Merger Update

RNS Number:1779U
Turk Ekonomi Bankasi A.S.
13 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 13, 2004

Our subsidiary, TEB Portfoy Yonetimi A.S., has notified our Bank that within the
context of merger of TEB Portfoy Yonetimi A.S. with ABN Amro Portfoy Yonetimi
A.S., the minutes and relevant annexes of the General Meeting dated January 8
2004, related to the capital increase and changes in Articles of Association,
have been registered at the Istanbul Commerce Registry at January 12, 2004.


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
END

MSCSFAFLDSLSEEF