + 49 / 911 / 92 99 53 82 0
Roßmarkt 9
Tel. +49 / 69 / 2 99 01-0
Fax +49 / 69 / 28 75 87
www.isbank.de
keY fiGures
5-Year cOMparisOn
Dec. 31, 2010
in thousands EUR
Total assets
Dec. 31, 2011
in thousands EUR
Change
in %
793,969
931,565
17.33
Capital and reserves
72,438
106,772
47.40
Tangible assets
16,207
17,244
6.40
Cash funds
18,746
13,915
–25.77
Bonds and securities
60,855
37,969
–37.61
Due from banks
296,698
302,261
1.87
Due from customers
400,246
556,161
38.95
Due to banks
162,687
108,864
–33.08
Due to customers
Risk-weighted assets
interest income
Commission income
net income for the year
550,639
645,498
31,559
10,012
5,832
708,605
888,462
39,808
10,877
6,084
28.69
tÜrkiYe İş Bankasi a.ş. Offices WOrLDWiDe
Capital and reserves in thousands EUR
2011
2010
Head Office
Turkish Republic of
Bahrain
China
İş Towers
Northern Cyprus
Al Jasrah Tower, 8th Floor
4407 Jin Mao Tower
Büyükdere Cad.
Central Office
Diplomatic Area
88 Century Boulevard
Pembegül Sok.
Girne Cad. No: 9
Pbx: 10205 Manama
200121 Pudong New Area
34330 Levent-İstanbul
Lefkoşa
Tel. + 973 / 17 549 222
Shanghai
Turkey
Tel. + 90 / 3 92 / 228 31 33
Fax + 973 / 17 549 218
Tel. +86 / 2150 / 47 08 82
Tel. + 90 / 212 / 316 00 00
Fax + 90 / 3 92 / 227 83 15
Gulan Street
Egypt
Ainkawa Road
Nile City Towers
Duty Free Complex
2005 C Cornish El Nil
Princes Court
Erbil
North Tower, 27th Floor
Central Foreign Department
8, Princes Street
Tel. + 964 / 750 / 386 23 05
Cairo
Tel. + 90 / 212 / 316 28 02
London EC2R 8 HL
Tel. +20 / 22 461 98 13-14
Fax + 90 / 212 / 316 08 28
Tel. + 44 / 207 / 606 71 51
Fax +20 / 22 461 98 10
www.isbank.com.tr
14 Branches in Cyprus
1.184 Branches in Turkey
United Kingdom
106,772
2008
72,438
2007
68,734
37.64
65,725
26.14
62,640
8.64
4.32
Fax + 44 / 207 / 726 25 66
Equity ratio
Return on equity before taxes
Return on equity after taxes
%
%
9.60
11.30
10.65
8.80
8.80
6.06
Total assets in thousands EUR
Fax +86 / 2150 / 47 08 85
Iraq
Fax + 90 / 212 / 316 09 00
2009
Offices WOrLDWiDe
Net retained proﬁt in thousands EUR
United Kingdom
Germany
Bulgaria
Turkey
Turkish Republic of
Northern Cyprus
Irak
Bahrain
China
2011
2010
2011
2009
2010
2008
2009
931,566
2008
793,969
2007
4,509
540,029
France
2,293
Due from customers in thousands EUR
Legal Notice
Published by:
İŞBANK GmbH
Roßmarkt 9
Tel. +49 / 69 / 2 99 01-0
Fax +49 / 69 / 28 75 87
www.isbank.de
Due to customers in thousands EUR
2011
2011
Concept, editorial, design:
thema ag, Offenbach am Main
Photography:
Norbert Miguletz, Uwe Nölke
2010
2010
Production:
printmedia, Frankfurt
2009
2009
2008
2008
This annual report is also available in German.
708,605
556,161
400,246
2007
550,639
460,298
371,761
266,251
Netherlands
4,085
541,867
341,476
Switzerland
5,832
684,068
2007
Egypt
6,084
2007
414,730
365,361
© İŞBANK GmbH, 2011
Printed in Germany. All rights reserved.
No reproduction in any form without permission.
keY fiGures
5-Year cOMparisOn
Dec. 31, 2010
in thousands EUR
Total assets
Dec. 31, 2011
in thousands EUR
Change
in %
793,969
931,565
17.33
72,438
106,772
47.40
Tangible assets
16,207
17,244
6.40
Cash funds
18,746
13,915
–25.77
60,855
37,969
–37.61
Due from banks
296,698
302,261
1.87
Due from customers
400,246
556,161
38.95
Due to banks
162,687
108,864
–33.08
Due to customers
interest income
Commission income
550,639
645,498
31,559
10,012
5,832
708,605
888,462
39,808
10,877
6,084
28.69
2011
2010
Head Office
Turkish Republic of
Bahrain
China
İş Towers
Northern Cyprus
4407 Jin Mao Tower
Büyükdere Cad.
Central Office
Diplomatic Area
Pembegül Sok.
Girne Cad. No: 9
Pbx: 10205 Manama
Lefkoşa
Tel. + 973 / 17 549 222
Shanghai
Turkey
Tel. + 90 / 3 92 / 228 31 33
Fax + 973 / 17 549 218
Tel. +86 / 2150 / 47 08 82
Tel. + 90 / 212 / 316 00 00
Fax + 90 / 3 92 / 227 83 15
Gulan Street
Egypt
Ainkawa Road
Nile City Towers
Duty Free Complex
Princes Court
Erbil
8, Princes Street
Tel. + 964 / 750 / 386 23 05
Cairo
Tel. + 90 / 212 / 316 28 02
London EC2R 8 HL
Tel. +20 / 22 461 98 13-14
Fax + 90 / 212 / 316 08 28
Tel. + 44 / 207 / 606 71 51
Fax +20 / 22 461 98 10
www.isbank.com.tr
United Kingdom
106,772
2008
72,438
2007
68,734
37.64
65,725
26.14
62,640
8.64
4.32
Fax + 44 / 207 / 726 25 66
Equity ratio
%
%
9.60
11.30
10.65
8.80
8.80
6.06
Fax +86 / 2150 / 47 08 85
Iraq
Fax + 90 / 212 / 316 09 00
2009
Offices WOrLDWiDe
United Kingdom
Germany
Bulgaria
Turkey
Turkish Republic of
Northern Cyprus
Irak
Bahrain
China
2011
2010
2011
2009
2010
2008
2009
931,566
2008
793,969
2007
4,509
540,029
France
2,293
Legal Notice
Published by:
İŞBANK GmbH
Roßmarkt 9
Tel. +49 / 69 / 2 99 01-0
Fax +49 / 69 / 28 75 87
www.isbank.de
2011
2011
Photography:
2010
2010
Production:
2009
2009
2008
2008
708,605
556,161
400,246
2007
550,639
460,298
371,761
266,251
Netherlands
4,085
541,867
341,476
Switzerland
5,832
684,068
2007
Egypt
6,084
2007
414,730
365,361
01
EdITorIAl
For many years, Turkey’s economy has been characterised by high
levels of economic growth. The development of business relations with
European countries has also been extremely dynamic. This offers
significant development opportunities for the İşbank Group, which
is represented with around 1,100 Türkiye İş Bankası A.Ş. branches
throughout Turkey and currently 16 İşbank GmbH branches in
Germany, France, the Netherlands, Switzerland and Bulgaria. İşbank
GmbH has positioned itself as a universal bank for individuals and
businesses of Turkish origin in Europe and as a specialist bank for
European companies that engage in business with Turkey.
It is said that Turkey and its citizens have the ability to reinvent themselves again and again, and this is a virtue that we at İşbank GmbH
are proud of too. Not only have we been offering our clients all types
of traditional banking products for many years – we also constantly
“invent” new products and services that our clients expect from a
modern bank. This includes in particular being able to withdraw cash
anywhere from the 10,000 cash machines of around 220 private banks
in Germany, and the ongoing development of our online banking
service as well as the possibility to conduct transactions directly via
the İşbank GmbH website. To our corporate clients, our expertise in
trade and investment financing with Turkey is of utmost importance.
02
like no other, İşbank GmbH is positioned to promote economic trade
between western Europe and Turkey. But we also aim to exploit
business opportunities at home that have arisen from the withdrawal
of a number of banks from certain businesses. We plan to expand
our client base as well as our range of products and services, and for
this reason we are investing in the relationships with our clients and
plan to open further branches at home and abroad.
Isbank GmbH Annual Report 2011
03
rEPorT oF THE SuPErvISory BoArd
In the 2011 fiscal year the Supervisory Board met three times at the Bank’s Head office in Frankfurt/
Main. In several additional telephone conferences and written reports the Supervisory Board was informed about the development of business in general and events of special importance. The 2011 financials
and the targets for 2011 were discussed in detail. The Supervisory Board has performed its own checks
to ensure proper management of the Bank’s business.
The economic development and the situation at the financial markets, especially in Europe, and their
possible effects on the business and liquidity of the Bank were regular topics of the Supervisory Board’s
discussions with the Bank’s General Management throughout the year 2011. opportunities and risks
associated with the Bank’s strategy in this environment and measures considered appropriate to implement this strategy were repeatedly analysed with the Bank’s General Management. General Management also informed the Supervisory Board about the progress with regard to the planned conversion of
İşbank GmbH from a limited liability company to a joint-stock company. Within the framework of its
selective expansion strategy, in August 2011 the Bank opened a branch office in Sofia/Bulgaria, a country with close trade and foreign direct investment ties with both Germany and Turkey.
Securing sufficient liquidity at all times, the further boosting of profitability and the development of the
Bank’s credit portfolio – as usual, but especially in the current crisis environment – again constituted
important subjects of the Supervisory Board’s discussions with General Management. Considering
both the increasing regulatory requirements and the Bank’s planned further growth the upgrading of
the Bank’s IT environment also was accorded high importance in our discussions.
The recruitment and development of the Bank’s personnel on all levels is considered a key element
within the framework of the Bank’s growth strategy and was therefore discussed at length in the Supervisory Board too. In this context, for years the Bank has consistently relied on locally hired employees
with comprehensive knowledge of the markets in which the Bank operates. We therefore take the
opportunity to extend our sincerest thanks to the employees of the Bank for their continued commitment in a highly dynamic environment which contributed to İşbank GmbH’s closing fiscal 2011
successfully again.
We would also like to thank our clients for their continued trust and support, and the General Management for their always good cooperation without which İşbank GmbH could not have successfully achieved its targets in 2011.
The accounts and the financial statements for the fiscal year from 1 January to 31 december 2011, were
audited by KPMG AG Wirtschaftsprüfungsgesellschaft, Frankfurt/Main, which issued an unqualified
audit opinion. The Supervisory Board approved the results of the audit and adopted both the annual
financial statements as at 31 december 2011 and the management report.
Frankfurt/Main, 24 May 2012
A. Erdal Aral
Chairman of the Supervisory Board
04
INTErvIEW
»WE ARE
VERY ConsERVAtiVE
bAnkERs.«
Interview with Bayram Öztürk, Selami Düz and Burkhard von Wallenberg
Mr Öztürk, the stability of banks and the global debt crisis were
major topics once again in the world of European finance in 2011.
How was the past business year for İşbank GmbH?
Bayram Öztürk: When we look back at 2011, we can see a twopronged development, which is very similar to the situation in the
two preceding years : on the one hand, we have seen the continued
strain on the financial markets and an ongoing climate of mistrust
among the banks. on the other hand, we have seen very positive developments at İşbank GmbH, which enjoys a very high level of trust
among its customers. This has enabled us to expand our business
significantly in the year under review and we have recorded profit
increases for the sixth year in a row. The growth of our total assets,
which, in addition to earnings is one of the biggest indicators of
success in the banking sector, amounted to 17.3%.
How do you explain this surprisingly stable upward trend in light
of the highly turbulent general environment?
Bayram Öztürk: The formula is very simple: our aim is to provide products for a clearly defined target group which meet their
requirements and needs. At the same time, we continuously work
to improve this range of products. our customers don’t want to be
experimental when it comes to their financial affairs, they want a
reliable partner – and we aim to provide just this. We are simply
very conservative bankers. And not just in terms of our clear business focus but also in terms of our financial endowments. In order
to underpin our growth with sufficient equity capital we increased
our share capital in 2011 by around one third to €100 million. As at
31/12/2011, our core capital ratio stood at a healthy 11.30%.
In order to expand your business, however, you not only need the
necessary financial basis but also the structural foundation. What
does the strong growth of the past few years mean for İşbank GmbH
from an organisational point of view?
Bayram Öztürk: This is a very important point, and one that affects
the whole bank – from the operational entities to the supervisory
board. In the course of the business year, 46 new employees were
hired, meaning the bank had a total of 209 employees at the end
of 2011. In 2011, we opened branch number 15 in Mannheim,
Germany, and branch number 16 in the Bulgarian capital, Sofia. The
increasing size of the bank is presenting new challenges in terms of
organisation as well as for the bank’s IT environment, particularly in
the cost-intensive retail banking sector.
Burkhard von Wallenberg,
Assistant General Manager
05
Bayram Öztürk, General Manager
„We have seen very positive
developments – as a result of a
high level of trust among
our customers.“
06
Selami Düz, Assistant General Manager
„The continuous training of our
employees is a basic requirement
for successful customer advice and
thus for the success of our business
pay a double dividend.
07
The reorganisation of the supervisory board last year in preparation
of the planned conversation of İşbank GmbH to İşbank AG saw the
board increase from four to six members who will be on hand to
advise the management on a wide range of topics in their respective
individual areas of expertise.
That brings us to the topic of qualifications and training. How do
you go about improving your own standards within the bank?
Selami düz: We work very closely with our Turkish parent company
Türkiye İş Bankası A.Ş., which, as the largest private bank in the
country, offers a comprehensive range of training opportunities.
last year, we launched a partnership with the renowned Frankfurt
School of Finance and Management that complements our employee training programme. In addition to a wide range of product and
management seminars, we also offer our employees the opportunity to complete external studies parallel to their jobs in business
management while we subsidise these courses. The product range
is becoming more complex in the private and business customer
sector too, and our range of services ever more comprehensive. We
therefore see the continuous training of our employees as a basic
requirement for successful customer advice and thus for the success
of our business as a whole. We believe that investments in this area
pay a double dividend.
Can you give us a few examples of your new products?
Burkhard von Wallenberg: There was a whole host of new products
in 2011. With İŞWEB, for example, we have launched a brand that
represents a whole family of products. The name İŞWEB covers
services where new customers do not need to come into a branch
to sign up for a product. This is made possible via the “Postident”
process, which enables the secure identification of persons. The first
two products launched were the İŞWEB account and the İŞWEB
time deposit account. In 2012, we will expand the range with the
İŞWEB credit product. our aim is clear – to expand our reach, even
beyond the catchment areas of our branches.
Selami düz: Another key innovation in 2011 was the launch of realtime customer transfers to Turkey. This enables the account holder
to transfer money online anywhere and at any time – immediately,
and without having to visit a branch – to recipients in one of over
1,100 branches owned by our parent company, Türkiye İş Bankası
A.Ş.
you also redesigned your website in 2011.
Burkhard von Wallenberg: For a bank that wants to address
customers on a national level, but that does not have an extensive
network of branch offices, the internet naturally plays a major role
in customer acquisition. For this reason, the website must adhere to
the standard requirements of the market at the very least. our website will not only look more modern – more importantly, it’s going
to be more informative and more user-friendly as well. Customers
should get an impression of the broad range of our products and
services, be able to find what they’re looking for quickly and easily
and be able to make contact with us or sign up for a product there
and then. In addition, it is also more cost-effective for us if our
customers make full use of the services available online.
08
Was the focus primarily on internet banking in 2011?
Burkhard von Wallenberg: The new website and the option to sign
up for products online was definitely a key focus in 2011 – but by
no means the only focus. We also rolled out the new design for our
branch offices. And one of the most important changes was a big
benefit for all our customers: now, all İşbank account holders can
withdraw money free of charge from over 10,000 cash machines
of around 220 banks affiliated with the Bundesverband deutscher
Banken (Federal Association of German Banks). Whether they
contact us online or in the branch office, the main thing is that our
customers are happy with our service. And that appears to be the
case, as shown by the latest customer satisfaction survey, conducted
in June 2011: İşbank has increased its lead even further among
Turkish banks in Germany. The key reason for this, according to the
results of the survey, is our wide range of high-quality products and
our high level of customer service.
What does that mean for the future expansion of the branch network?
Bayram Öztürk: We are currently assessing the benefits of opening
further branches. Even if we can reach all four corners of the country via the internet, the physical presence of a bank is a major plus
for many of our current and potential customers. We see plenty of
potential for expanding our network of branches in Germany.
What concrete plans are on the agenda for 2012?
Bayram Öztürk: We want to reflect the new size of the bank in legal
form, which is why we are preparing to switch from being a limited
liability company (GmbH) to a joint-stock-company (AG).
Burkhard von Wallenberg: of course we want to work on further
expanding our range of products and services. In addition to the
İŞWEB credit product I mentioned earlier, the expansion of our
property financing product range is also a high priority – something
that we will round off with building society savings accounts. These
products will be brought to our customers in cooperation with
experienced sales partners.
Selami düz: And last but not least, we also want to strengthen our
trade finance activities. The ongoing dynamic development of trade
relations between Germany and Turkey also is a key driver for our
growth. Trade with corporate customers in Europe and Turkey is a
pillar of our business that will continue to gain significance.
Thank you for your time.
09
„We want to work on further expanding
our range of products and services.“
10
dEvEloPMENTS 2011
»ouR WidE RAngE of sERViCEs
EnsuREs WE stAY onE stEp AhEAd
of thE CompEtition With tuRkish
bAnks on thE gERmAn mARkEt.”«
From current accounts and financing options to insurance and retirement provisions, İşbank offers the complete spectrum of products
that today’s customers expect from their bank.The idea is not to sell customers as many of our own products as possible but to offer services in all categories that can offer competitive conditions across the board. For this reason, İşbank has set up partnerships in areas such
as insurance: in conjunction with HdI Gerling, İşbank is able to offer solutions in the form of German “riester” pension contracts, pension insurance, occupational disability insurance, funeral expense insurance and term life insurance. Within Germany, the bank also provides property financing solutions at excellent conditions via the dr. Klein online platform. In 2012, the range is set to be expanded further
with a building society savings account.
one of the most important changes in 2011 has been that İşbank’s current account customers can now withdraw money free of charge
at over 10,000 cash machines of around 220 private banks affiliated with the Bundesverband der deutschen Banken (Federal Association of German Banks) – making it a nationwide service. of course İşbank cash machines can still be used free of charge throughout
Europe too. In addition, cash withdrawals can also be made from all cash points and branches owned by our parent company, Türkiye
İş Bankası A.Ş.
Most banking customers take internet banking for granted and primarily use it because it is convenient. İşbank offers its account holders various channels that they can use depending on their requirements and the situation.
The modernisation of the İşbank GmbH website was a major project in 2011. It was not only done in order to update the design and
change the layout, but also to improve user-friendliness: a more intuitive design, coupled with a clearer presentation, enables users to
find what they are looking for more quickly and enables them to access the various categories with just a few clicks. Because not all
products and services are available to the same degree across all five countries where İşbank GmbH has its branch offices, localised
versions of the website are currently being prepared.
CLEAR GUIDANCE
“The top priority for all products
and services must be the benefits
they bring to the customer.”
Ozan Akar, Asst. Manager
11
WWW.ISBANK.DE
»Internet banking increases
convenience for the customer as
well as the reach of the bank.”
Okan Özoğlu, Asst. General Manager
At the same time, the range of specific internet products was also improved in 2011. under the İŞWEB brand, İşbank now offers a family
of products that can all be acquired directly online – with the aid of the “Postident” process, the customer no longer needs to come into the
bank in order to open an account or make time deposits, for example. Personal authentication is done via deutsche Post. This is a major plus
for customers who do not live near a branch of the bank and enables İşbank to reach customers wherever there is an internet connection
– that is to say, practically everywhere. The İŞWEB account is free of account maintenance charges and its holders earn interest on their
credit balance above €1. The İŞWEB time deposit account is another product in the range: Account holders with over €2,500 in funds can
make time deposits for periods of one month to five years, all at İşbank’s usual excellent conditions. The launch of the İŞWEB credit product
is planned for 2012.
NEW BRANCHES
»If you want to improve customer
proximity, you can’t just be available online.«
Deniz Tüzün, Manager
The bank’s future development will not just concentrate on internet banking.
İşbank is also investing in its branch offices. In 2011, a more customer-friendly
design was rolled out across all branch offices. Nevertheless, we permanently
work on improving the design of our branches. With our twelfth office opening
in Mannheim, Germany, the network of branch offices has also been expanded.
The branch in Sofia marks our presence in another market outside Germany, in
addition to the Netherlands, Switzerland and France. As a result of its extensive
trade links with Turkey, Bulgaria is of particular interest in terms of business
from corporate customers. other potential locations are also currently being
reviewed.
12
MANAGEMENT
Bayram Öztürk (Left)
General Manager
Selami Düz (Middle)
Burkhard von Wallenberg (Right)
13
MANAGEMENT
REPORT
Business and overall environment
The first half of 2011 was shaped by a series of shocks: the earth
quake in Japan, rocketing oil prices in the wake of the political
upheaval in the Arab world and the escalation of the debt crisis in
the eurozone, which caused continuing financial insecurity. While
newly industrialised countries recovered more quickly, development
in those countries directly affected by these crises was slow. In gen
eral, however, the economy showed a comparatively positive trend.
In comparison to other industrialised countries, Germany experi
enced an economic upturn once again in 2011 in spite of the crisis,
with GDP up by 3.0% in real terms. This powerful upswing is,
however, largely due to a high level of demand from abroad, with a
reported increase in exports of over 8.2%. Exports were valued at
EUR 1,060 billion, breaking the billion mark for the first time.
Private consumer spending also supported economic growth, in
creasing more than it has in the previous five years with a rise of
1.5 % adjusted for inflation.
While some industrialised countries had to struggle with unresolved
debt issues and the subsequent increase in insecurity in 2011, the
Turkish economy was able to grow by 8.2% in the third quarter of
the year. Thanks to this strong growth in Turkey, 2011 also saw a
continuation of the upward trend in Turkish exports. With a total
volume of USD 375.8 billion, exports have more than quadrupled
since 2000 (USD 82.3 billion). Imports increased by almost 30 % to
record levels of over USD 240 billion and exports also exceeded
their previous 2008 record by 2% with USD 135 billion. The main
export item was once again the car, and the main imports were oil
and natural gas.
Germany was once again Turkey’s main trading partner in 2011.
Bilateral trade volume saw an increase of 27.3 % to USD 36.9 billion
in 2011. This development proves the increasing importance of
our niche market and of the target group of companies engaged
in trading between Germany and Turkey. The number of German
or Turkish companies with German equity participation in Turkey
has risen to over 4,700. They are engaged in fields as diverse as
industrial manufacturing and sales to all kinds of services. In
turn, around 75,000 entrepreneurs of Turkish origin employ some
370,000 people in Germany, with an annual turnover of approx.
EUR 35 billion.
The sovereign debt and banking crisis also saw the credit ratings
of several countries and a large number of banks downgraded by
ratings agencies, which also had an effect on the ratings of Turkish
banks. On the other hand, the Turkish banking sector continued to
show a robust capital structure and good profitability so that Turkish
banks ended 2011 successfully, despite the global financial crisis.
14
Business development in 2011
Innovation
Facts
2011 was characterised by various product innovations, the most
important of which for İşbank customers was the new ordinance on
fees for cash withdrawals from cash machines, which was introduced
on 15 January 2011 by the Association of German Banks. Following
this ordinance, İşbank GmbH customers can now withdraw money
free of charge from more than 10,000 cash machines from the pool
of around 220 banks affiliated with the Association of German
Banks. This has enabled İşbank GmbH to take a significant step
forward in its ‘main bank’ strategy. Parallel to this, the Bank has
also addressed the problem of gaps in the branch network with the
Bank’s innovative İŞWEB account. With this new type of account,
customers have the option of opening an account via the PostIdent
process – without having to go into a branch.
The first half of the year saw an increase in share capital of EUR
48.9 million, EUR 30 million of which was financed by the parent
company and EUR 18.9 million of which were revenue reserves
transferred to the subscribed capital, bringing the total subscribed
capital to EUR 100 million. Despite the ongoing crisis in the global
economy, İşbank GmbH was able to expand its business activities
in 2011 and record a 17.3% growth in total assets, totalling EUR
931.6 million.
The successful performance in recent years has contributed to profit
after tax of EUR 6.1 million. Growth in the lending and deposit
business has been particularly notable, with İşbank GmbH’s equity
and liquidity base remaining solid. Thanks to the dynamic growth
of both assets and liabilities, the company was able to continue the
positive development of the past few years in 2011 too.
Owing to changes in management at the parent company in the first
half of the year, there were also changes to the İşbank GmbH super
visory board, which now comprises six members.
In the highdemand area of funds transfers to Turkey investments
in technology over the past year have also enabled such transfers to
be carried out online in real time. In light of the high demand for
property among our clientele, we are now able to provide our cus
tomers with longterm property financing options with particularly
favourable conditions, thanks to our partnership with Hypoport AG.
Growth
Changes to the organisational structure as a result of newly formed
departments (project management and trade finance) and reorgani
sation of departments into various areas of responsibility formed the
basis for the optimisation of processes.
In accordance with the Bank’s business strategy, our focus in the 2011
financial year was on the continuation of our activities to broaden
and diversify our market footprint. In addition to the innovations in
products and services already listed, new markets were also tapped
in 2011. The existing branch network in Germany was expanded
with a branch office in Mannheim, because of its very promising
customer potential. Tying in with our parent company’s activities in
entering new markets, such as the recent acquisition of a Russian
bank, we opened a branch office in the Bulgarian capital Sofia in
August 2011, which will initially be geared solely towards business
with corporate clients. This means that İşbank GmbH now operates
in five European countries. As the Bank has grown, a considerable
number of new employees have also joined its ranks.
15
Customer satisfaction
Thanks to our many years of experience we can provide expert
financial advice to our private and corporate customers. İşbank
GmbH’s aim is to provide customer proximity, and with it the best
possible advice and service for our customers throughout all stages
of their lives. As confirmed once again in a customer satisfaction
survey conducted in June 2011, we continue to enjoy a very high
level of trust from our customers. Unprompted brand recognition
of 28 % among German and Turkish banks and top familiarity levels
among Turkish banks are testament to our leading position within
this niche market. These results were also borne out in the customer
satisfaction survey conducted back in December 2008.
Our branches and employees
In line with our ongoing growth strategy, we are working towards
optimising our branch network. İşbank GmbH currently runs 12
national branch offices and, following the opening of a new branch
in Mannheim, is now represented in all of the key regions for its
niche market. However, the ongoing growth in demand among
target groups requires us to consider further branches, and not just
in new regions within Germany but also as additional points of
contact to be opened in major cities that already have a branch office.
The considerations in recent years of opening a branch in Bulgaria
in light of the close trade and investment links of Bulgaria with
Germany and Turkey were brought to life in 2011. With its new
branch in Sofia, İşbank GmbH is now represented in a major east
ern European city along with the other major European locations of
Amsterdam, Zurich and Paris. The new branch will initially focus
primarily on corporate clients.
2011 saw the continuation of the project to optimise the design of
our branch offices with regard to technical equipment, office layout
and design, which has been running for two years now. The Düssel
dorf branch was able to move into its new offices in October, while
the Munich office was completely renovated and redesigned to
make it more customerfriendly. As part of a stronger sales focus for
the Bank, the window displays and entrance areas of our branches
were equipped with more modern advertising materials. The Bank’s
aim is to meet growing customer requirements and demands not
only with product innovations and cuttingedge technology but
also from a sales and marketing point of view.
Offering the bestpossible advice and customer service requires
highly motivated, highachieving employees who are experts in
their field. İşbank GmbH attaches great importance to these criteria
when selecting its employees and has therefore started working
with a professional external recruitment agency in 2011. In addition
to being bilingual with a good educational background, employees
must also be able to work well in a team, with the aim of translating
this team work into highquality customer service. Despite the crisis,
İşbank GmbH made further investments in its personnel in the year
under review, hiring a total of 46 new employees. The ongoing train
ing of our employees comprised a range of measures both internally
and externally through seminars provided by the Frankfurt School
of Finance and Management, with whom we have launched a partner
ship to provide services in this area. Investments in highly qualified
employees and their training will continue to be of great importance
to the company in the future too.
16
Assets, Jan. 1, 2011 – Dec. 31, 2011 in EUR thousand
Securities
37,969
Tangible assets
17,244
Cash funds
13,915
Other assets
1,074
Due from
customers
556,161
Due from banks
302,261
Annual financial statements as at 31 December 2011
Despite the ongoing financial crisis, İşbank GmbH had various
refinancing options at its disposal to support new business.
Balance Sheet
Pursuing its business strategy of sustainable growth, İşbank GmbH
made the most of opportunities turning up in 2011, enabling the
company to increase its total assets by 17.3 % to EUR 931.6 million
(2010: EUR 794.0 million). Business volume, made up of assets and
offbalance sheet liabilities, came to EUR 964.9 million (2010: EUR
821.6 million), representing a growth of 17.4 %.
Increased loan sales efforts primarily served to boost total assets:
receivables from clients increased by 38.9 % in 2011, with the effect
that this balance sheet item accounted for EUR 556.2 million (2010:
EUR 400.2 million) on 31 December 2011. Part of this positive de
velopment was also due to the promotion and expansion of our
trade finance business.
Receivables from banks increased slightly by EUR 5.6 million from
EUR 296.7 million last year to EUR 302.3 million in 2011, which
was due to participation in syndicated financing, amongst other
things. Bonds and other fixedincome securities on the banking
book totalled EUR 38.0 million at the end of the year under review.
Growth in deposits formed the basis for the increase in liabilities.
Liabilities to customers recorded an increase of 28.7 % to EUR
708.6 million.
With the increase in share capital in 2011, subscribed capital in
creased to EUR 100 million, ensuring a sufficient and solid equity
base.
As a result of the increase in share capital, liabilities to banks de
creased by 33.1 % to EUR 108.9 million. The strong performance in
the deposits business and the related increase in time deposits are
a result of our competitive interest rates, particularly in the longer
term maturities, which were the basis of the decision by online
portal fmh and TV channel ntv to once again crown İşbank
GmbH the best time deposit bank in 2011.
17
Liabilities, Jan. 1, 2011 – Dec. 31, 2011 in EUR thousand
106,772
Provisions
2,117
Other liabilities
2,807
Due to
customers
708,605
Due to banks
108,864
Income statement
Liquidity situation
Along with the growth in receivables from clients, a 39.9 % increase
in net interest income to EUR 26.8 million was also achieved, in
which the increase in interest revenue of EUR 8.2 million played
a major role. Net commission income rose slightly by 7.3 % to EUR
10.6 million in the year under review, primarily due to increases in
commission revenue from foreign business, which grew by 76.5 %
in comparison to the previous year.
İşbank GmbH retained its solvency throughout the 2011 business
year, and the liquidity ratios stipulated by supervisory law were
maintained at all times.
General administrative expenses increased by 15.2% to EUR 24.0
million in the year under review. This increase was due to the ex
penditure arising from renovating existing branches and opening
new branch offices, IT investments and expenses associated with
advertising campaigns.
In the 2011 financial year, net risk provisions of EUR 2.7 million
were set aside as compared to EUR 1.2 million the previous year.
Thanks to its successful operating activities, İşbank GmbH was able
to increase its profit on ordinary activities to EUR 8.8 million in
2011. After deduction of taxes, the Bank closed the 2011 business
year with net income for the year of EUR 6.084 million.
18
Income, Jan. 1, 2011 – Dec. 31, 2011 in EUR thousand
Expenses, Jan. 1, 2011 – Dec. 31, 2011 in EUR thousand
Other income
340
Write-downs
and valuation
allowances
5,510
Commission
income
10,877
Interest income
39,808
Administrative
expenses
11,280
Personnel
expenses
12,744
Other
expenses
47
Interest
expenses
12,978
Commision
expenses
281
Overall bank management and risk report
Overall risk profile
In the course of our business activities, we are subject to a host of
risks that must be managed so that we can continue to play a success
ful, active role on the market. İşbank GmbH therefore places a high
level of importance on a responsible approach to risk and a proactive
and prudent risk management strategy in all its business dealings to
assure that the bank controls risks in the most appropriate way.
The Bank’s risk management system as well as processes for identi
fying, quantifying, evaluating, managing, monitoring and commu
nicating the individual types of risks are described in detail in the
İşbank GmbH risk handbook as well as in a series of supplementary
operational guidelines. A method of evaluating the level of risk is
described for all types of risk and, where relevant, for their individ
ual manifestations. Major risks include counterparty default risk,
market price risk and liquidity risk. These types of risk as well as
operational risk are managed via limits in line with the Bank’s risk
bearing capacity.
İşbank GmbH has dealt with the difficult general economic situation
on the markets and the financial crisis with a forwardlooking and
selective risk policy in its trading business and on the capital market,
and, thanks to its comfortable equity and liquidity levels in combi
nation with a permanently refined risk management strategy, sees
itself well equipped for the future.
İşbank GmbH’s business strategy focuses on continuously increas
ing profitability, while prudently assessing the risks. In practice this
means that the Bank focuses specifically on several geographical
and productrelated markets as well as on carefully selected business
partners both in the corporate and banking sectors.
Organisation of risk management
Overall responsibility for risk management lies with the Bank’s
management. In operative terms, the management team is sup
ported by the risk management department, the risk committee,
the asset and liability management committee and the internal
auditing department.
The risk management department is responsible for the central
management, monitoring and control of the Bank’s risk areas both
at home and abroad.
One of the main duties of the risk management team is to ensure
that the management is kept informed. The provision of information
on all of the Bank’s key risk positions on an ongoing basis allows
the management team to effectively assume overall responsibility
for all risk areas, and to take any measures required to manage and
minimise these risks in good time.
19
Loans in EUR thousand
to Banks
to Customers
Loans
499,409
489,059
266,251
233,158
2007
616,426
341,476
147,583
2008
244,665
2009
The risk management department prepares a risk report at regular
intervals, which documents the risk situation taking into account
all key types of risks at overall bank level, as well as key structural
characteristics of the lending business.
The credit department, which reports directly to the General Man
ager, is responsible for monitoring the Bank’s lending business as
regards compliance with the statutory requirements and internal
competence regulations. It monitors the Bank’s trading areas with
the help of ITbased tools, and ensures that the trading limits that
have been set are adhered to. The department also maintains close
contact with the corresponding departments at the Bank’s parent
company in Turkey, allowing it to build on their expertise, particu
larly as regards counterparty and market price risks in Turkey and
in issues relating to country risks.
Risk-bearing capacity and stress testing
The management and monitoring of significant risks across the
entire bank is based on a riskbearing capacity concept that is
based on the income statement and the going concern approach.
Limits are then defined for significant risks and those risks are
compared with the risk coverage potential as well as the total limit
derived from this.
Riskbearing capacity requires that all significant risks are covered
by risk coverage potential. The degree of risk coverage, expressed as
a ratio of the aggregate risk cover available to the quantified risks,
was 114.8 % as at 31 December 2011 and the limit utilisation level
for all risks was 92.8 %, which means the riskbearing capacity of
the Bank was assured.
858,422
696,944
371,761
556,161
400,246
296,698
2010
302,261
2011
Taking risk concentrations into account, İşbank GmbH carries out
regular stress tests for the most important risks to the Bank. Keep
ing the Bank’s strategy in mind, these tests are based on suitable
past scenarios as well as hypothetical scenarios. The evaluation of
the riskbearing capacity in stress situations is also done based on
the utilisation level of the risk coverage potential.
Counterparty default risk
The risk of default on contractually agreed payments generally
relates to the lending segment. The Bank performs a detailed credit
analysis on all borrowers and counterparties based on extensive
requirements and operational guidelines. The competence system is
continually monitored, with the help of ITbased tools, by the risk
management department in terms of country, sector and volume
limits. The Bank works with a risk classification system that is re
viewed and optimised as part of an ongoing process, which enables
the early detection of risk in order to protect the bank.
The clear separation of front and backoffice operations and the
involvement of the parent company in the event that specific business
volumes are exceeded mean that objective, riskcommensurate
decisions can be taken on the basis of detailed analyses and market
observations.
20
Total Assets and Business Volume in EUR thousand
Total assets
Business Volume
576,280
541,867
2007
569,373
540,029
2008
708,895
684,068
2009
ITbased monitoring systems allow the Bank to assess current
contracts as regards compliance, and to assess the credit rating of
borrowers and counterparties, on a regular basis. Standardised pro
cedures set out in the Bank’s operational guidelines are applied in
cases of default. In cases in which there appears to be a risk that pay
ment will not be made, corresponding risk provisions are set aside.
Country risks are reduced by concentrating on a small number of
selected markets and assigning appropriate country limits. Country
risks are assessed based on the Bank’s own evaluations, as well as
on the credit ratings awarded by external rating agencies and the
analyses performed by the parent company’s economics depart
ment. Furthermore, the Bank restricts itself mainly to trade and
shortterm financing, meaning that its country risk is deemed to
be manageable.
While our business is predominantly German/European, Turkish
business, too, plays a key role at our Bank. We analyse the econom
ic and political risks associated with this area of business in close
cooperation with our parent company, and develop suitable busi
ness strategies to counter these risks. A balanced business policy
helps to minimise the potential risk. We aim to further expand
both our German/European business and our Turkish activities.
With regard to the latter, we are focusing first and foremost on
loans to Turkish and international companies in the upper SME
segment and large companies, as well as on forfaiting transactions
with these companies.
821,603
793,969
2010
964,920
931,566
2011
Liquidity risks
Ensuring stable refinancing and thus guaranteeing the Bank’s sol
vency at all times has a high priority in the liquidity risk manage
ment system.
The Bank’s liquidity position is measured, analysed, monitored and
managed every month based on the liquidity principle, and on an
ongoing basis by the trading department. A liquidity risk manage
ment guideline is also available, which summarises, and in some
cases supplements, the existing guidelines.
The Bank also draws up a liquidity report, which is used to plan
mediumterm liquidity and shows a static comparison of the Bank’s
cash and cash equivalents on the one hand and its payment obliga
tions, based on their term, on the other. An aggregate overall analy
sis is produced on the basis of the separate reports on cash flow
per currency.
In addition to the static comparison, the trading department is also
responsible for performing scenario analyses based on the static
liquidity report. A dynamic analysis of the liquidity position is per
formed every quarter, taking into account the emergency liquidity
plan in place at the Bank and possible fluctuations in value.
21
Market price risks
Operational risks
Market price risks mainly originate from trading operations as well
as from risks associated with changes in interest rates or interest
driven price changes in the bonds portfolio. Since no strategic
foreign currency positions are held, exchange rate risks are of
secondary importance.
Operational risks include the risk of losses due to human error, short
comings in internal processes and systems, and external events.
Market risks arising due to changes in the market prices of curren
cies and derivatives, as well as changes in interest rates or interest
rate structures, are monitored and managed by the trading depart
ment on an ongoing basis within prescribed limits.
The ongoing monitoring of these risk positions and checks to en
sure that the limits imposed are being adhered to fall within the
area of responsibility of the risk management department, which
reports to an Assistant General Manager. The management team is
informed of the latest developments, as well as of the profit and
loss situation, in a timely manner. Ongoing reporting by the risk
management department is stepped up in phases characterised by
unusual market developments, and the competence hierarchy is
adjusted accordingly. Derivatives are used for hedging purposes
only. This kind of transaction occurred infrequently in the year under
review. The Bank is active in proprietary trading in securities
transactions.
Risks associated with changes in interest rates are monitored by
the risk management department. The greatest source of risk lies in
the different maturities of receivables and liabilities resulting from
balance sheet transactions.
A selfassessment is conducted in order to identify operational risks,
addressing specific risks and including an evaluation of the possible
extent of damage and probability of occurrence.
Risk due to shortcomings in internal processes or bad decision
making are minimised by the controlling system in place, as well as
via operational guidelines and clear competence regulations.
The Bank also maintains a loss database that records and analyses
actual losses resulting from operational risks, and uses this database
to monitor all information on operational errors, including the
nature, reason, frequency and amount. In cooperation with the risk
management department, measures are developed and introduced
to prevent the operational risk from arising in the department in
question in the future. In order to comply with the German Solvency
Regulation [SolvV] and calculate the necessary equity to back the
operational risks, the basic indicator approach is used to determine
the operational risk as set out in the German Solvency Regulation.
22
Legal risks are limited by using standardised forms and contracts
wherever possible. In the case of complex transactions, the profes
sional expertise of external legal and tax consultants is sought.
Technical risks relate mainly to the IT area. The Bank has developed
extensive operational guidelines, and signed corresponding contrac
tual agreements with external providers, to take account of these risks.
A backup system ensures the required functionality in the event of
an emergency. The IT systems are assessed by external auditors on a
regular basis.
Reputational risks
Reputational risks are the risk of events that have a damaging effect
on the level of trust in İşbank GmbH held by the public or the media,
among employees, clients or business partners.
The operating business units and branch offices are directly re
sponsible for reputational risks in their business arising from their
respective activities.
Thanks to its name and relationship with its parent company
Türkiye İş Bankası A.Ş., İşbank GmbH benefits in particular from
the transfer of trust among customers who are familiar with the
Bank from the Turkish market. Even today, it is still a very impor
tant criterion for many clients to know that the Türkiye İş Bankası
A.Ş. Group with its vast economic potential stands behind İşbank
GmbH as shareholder. Over the past three decades however, İşbank
GmbH has also developed its own good reputation.
In addition to its high profile among the Turkish population in
Europe, reputational risk is taken into account in İşbank GmbH’s
risk strategy by requiring fair dealings with all business partners
and to exclude dealings with individuals and companies of dubious
reputation.
Concentration risks
Generally speaking, concentration risk at İşbank GmbH primarily
focuses on counterparty default risk. A concentration in counterparty
default risk occurs when the risk intensifies as a result of certain fac
tors and thus limits the diversification of the portfolio. In line with
our risk strategy, the credit portfolio is diversified on the basis of
defined limits for sector, country and volume so that concentrations
in certain areas can be largely avoided where possible. For İşbank
GmbH, concentration risks mainly arise with respect to Turkey.
This concentration risk is monitored carefully and borne within the
framework of the Bank’s business strategy.
Membership in associations
The Bank is a member of both the Association of German Banks
(Bundesverband deutscher Banken e.V.) and regional banking asso
ciations. It also belongs to the Association of Foreign Banks in
Germany (Verband der Auslandsbanken e.V.). As a member of the
Auditing Association of German Banks (Prüfungsverband deutscher
Banken e.V.), it is part of the German Deposit Protection Fund
(Einlagensicherungsfonds) for private banks.
23
Major developments since the end of the financial year
Outlook
On the basis of the ongoing growth of the company and a possible
future refinancing in the capital market, the longawaited conver
sion into a public limited company is expected to occur in the first
half of 2012. The application process has already been started by
the notary.
Turkey is expecting to see a high growth rate of 4% in 2012 too.
As a result of the close trade and investment ties between Turkey
and Germany/Europe, there is a growing business potential for our
Bank, which is active in this niche market, whether it is in support
ing German/European companies on the Turkish market, or in
business with Turkish corporate clients from our parent company
who want to become more active in Europe. For this reason, and
in spite of the ongoing insecurity on the market, we expect to see
further growth in 2012 and an annual result that once again exceeds
that of the previous year.
Otherwise, there have been no major developments since the end of
the financial year.
Opportunities and risks
The financial markets continue to indicate significant risks. Together
with the looming changes to the regulatory environment and the
possible resultant consequences for the further development of the
financial sector, this gives rise to a high degree of insecurity.
Against this background, İşbank GmbH will continue to pursue
its traditional, prudent yet opportunityfocussed business strategy
and give the highest priority to credit and liquidity risks in particu
lar in 2012.
Across Europe, we want to continue to grow both in the private and
corporate sectors by taking full advantage of potential. By reorgan
ising and strengthening our trade finance activities, we are well
prepared for growth in this field too. In terms of products and
services, further innovations are also in the pipeline (e.g. sale of
building society products).
Frankfurt/Main, March 22, 2012
Bayram Öztürk Selami Düz
Burkhard von Wallenberg
General Manager Assistant General Manager Assistant General Manager
24
RANGE Of sERvicEs
İşbank GmbH offers a range of services that has been supporting the
longstanding trade ties between Turkey and Europe for 30 years.
With extensive knowledge of the specific needs of clients conducting
their business and private affairs in both Turkey and Europe, İşbank
GmbH is in a position to provide a spectrum of products and services
tailored to these customers.
As a leading Turkish retail bank in Europe, İşbank GmbH focuses on
private and corporate clients.
Private clients: funds transfers a traditional mainstay
The product range offered by İşbank GmbH emerged as a direct result
of its history and specific client structure. The Bank’s roots in Europe
lie in its workers’ remittances business. Turkish guest workers used
this facility to send money to Turkey and fund transfers continue
to be a key element of the services provided today. With more
than 1,100 branches, our parent company Türkiye İş Bankası A.Ş.
occupies a unique market position in Turkey. A highly developed
IT system linked directly to the branch network of İşbank GmbH
ensures that money can be transferred to Turkey quickly and eco
nomically.
While standard products remain a core part of our business,
İşbank GmbH also offers more specialised products that are
customised to the needs and individual requirements of its
clients. These include financing for Turkish (holiday) properties
as well as loans backed by assets in Turkey.
İşbank GmbH offers its private clients a comprehensive range of
products:
_ Current accounts in Euros and in other currencies
_ Salary accounts with special terms and conditions
_ Property financing
_ Credit cards
_ Investment funds
_ Online banking
_ Savings accounts
_ Time deposit accounts
_ Instalment credit
_ Funds transfer
_ Insurance
Corporate clients: focus on loans and foreign trade
financing
As Turkey has opened up to the modern business world over the
last decades, so have the trade transactions conducted between
Turkey and Europe. Before economies became as interlinked as
they are today, the foreign business activities of corporate clients
mainly involved letters of credit that were needed to guarantee
payments. Gradually, however, clients’ needs have changed. Today, the
financing of foreign trade forms a significant part of our business with
corporate clients. Apart from letters of credit export prefinancing
25
“With extensive knowledge of the specific
needs of a client group that conducts its
business and private affairs in both Turkey
and Europe, İşbank GmbH is in a position
to provide a spectrum of products and
services tailored to these customers.”
and forfaiting have all become indispensible in trade with Turkey
and are a key element of İşbank GmbH’s product range.
Türkisfund: an excellent investment in the Turkish
economy
The Bank provides support to companies and individuals with ties to
Turkey who are based abroad and wish to invest in Europe. It does this
by initiating financing and private business transactions. The Bank
also acts as an intermediary for companies located in Europe that want
to invest in Turkey and as an advisor to these companies by drawing
on the expertise of its parent company, Türkiye İş Bankası A.Ş.
Besides its traditional products for private and corporate clients,
İşbank GmbH’s range also includes Türkisfunds – investment products
which are modern and meet the sophisticated needs of investors.
These securities funds, which operate under Luxembourg law, enable
investors to target growth opportunities in the Turkish economy.
They are the first Eurodenominated investment funds in Europe
that invest in both fixedincome securities and equity portfolios in
Turkey. The funds are managed by experts of İş Asset Management,
a subsidiary of Türkiye İş Bankası A.Ş. as well as Turkey’s largest
asset manager.
_ The product range for corporate clients covers:
_ Loans in Euros, US Dollars and other currencies
_ Discounting of bills
_ Export prefinancing
_ Letters of credit and documentary collection
_ Internet banking, POS
_ Receivables purchasing
_ Forfaiting
_ Deposits
_ Guarantees
As Turkey becomes more and more integrated into the global
economy, it is becoming increasingly attractive to the capital markets.
The growing interest of investors is reflected in the increase in the
leading index of the Istanbul stock exchange, the ISE National30,
which has risen by more than 100% in the last five years. Investors
wishing to profit from the further development of the Turkish market,
can invest in the subfund Türkisfund Equities, which has once
again been awarded a top rating of five stars by the rating agency
Morningstar, at any branch office of İşbank GmbH. The fund was
also rated as having the lowest risk of all funds that invest in Turkey.
Alternatively, investors can invest in Turkish fixedincome securities
and Turkish euro government bonds via the subfund Türkisfund
Bonds.
26
ContaCts at Head offiCe
Phone (switchboard)
Trade FinanceMarketing-PR
Roßmarkt 9
Tel. +49 / 69 / 29 90 1- 0
Okan Özoğlu
Asst. General Manager
Tel. +49 / 69 / 29 90 11 09
Treasury
Credit Management
Cem Mercikoğlu
Group Manager
Tel. +49 / 69 / 29 90 11 69
Ferhat Kelleli
Manager
Tel. +49 / 69 / 29 90 13 02
Fikret Zeki Ayık
Group Manager
Tel. +49 / 69 / 29 90 11 52
Service CenterRemittances-ProjectManagement
Accounting
IT
Müge Yazgan
Group Manager
Tel. +49 / 69 / 29 90 11 83
Fikri Çolak
Asst. Manager
Tel. +49 / 69 / 29 90 11 57
Özgür Özyar
Manager
Tel. +49 / 69 / 29 90 11 39
Internal Audit
Compliance
Dursun Başkaya
Head of Department
Tel. +49 / 69 / 29 90 11 59
Ali şimşek
Asst. Manager
Tel. +49 / 69 / 29 90 11 61
Financial Institutions
Ozan Akar
Asst. Manager
Tel. +49 / 69 / 29 90 11 08
Zeynep Akşay Murr
Asst. Manager
Tel. +49 / 69 / 29 90 12 28
Organisation –
Foreign Branches
Deniz Tüzün
Manager
Tel. +49 / 69 / 29 90 12 03
Barış Harman
Asst. Manager
Tel. +49 / 69 / 29 90 11 70
27
BAlANcE shEET As Of
DEcEMBER 31, 2011
28
Assets
Dec. 31, 2011 in EUR
Previous year in EUR
3,166,146.71
4,200,060.33
10,749,027.00
14,546,318.11
13,915,173.71
18,746,378.44
1. Liquid funds
a) Cash
b) Balances with central banks
thereof with Deutsche Bundesbank:
EUR 4,649,320.72
(previous year: EUR 8,478,764.12)
2. Receivables from banks
a) Due at sight
5,444,018.57
19,297,583.29
296,816,834.97
277,400,406.08
302,260,853.54
296,697,989.37
556,161,422.25
400,246,406.81
EUR 0.00
10,377,901.87
23,870,733.70
EUR 17,092,707.07
27,590,614.76
36,984,398.65
37,968,516.63
60,855,132.35
2,636,941.44
0.00
181,175.68
229,980.88
b) Other receivables
3. Receivables from customers
thereof: secured by mortgages:
loans granted by local authorities:
EUR 258,709,771.00
EUR 0.00
(previous year: EUR 0.00)
4. Debentures and other fixed interest securities
Bonds and debt securities issued by public bodies
thereof: eligible as collateral with Deutsche Bundesbank
Other securities
thereof: eligible as collateral with Deutsche Bundesbank
5. Shares and other non-fixed interest bearing securities
6. Intangible assets
concessions, industrial property rights and similar rights purchased
and licences for such rights and assets
7. Tangible fixed assets
8. Other assets
9. Prepaid and deferred assets
Total assets
181,175.68
229,980.88
17,244,093.15
16,206,879.42
1,074,062.87
927,761.23
123,466.68
58,910.52
931,565,705.95
793,969,439.02
29
Liabilities
11,434,490.44
18,162,577.60
1. Liabilities to banks
a) Payable on demand
b) With an agreed term or notice period
97,429,207.91
144,524,020.89
108,863,698.35
162,686,598.49
22,658,855.26
724,953.20
23,268,278.09
553,095.56
114,321,827.83
570,899,294.33
98,667,860.90
428,150,093.38
2. Liabilities to customers
a) Saving deposits
aa) With an agreed notice period of up to three months
ab) With an agreed notice period of more than three months
b) Other liabilities
ba) Payable on demand
bb) With an agreed term of notice period
708,604,930.62
550,639,327.93
3. Other liabilities
2,807,302.76
4,893,595.87
4. Deferred expenses and accrued income
1,887,183.77
972,378.14
513,652.77
579,770.53
5. Deferred tax liabilities
6. Accruals
a) Tax accruals
1,019,999.11
588,065.27
b) Other accruals
1,096,895.70
1,172,157.03
2,116,894.81
1,760,222.30
100,000,000.00
51,129,188.12
315,292.40
315,292.40
372,254.23
15,160,840.90
6,084,496.23
5,832,224.34
7. Equity
a) Subscribed capital
b) Capital reserves
c) Revenue reserves
Other revenue reserves
d) Unappropriated earnings
Total liabilities and equity
106,772,042.86
72,437,545.76
931,565,705.95
793,969,439.02
25,518,322.95
18,816,474.13
1. Contingent liabilities
Contingent liabilities from guarantees indemnity agreements
2. Other liabilities
Irrevocable credit commitments
7,835,795.18
8,816,635.31
33,354,118.13
27,633,109.44
30
Statement of Income
1. Interest income from
a) Loans and money market transactions
b) Fixed-interest securities and debentures
37,689,190.03
29,928,909.20
2,119,036.86
1,629,980.37
39,808,226.89
31,558,889.57
2. Interest Expense
12,978,101.22
12,384,214.26
3. Commission Income
10,877,339.46
26,830,125.67
4. Commission Expense
10.012.165,35
281,428.89
5. Other operating income
19,174,675.31
134.004,52
10,595,910.57
9,878,160.83
340,218.46
138,326.43
6. General administrative expense
a) Personnel expenses
aa) Wages and salaries
ab) Social security contributions, pensions and
welfare expense
thereof: pension expenses
EUR 56,120.73)
(Previous year: EUR 48,339.89)
10,996,564.37
10,052,843.79
1,747,125.17
1,617,901.72
12,743,689.54
b) Other administrative expenses
11,280,222.55
7. Write-downs and value adjustments on intangible
and tangible fixed assets
8. Other operating expenses
9. Write-downs and value adjustments on receivables
and certain securities, as well as allocations to
provisions in the lending business
10. Income from reversals of write-downs of receivables
and certain securities, as well as income from release
of accruals relating to the lending business
11,670,745.51
9,177,497.24
24,023,912.09
20,848,242.75
924,636.27
856,714.62
47,488.84
55,940.49
3,160,744.20
1,318,509.18
497,081.85
118,877.44
–2,663,662.35
11. Depreciation and value adjustments on participations,
shares in affiliated companies and securities held
as fixed assets
12. Income from participations, shares in
affiliated companies and securities held
as fixed assets
1,424,558.56
78,500.00
152,890.54
903,532.34
13. Result from ordinary operations
14. Taxes on income and earnings
15. Other taxes, unless shown
under item 8
–1,199,631.74
8,834,887.12
2,670,694.10
7,055,665.31
1,094,612.36
79,696.78
128,828.61
2,750,390.88
1,223,440.97
16. Profit brought forward from the previous year
6,084,496.23
5,832,224.34
17. Unappropriated earnings
6,084,496.23
5,832,224.34
31
NOTEs TO ThE ANNuAl
fiNANciAl sTATEMENTs
fOR fiNANciAl YEAR
2011
A)
Preliminary Note
The annual financial statements of İşbank GmbH for financial year
2011 were prepared in accordance with the provisions of the Handels
gesetzbuch (HGB – German Commercial Code), the Verordnung
über die Rechnungslegung der Kreditinstitute und Finanzdienst
leistungsInstitute (RechKredV – German Accounting Directive for
Banks) and the Gesetz betreffend die Gesellschaften mit beschränkter
Haftung (GmbHG – Private Limited Companies Act).
B)
attributable to fixed assets and whose investment objective is to
achieve an appropriate longterm rate of return from equity growth
and capital yield. These instruments are valued at the lower of cost
and market. At the balance sheet date, writeoffs were performed at
a lower market value.
Accounting Policies
Tangible assets and intangible assets with finite useful lives are
depreciated and amortized over their expected useful lives. Minor
value goods of up to EUR 150 are written off fully in the year
acquired. Goods with a purchase cost of EUR 150 – 1,000 are capi
talized and written back off on a straightline basis over five years.
Cash funds are carried at their principal amount.
Other assets are carried at their principal amount.
Receivables are carried at their principal amount plus deferred
interest. Specific valuation allowances or provisions and global
valuation allowances are recognized for identifiable credit risks
and transfer risks in the lending business.
Liabilities are carried at the amount to be paid plus deferred in
terest. If the redemption amount of a liability is higher than the
issuing amount, the difference is recognized as a prepaid expense
in accordance with section 250 (3) HGB in conjunction with section
340e (2) sentence 3 HGB and reduced by annual amortization over
the life of the liability. Deferred items are written back off on a
straightline basis over the service life of the liability.
Bonds and notes are classified as longterm investments. Total
holdings of EUR 37,969 thousand are valued at the lower of cost
and market. As of the balance sheet date hidden reserves of EUR
77 and hidden burdens of EUR 1,607 thousand existed. Fixed
income securities purchased at less than the par value are written
back at the nominal value appropriate for the period, while fixed
income securities purchased above par are written off at the nomi
nal value appropriate for the period.
Stock and other non fixedincome securities exist only in the
form of shares in special investment assets, which are completely
Tax provisions and other provisions take all recognizable risks into
account and were calculated to the amount required in accordance
with Section 253, Para. 1 of the German Commercial Code (HGB)
as deemed necessary based on prudent commercial judgement.
32
The subscribed capital of EUR 100 million was carried at its notional
amount.
Expenses and income were recognized in the period in which they
arose. Account fees are recognized on a quarterly basis; loan charges
are recognized immediately upon conclusion of the transaction.
C)
Assets and liabilities denominated in foreign currencies were
translated at the mean spot rate as of the balance sheet date. Where
residual maturities are less than one year the principle of the lower
of cost and market is strictly applied.
Balance Sheet Disclosures
Maturity structure of receivables, securities and liabilities.
In accordance with section 11 RechKredV, the maturity structure
includes ratable interest.
Dec. 31, 2011 in EUR thousand
Previous year in EUR thousand
Due from banks
– Daily debt due
5,444
19,298
– Up to three months
141,777
122,824
– Three months to one year
154,676
154,526
364
50
0
0
88,623
62,367
– One to five years
– More than five years
Due from customers
144,804
79,880
127,054
107,709
110,737
86,432
84,943
63,858
Issued by public-sector issuers
– of which bonds and debentures sold under repo Agreements (book values)
10,377*
0
23,871*
0
Issued by other issuers
– of which bonds and debentures sold under repo Agreements (book values)
27,591*
0
36,984*
0
4,207
23,439
– Undated
Bonds and notes held
Maturing in the following year
* All securities are marketable and listed.
Investment fund shares in the Türkisfund (nominal value: EUR 4,000
thousand) were evaluated at the balance sheet date, showing a loss
of EUR 1,363 thousand which was charged off.
The prepaid expenses of EUR 123 thousand (previous year: EUR 59
thousand) include EUR 35 thousand in advance payments for rent
at the branch office in Amsterdam and Paris and EUR 88 thousand
in prepaid invoices.
Intangible longterm assets mainly comprise computer software.
Receivables due from customers are secured by mortgage liens to an
amount of EUR 258,710 (previous year EUR 240,853 thousand).
Other assets totalling EUR 1,074 thousand (previous year: EUR 928
thousand) are mainly made up of EUR 539 thousand in receivables
from public tax offices and municipal authorities for claims to re
imbursement of trade, sales and corporation tax and the solidarity
surcharge, plus EUR 121 thousand of as yet unapproved customer
orders, EUR 127 thousand in accrued interest and EUR 16 thousand
for the rental deposit for the Paris branch office.
Tangible assets include land and buildings with an unamortized
cost of EUR 13,945 thousand at yearend which are largely used by
the company itself.
To cover loans granted in USD, the Bank held three foreign ex
change swaps at yearend (nominal value: EUR 20,069 thousand).
At the balance sheet date, these swaps accounted for interest expendi
tures of EUR 2 thousand.
33
Statement of changes in fixed assets as of December 31, 2011 in EUR thousand
Transfers
Depreciation and
amortization
Balance at
Dec. 31,
2011
Depreciation and
amortization for
the year
Book values
Balance at
Dec. 31,
2011
Book values
Balance at
Dec. 31,
2011
0
1
6,416
110
181
230
22
0
7,523
488
3,299
1,935
Acquisition/
manufactoring
costs
Balance at
Jan. 1, 2011
Additions
Disposals
6,536
61
8,974
1,874
Intangible assets
Software
Tangible fixed assets
1. Office and
operating equipment
2. Own-use land
and buildings
Securities classified
as long-term investments
19,864
0
0
0
5,919
327
13,945
14,272
28,838
1,874
22
0
13,442
815
17,244
16,207
60,855
15,479
34,219
73
0
1,583
40,605*
60,855
96,229
17,414
34,241
74
19,858
2,508
58,030
77,292
*plus accrued interest in the amount of EUR 1,115 thousand
11,435
18,163
83,209
144,109
14,016
415
204
0
0
0
0
0
Due to banks
– Daily debt due
Due to customers (saving deposits)
140
103
149
114
435
336
Due to customers
301,869
203,177
280,274
191,771
114,667
20,273
11,070
12,929
4,969
4,969
6,647
6,647
Due from customers
35,439
28,041
Due to banks
– thereof to the shareholder
49,987
49,987
33,731
33,731
2,316
14,271
Receivables from and liabilities to affiliated companies
are included in the following items:
Due from banks
– thereof from the shareholder
Due to customers
Liabilities due to banks are not collateralized. However, the liabilities
include EUR 11,593 thousand secured in the framework of open
market transactions with the German Bundesbank by securities as
signed to the German Bundesbank’s custody account for deposits.
Other liabilities amounted to EUR 2,807 thousand (previous year:
EUR 4,894 thousand), primarily comprising as yet unapproved cus
tomer orders worth EUR 846 thousand, liabilities to public tax offices
as a result of EUR 96 thousand in taxes still to be paid and liabilities
from salaries totalling EUR 185 thousand, as well as outstanding
flatrate withholding tax and solidarity surcharge payments of EUR
153 thousand.
34
Other provisions mainly relate to annual leave entitlements of
EUR 392 thousand, the employer’s contribution for staff deployed
in Turkey of EUR 252 thousand, and IT services in Turkey of
EUR 140 thousand.
Subscribed capital was increased from EUR 51,129 thousand to
EUR 100,000 thousand in the year under review, comprising EUR
30,000 thousand in cash from the parent company and the conver
sion of revenue reserves amounting to EUR 18,871 thousand.
Deferred income primarily consists of upfront fees of EUR 1,832
thousand related to syndicated loans bought in the secondary market.
Equity can be broken down as follows:
100,000
51,129
315
315
372
15,161
Subscribed capital
Capital reserves
Revenue reserves
Revenue
6,085
5,832
106,772
72,438
Assets
93,450
62,594
Liabilities
73,785
62,334
In foreign currencies:
Liabilities on guarantees and warranty agreements are broken down
as follows:
Letters of Credit
Warranties and guarantee agreements
The shareholder accounts for EUR 31 thousand of the guarantees
and warranty agreements.
The irrevocable loan commitments totaled EUR 7,836 thousand
in 2011.
D)
6,306
5,203
19,212
13,613
25,518
18,816
Deferred tax liabilities primarily result from differences in the
valuation of land and property on the tax balance sheet. Deferred
tax receivables (EUR 511 thousand) were netted with deferred tax
liabilities (EUR 1,025 thousand). As of yearend, income of EUR
66 thousand was recognised. This valuation was carried out ap
plying a tax rate of 31.61 %.
Statement of Income Disclosures
The statement of income is prepared using the vertical format.
No resolution has yet been adopted about the utilization of net
profit for the year. The Shareholder’s Meeting will come to a deci
sion on this issue at a later date.
Income is broken down by locations as follows:
Interest Income
Offices in
Germany
in EUR thousand
Office in the
Netherlands
in EUR thousand
Office in
France
in EUR thousand
Office in
Switzerland
in EUR thousand
Office in
Bulgaria
in EUR thousand
Total
in EUR thousand
26,063
11,479
1,937
328
1
39,808
Commission Income
8,352
536
921
1,047
21
10,877
Net income for the year
2,894
2,655
925
97
– 487
6,084
35
Other operating income of EUR 340 thousand (previous year: EUR
138 thousand) mainly stems from accruals written back totalling
EUR 123 thousand (previous year: EUR 34 thousand) and rental
income of EUR 86 thousand (previous year: 86 thousand).
Other operating expenses mainly comprise the expenses incurred
by company events, at EUR 34 thousand.
Auditing fees of EUR 105 thousand were also recognised in the
reporting year.
Allocation of the unappropriated profits for the year:
By resolution of the Ordinary General Meeting of June 3, 2011,
EUR 1,750,000.00 was disbursed to the parent company Türkiye
İş Bankası A.Ş. The remaining figure of EUR 4,082,224.34 was allo
cated to the revenue reserves.
Taxes on income and earnings of EUR 2,671 thousand only relate to
the result from ordinary activities.
E)
Other Disclosures
Special assets:
Overview according to Section 285 of the German Commercial
Code (HGB) Para. 26:
Special assets
Türkisfund Equities class A
Book value
Dec. 31, 2011
in EUR
Market value
Dec. 31, 2011
in EUR
Difference
Market/
book value
Distribution
2011
Daily
refunds
possible
Omitted
writeoffs
1,234,577.16
1,234,577.16
0,00
0,00
Yes
No
Other financial obligations
Other financial obligations can be broken down as follows:
2012
in EUR thousand
2013 – 2014
in EUR thousand
2015 onwards
in EUR thousand
Total
in EUR thousand
1,545
1,836
1,661
5,042
291
356
155
802
35
32
2
69
Rental agreements
Leases
Other agreements
Due to our membership in the deposit protection fund scheme
of the Association of German Banks (Bundesverband deutscher
Banken e.V.), there exists a call liablity under certain circum
stances. No call has been made so far.
Employees
The Bank employed an average of 197 employees during the finan
cial year, of which
2011
Prokuristen (authorised signatories)
Salaried employees
The renumeration of Management amounted to EUR 622 thousand
(previous year: 620 EUR).
Previous year
21
21
176
167
197
178
The members of the Supervisory Board were paid expense allow
ances during the financial year in accordance with section 285 no.
9a HGB amounting to EUR 71 thousand (previous year: EUR 48
thousand).
36
Executive Bodies / Group Relationships / Auditor’s Report
Management
Supervisory Board
Memberships
Bayram Öztürk
A. Erdal Aral
Fikret Utku Özdemir
A. Aykut Demiray
Bundesverband deutscher
Frankfurt am Main,
Istanbul/Turkey, Chairman,
Istanbul/Turkey,
Istanbul/Turkey, Chairman,
Banken e.V., Berlin
General Manager
Deputy Chief Executive of
Group Director
Deputy Chief Executive of
Türkiye İş Bankası A.Ş.
at Türkiye İş Bankası A.Ş.
Bankenverband in Hessen
Selami Düz
(since May 17, 2011)
(until May 17, 2011)
e.V., Frankfurt am Main
Burhanettin Kantar
Ayşe Gülenç Tuna
Serdar Gençer
Verband der Auslandsbanken
Istanbul/Turkey,
Istanbul/Turkey,
Istanbul/Turkey,
e.V., Frankfurt am Main
Burkhard von Wallenberg
Divisional Director of
Divisional Director
Deputy Chief Executive
Neu-Isenburg,
of Türkiye İş Bankası A.Ş.
Prüfungsverband deutscher
(since October 18, 2011)
Banken e.V., Köln
Istanbul/Turkey,
Ebru Özşuca
Mehmet Turan Ünal
Einlagensicherungsfonds des
Divisional Director of
Istanbul/Turkey,
Istanbul/Turkey,
Bundesverbandes deutscher
Divisional Director
Group Director at Türkiye
Banken e.V., Berlin
İş Bankası A.Ş.
(since October 18, 2011)
Frankfurt am Main,
Aziz Ferit Eraslan
Group Relationships
İşbank GmbH, Frankfurt am Main, is a wholly-owned subsidiary
of Türkiye İş Bankası A.Ş., Büyükdere Cad. Pembegül Sok, 34330,
Levent-Istanbul, Turkey. The parent company Türkiye İş Bankası
A.Ş. prepares consolidated financial statements as of December 31,
2011, which are also available from the parent company.
Auditor’s Report
We have audited the annual financial statements – comprising the
balance sheet, the income statement and the notes to the annual
financial statements – together with the bookkeeping system and
the management report of İşbank GmbH, Frankfurt am Main, for
the financial year from January 1 to December 31, 2011. The maintenance of the books and records and the preparation of the annual
financial statements and management report in accordance with
German commercial law are the responsibility of the Company’s
management. Our responsibility is to express an opinion on the
annual financial statements, together with the bookkeeping system,
and the management report based on our audit.
We conducted our audit of the annual financial statements in
accordance with section 317 of the Handelsgesetzbuch (HGB –
German Commercial Code) and the generally accepted German
standards for the audit of financial statements promulgated by the
Institut der Wirtschaftsprüfer (IDW). Those standards require that
we plan and perform the audit such that misstatements materially
affecting the presentation of the net assets, financial position and
results of operations in the annual financial statements in accord
ance with German principles of proper accounting and in the manage
ment report are detected with reasonable assurance. Knowledge
of the business activities and the economic and legal environment of
the Company and evaluations of possible misstatements are taken
into account in the determination of audit procedures. The effectiveness of the internal control system and the evidence supporting
the disclosures in the books and records, the annual financial statements and the management report are examined primarily on a test
basis within the framework of the audit. The audit includes assess
ing the accounting principles used and significant estimates made
by management, as well as evaluating the overall presentation of the
annual financial statements and management report. We believe
that our audit provides a reasonable basis for our opinion.
Our audit has not led to any reservations.
In our opinion, based on the findings of our audit, the annual financial statements comply with the legal requirements and give a true
and fair view of the net assets, financial position and results of
operations of the Company in accordance with German generally
accepted accounting principles of proper accounting. The management report is consistent with the annual financial statements, as
a whole provides a suitable understanding of the Company’s posi
tion and suitably presents the opportunities and risks of future
development.
Frankfurt/Main, May 10, 2012
KPMG AG
Wirtschaftsprüfungsgesellschaft
Bors, Wirtschaftsprüfer
Neuscher, Wirtschaftsprüfer
keY fiGures
5-Year cOMparisOn
Dec. 31, 2010
in thousands EUR
Total assets
Dec. 31, 2011
in thousands EUR
Change
in %
793,969
931,565
17.33
72,438
106,772
47.40
Tangible assets
16,207
17,244
6.40
Cash funds
18,746
13,915
–25.77
60,855
37,969
–37.61
Due from banks
296,698
302,261
1.87
Due from customers
400,246
556,161
38.95
Due to banks
162,687
108,864
–33.08
Due to customers
interest income
Commission income
550,639
645,498
31,559
10,012
5,832
708,605
888,462
39,808
10,877
6,084
28.69
2011
2010
Head Office
Turkish Republic of
Bahrain
China
İş Towers
Northern Cyprus
4407 Jin Mao Tower
Büyükdere Cad.
Central Office
Diplomatic Area
Pembegül Sok.
Girne Cad. No: 9
Pbx: 10205 Manama
Lefkoşa
Tel. + 973 / 17 549 222
Shanghai
Turkey
Tel. + 90 / 3 92 / 228 31 33
Fax + 973 / 17 549 218
Tel. +86 / 2150 / 47 08 82
Tel. + 90 / 212 / 316 00 00
Fax + 90 / 3 92 / 227 83 15
Gulan Street
Egypt
Ainkawa Road
Nile City Towers
Duty Free Complex
Princes Court
Erbil
8, Princes Street
Tel. + 964 / 750 / 386 23 05
Cairo
Tel. + 90 / 212 / 316 28 02
London EC2R 8 HL
Tel. +20 / 22 461 98 13-14
Fax + 90 / 212 / 316 08 28
Tel. + 44 / 207 / 606 71 51
Fax +20 / 22 461 98 10
www.isbank.com.tr
United Kingdom
106,772
2008
72,438
2007
68,734
37.64
65,725
26.14
62,640
8.64
4.32
Fax + 44 / 207 / 726 25 66
Equity ratio
%
%
9.60
11.30
10.65
8.80
8.80
6.06
Fax +86 / 2150 / 47 08 85
Iraq
Fax + 90 / 212 / 316 09 00
2009
Offices WOrLDWiDe
United Kingdom
Germany
Bulgaria
Turkey
Turkish Republic of
Northern Cyprus
Irak
Bahrain
China
2011
2010
2011
2009
2010
2008
2009
931,566
2008
793,969
2007
4,509
540,029
France
2,293
Legal Notice
Published by:
İŞBANK GmbH
Roßmarkt 9
Tel. +49 / 69 / 2 99 01-0
Fax +49 / 69 / 28 75 87
www.isbank.de
2011
2011
Photography:
2010
2010
Production:
2009
2009
2008
2008
708,605
556,161
400,246
2007
550,639
460,298
371,761
266,251
Netherlands
4,085
541,867
341,476
Switzerland
5,832
684,068
2007
Egypt
6,084
2007
414,730
365,361
keY fiGures
5-Year cOMparisOn
Dec. 31, 2010
in thousands EUR
Total assets
Dec. 31, 2011
in thousands EUR
Change
in %
793,969
931,565
17.33
72,438
106,772
47.40
Tangible assets
16,207
17,244
6.40
Cash funds
18,746
13,915
–25.77
60,855
37,969
–37.61
Due from banks
296,698
302,261
1.87
Due from customers
400,246
556,161
38.95
Due to banks
162,687
108,864
–33.08
Due to customers
interest income
Commission income
550,639
645,498
31,559
10,012
5,832
708,605
888,462
39,808
10,877
6,084
28.69
2011
2010
Head Office
Turkish Republic of
Bahrain
China
İş Towers
Northern Cyprus
4407 Jin Mao Tower
Büyükdere Cad.
Central Office
Diplomatic Area
Pembegül Sok.
Girne Cad. No: 9
Pbx: 10205 Manama
Lefkoşa
Tel. + 973 / 17 549 222
Shanghai
Turkey
Tel. + 90 / 3 92 / 228 31 33
Fax + 973 / 17 549 218
Tel. +86 / 2150 / 47 08 82
Tel. + 90 / 212 / 316 00 00
Fax + 90 / 3 92 / 227 83 15
Gulan Street
Egypt
Ainkawa Road
Nile City Towers
Duty Free Complex
Princes Court
Erbil
8, Princes Street
Tel. + 964 / 750 / 386 23 05
Cairo
Tel. + 90 / 212 / 316 28 02
London EC2R 8 HL
Tel. +20 / 22 461 98 13-14
Fax + 90 / 212 / 316 08 28
Tel. + 44 / 207 / 606 71 51
Fax +20 / 22 461 98 10
www.isbank.com.tr
United Kingdom
106,772
2008
72,438
2007
68,734
37.64
65,725
26.14
62,640
8.64
4.32
Fax + 44 / 207 / 726 25 66
Equity ratio
%
%
9.60
11.30
10.65
8.80
8.80
6.06
Fax +86 / 2150 / 47 08 85
Iraq
Fax + 90 / 212 / 316 09 00
2009
Offices WOrLDWiDe
United Kingdom
Germany
Bulgaria
Turkey
Turkish Republic of
Northern Cyprus
Irak
Bahrain
China
2011
2010
2011
2009
2010
2008
2009
931,566
2008
793,969
2007
4,509
540,029
France
2,293
Legal Notice
Published by:
İŞBANK GmbH
Roßmarkt 9
Tel. +49 / 69 / 2 99 01-0
Fax +49 / 69 / 28 75 87
www.isbank.de
2011
2011
Photography:
2010
2010
Production:
2009
2009
2008
2008
708,605
556,161
400,246
2007
550,639
460,298
371,761
266,251
Netherlands
4,085
541,867
341,476
Switzerland
5,832
684,068
2007
Egypt
6,084
2007
414,730
365,361
İşBank GMBH Offices in Europe
ANNUA L REP O RT 2 0 1 1
Mannheim (Branch)
Paris (Branch)
Roßmarkt 9
U 1,8
68161 Mannheim
Tel. + 33 / 1 / 43 12 93 70
Tel. + 49 / 69 / 2 99 01- 0
Tel. + 49 / 621 / 397 49 80
Fax + 33 / 1 / 48 78 02 70
Fax + 49 / 69 / 28 75 87
Fax + 49 / 621 / 156 994 22
Amsterdam (Branch)
Arminstraße 11
World Trade Center
Frankfurt (Branch)
45879 Gelsenkirchen
Roßmarkt 9
Tel. + 49 / 209 / 177 073 14
Level 8
Fax + 49 / 209 / 177 073 19
1077 XX Amsterdam
Key Figures
5-year comparison
Tel. + 31 / 20 / 5 30 63 33
Fax + 49 / 69 / 28 75 87
Hamburg (Branch)
Fax + 31 / 20 / 5 30 63 40
Telex 4189 385
Ballindamm 8
S.W.I.F.T.-Code: ISBKNL2A
01Editorial
03Report of the Supervisory Board
04Interview with Bayram Öztürk, Selami Düz
10Interview with Okan Özoğlu, Deniz Tüzün
and Ozan Akar
12
Management
13
Management Report
24Range of Services
26Contacts at Head Office
27
Balance Sheet
36Executive Bodies
Auditors’ Report
Bank iN TRANSITION:
STABLE GROWTH
BUILDS CONFIDENCE
Telex 4189 385
Tel. + 49 / 69 / 2 99 01- 0
Contents
20095 Hamburg
Berlin (Branch)
Tel. + 49 / 40 / 30 29 01 0
Zürich (Branch)
Müllerstraße 150
Fax + 49 / 40 / 30 29 01 22
Tel. + 41 / 44 / 2 26 41-00
13353 Berlin
Tel. + 49 / 30 / 254 22 70
Köln (Branch)
Fax + 41 / 44 / 2 26 41-09
Fax + 49 / 30 / 254 22 777
50667 Köln
Tel. + 49 / 221 / 91 38 21 0
Sofia (Branch)
Fax + 49 / 221 / 91 38 21 20
2, Pozitano Sq.
10999 Berlin
Tel. + 49 / 30 / 616 95 50
Karlsruhe (Branch)
1000 Sofia
Fax + 49 / 30 / 614 89 88
Amalienstraße 23
Tel. + 359 2 402 20 00-02
76133 Karlsruhe
Fax + 359 2 402 20 15
München (Branch)
Tel. + 49 / 721 / 257 35
Goethestraße 21
Fax + 49 / 721 / 266 24
80336 München
Tel. + 49 / 89 / 5 30 79 23
Stuttgart (Branch)
Fax + 49 / 89 / 5 38 03 02
70174 Stuttgart
Tel. + 49 / 711 / 22 29 91 6
Fax + 49 / 711 / 22 29 91 77
40210 Düsseldorf
Tel. + 49 / 211 / 38 80 10
Nürnberg (Branch)
Fax + 49 / 211 / 38 80 130
Am Plärrer 6
90429 Nürnberg
Tel. + 49 / 911 / 92 99 53 80
Fax + 49 / 911 / 92 99 53 82 0
Roßmarkt 9
Tel. +49 / 69 / 2 99 01-0
Fax +49 / 69 / 28 75 87
www.isbank.de
Offices
Legal notice
Mannheim (Branch)
Paris (Branch)
Roßmarkt 9
U 1,8
68161 Mannheim
Tel. + 33 / 1 / 43 12 93 70
Tel. + 49 / 69 / 2 99 01- 0
Tel. + 49 / 621 / 397 49 80
Fax + 33 / 1 / 48 78 02 70
Fax + 49 / 69 / 28 75 87
Fax + 49 / 621 / 156 994 22
Amsterdam (Branch)
Arminstraße 11
World Trade Center
Frankfurt (Branch)
45879 Gelsenkirchen
Roßmarkt 9
Tel. + 49 / 209 / 177 073 14
Level 8
Fax + 49 / 209 / 177 073 19
1077 XX Amsterdam
key figures
5-year comparison
Tel. + 31 / 20 / 5 30 63 33
Tel. + 49 / 69 / 2 99 01- 0
Fax + 49 / 69 / 28 75 87
Hamburg (Branch)
Fax + 31 / 20 / 5 30 63 40
Telex 4189 385
Ballindamm 8
01
03
04
Bank in TRanSiTiOn:
STaBLE GROWTH
BUiLDS COnFiDEnCE
Telex 4189 385
cOntents
10
12
13
24
26
27
36
20095 Hamburg
Berlin (Branch)
Tel. + 49 / 40 / 30 29 01 0
Zürich (Branch)
Müllerstraße 150
Fax + 49 / 40 / 30 29 01 22
Offices
Legal notice
Tel. + 41 / 44 / 2 26 41-00
13353 Berlin
Tel. + 49 / 30 / 254 22 70
Köln (Branch)
Fax + 41 / 44 / 2 26 41-09
Fax + 49 / 30 / 254 22 777
50667 Köln
Tel. + 49 / 221 / 91 38 21 0
Sofia (Branch)
Fax + 49 / 221 / 91 38 21 20
2, Pozitano Sq.
10999 Berlin
Tel. + 49 / 30 / 616 95 50
Karlsruhe (Branch)
1000 Sofia
Fax + 49 / 30 / 614 89 88
Amalienstraße 23
Tel. + 359 2 402 20 00-02
76133 Karlsruhe
Fax + 359 2 402 20 15
München (Branch)
Tel. + 49 / 721 / 257 35
Goethestraße 21
Fax + 49 / 721 / 266 24
80336 München
Tel. + 49 / 89 / 5 30 79 23
Stuttgart (Branch)
Fax + 49 / 89 / 5 38 03 02
70174 Stuttgart
Tel. + 49 / 711 / 22 29 91 6
Fax + 49 / 711 / 22 29 91 77
40210 Düsseldorf
Tel. + 49 / 211 / 38 80 10
Nürnberg (Branch)
Fax + 49 / 211 / 38 80 130
Am Plärrer 6
editorial
and Ozan akar
Management
Management report
range of services
Balance sheet
executive Bodies
auditors’ report
90429 Nürnberg
Tel. + 49 / 911 / 92 99 53 80
Fax + 49 / 911 / 92 99 53 82 0
Roßmarkt 9
Tel. +49 / 69 / 2 99 01-0
Fax +49 / 69 / 28 75 87
www.isbank.de

2011 annual report

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