Merger Update

RNS Number:0107U
Turk Ekonomi Bankasi A.S.
8 January 2004


Name of the Company      :   Turk Ekonomi Bankasi A.S. (TEB)
Address                  :   Meclisi Mebusan Caddesi, 35 80040 Findikli/Istanbul
Telephone                :   [phone]
Fax                      :   [phone]


                                                       Istanbul, January 8, 2004


In the General Meeting of our subsidiary, TEB Portfoy Yonetimi A.S., The 
shareholders of the company reached the following resolutions:
     
-    Within the context of merger of ABN Amro Portfoy Yonetimi A.S. and TEB 
     Portfoy Yonetimi A.S., the capital of the company shall be increased by 
     TL 292,457,337,000.-; and all of the shares to be issued as the result of 
     the capital increase shall be distributed to the shareholders of ABN Amro 
     Portfoy Yonetimi A.S.;

-    Apart from the merger transactions, the capital shall be increased by 
     TL617,459,229,000.- total of which will be met from the revaluation fund. 
     Consequently, the paid-in capital of TEB Portfoy Yonetimi A.S. will 
     increase to TL2,409,916,566,000.- from TL 1,500,000,000,000.-

The resulting shareholding of TEB after the merger is 46.77%, which was 55.89% 
prior to the merger.

We hereby declare that the foregoing explanation is in accordance with the 
principles set forth in the Regulation Series VIII, No. 39 of the CMB: that it 
reflects all information we have received in connection with this matter, that 
the information is in accordance with our books and records, that we have spent 
all required efforts to obtain accurate and complete information regarding this 
matter and that we are responsible for this explanation.


                      This information is provided by RNS
            The company news service from the London Stock Exchange

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