Response to Local News

RNS Number:6779Q
Turk Ekonomi Bankasi A.S.
08 October 2003


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

                                                       Istanbul, October 8, 2003

The news of a local newspaper dated September 28, 2003, stating that "TEB has
loan receivable from Mateksan Makine Ticaret ve Sanayi A.S. amounting to TL 6
trillion", does not reflect the truth. TEB's receivables from the mentioned
company is TL 911,417,851,267.- and provision has been set in our financial
statements over the total amount.


This announcement is made in accordance with the article 8 "Obligation of
Verification" of Regulation Series VIII, No. 39 of the CMB.

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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