Dear Customer; “Regulation on Measures Against Laundering Crime Revenues and Financing Terror” promulgated by the Financial Crimes Research Institution (MASAK) imposes new obligations about identification and location of address in accounts openings. The Regulation requires the information about the customers who previously opened an account in banks to be accommodated to the Regulation until June 30, 2009 at the latest. Within the scope of this legal requirement, for the purpose of confirming your address information which you previously declared while opening an account, it is necessary that you present a bill of a service that requires subscription such as electricity, water, natural gas, telephone issued on behalf of you (belonging to the three-month period prior to the date of issue), certificate of residence or a certificate demonstrating address obtained from any institution to the branch of your account until June 30, 2009 at the latest and complete imperfect information about identification, if any. We kindly request you to contact our branch in order to complete your information and documents in due time so that your transactions do not delay after July 1, 2009.
From now on, you have SWAP Participation Account where you may put your savings in the types of currency other than YTL, USD and EUR to good use. Our customers who would like to benefit from this product shall decide on the type of pool they desire to participate in and the term of maturity of the transaction. During this decision-making process, estimated rates of return shall be instructive. USD and EUR participation pools shall be used in these accounts, which shall be opened to first Great Britain Pound (GBP) and Swiss Franc (CHF). The funds collected in SWAP Participation Accounts are added to the pool chosen by our customer and operated in compliance with the principles of interest-free banking. At the end of maturity, our customers may make a profit as well as a loss.
From now on, our customers who work with types of currency such as Great Britain Pound, Swiss Franc or Japanese Yen shall be able to fix rate of exchange. Having initiated forward exchange approximately one year ago, Kuveyt Turk has added Great Britain Pound, Swiss Franc and Japanese Yen to the types of currency which are traded for the purpose of offering a better service to its customers in this product. The fact that it is applicable not only in TL/foreign exchange transactions but also in different parity transactions in forward exchange shall provide the customers who work with different types of currency with a great advantage. By means of this application, which is a particular concern to the enterprises that engage in foreign exchange trading and perform import and export, Kuveyt Turk aims at protecting its customers from sudden fluctuations which may occur in rates of exchange due to economic uncertainties.
Kuveyt Turk, which completed 2007 with a net profit increase of 109%, maintained its achievement in 2008 as well and reached a net profit of 84,7 million YTL. Total equities reached 666 million YTL increasing 71% and total assets reached 4,9 billion YTL increasing by 28%. The funds collected were 3,5 billion YTL with an increase of 21%. Moreover, total cash credits increased to 4,2 billion YTL within the first nine months and total non-cash credits reached 2,8 billion YTL. Kuveyt Turk's capital, which had been 260 million YTL in 2007, was increased by 92% to 500 million YTL during the general meeting in 2008. CEO of Kuveyt Turk, Ufuk Uyan, mentioned the stability and leading role of Kuveyt Turk in the Turkish banking sector for 20 years and expressed that they had expanded their market share in deposits with growth in profit margins, increase in revenues and credits. Ufuk Uyan emphasized that, as targeted, the growth in local and foreign financing volume and especially in non-cash financing volume had a significant effect on return on operations and return on equity.
Having stated that they had made a profit of $1,4 billion in the same period of the previous year, Bader Al-Mukhaizeem said, compared to the same period, they had a net increase of 25% in their profit performance. Compared to the same period of the previous year, total assets of KFH increased by 28% and reached $40 billions. In the third quarter of 2008, KFH’s return on assets reached 3% and return on equity reached 24% on annual basis. In his statement, Al-Mukhaizeem said "According to the financial statements of the third quarter, more than 90% of KHF's revenues are operating profits originating from budget targets and plans. Therefore, it shows that the methodology of KFH is reliable and successful and that KFH is powerful and superior. KFH's working strategy has kept the institution away from high-risk markets that are in contradiction with the concept of Islamic investment where customer funds are entrusted and which requires maximum attention in investments. As a result, KFH has tended towards the regions dominated by stable growth and stability, for example Asian countries and China.”
STP Excellence Award to Kuveyt Turk
Being one of the largest international banks of the world, London-based Standard Chartered Bank awarded Straight Through Processing Excellence Award to Kuveyt Turk Participation Bank.
Kuveyt Turk was deemed worthy of this award for 97,7% error-free transactions it realized in dollar transfers made over SWIFT through the New York branch of Standard Chartered Bank in 2007.
As is known, Standard Chartered Bank, which operates with nearly 1500 branches in more than 70 countries in Asia, Europe, Africa and America continents across the world, bestows STP Excellence Award in order to promote operational excellence in the transfer of currencies for which it renders account correspondence service in the markets with massive money order volumes.