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Türkiye Vakıflar Bankası Türk Anonim Ortaklığı
and Its Financial Subsidiaries Consolidated Financial Report as at and
For the Year Ended 31 December 2013
(Currency: Thousands of Turkish Lira (“TL”))
Convenience Translation of the Consolidated Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish, See Section 3 Note I
The reconciliation from the beginning balances to the ending balances for fair value measurements in Level 3 of the fair value hierarchy as at and for
the year ended 31 December 2013 is as follows:
Level 3 Amount
Current Period
Level 3 Amount
Prior Period
Balance at the beginning of the year
166,444
150,032
Total gains or losses for the year recognised in profit or loss
-
-
Total gains or losses for the year recognised under equity
51,083
16,412
Balance at the end of the year
217,527
166,444
IX. Transactions carried out on behalf of customers, items held in trust
The Parent Bank provides buying, selling and custody services and management and advisory services in financial matters for its customers. The Bank is
not involved in trust activities.
X. Consolidated segment reporting
The Parent Bank operates in corporate, commercial, small business, retail and investment banking. Accordingly, the banking products served to
customers are; time and demand deposit, accumulating account, repos, overdraft facilities, spot loans, foreign currency indexed loans, consumer loans,
automobile and housing loans, working capital loans, discounted bills, gold loans, foreign currency loans, eximbank loans, pre-export loans, ECA covered
financing, letters of guarantee, letters of credit, export factoring, acceptance credits, draft facilities, forfaiting, leasing, insurance, forward, futures, salary
payments, investment account, cheques, safety boxes, bill payments, tax collections, payment orders.
The Parent Bank provides service packages to its corporate, commercial and retail customers including deposit, loans, foreign trade transactions,
investment products, cash management, leasing, factoring, insurance, credit cards, and other banking products. A customer-oriented branch network has
been built in order to serve customers’ needs effectively and efficiently.
Additionally, the Parent Bank provides “small business” banking service to enterprises in retail and service sectors. Products include overdraft accounts,
POS machines, credit cards, cheque books, TL and foreign currency deposits, investment accounts, internet banking and call-center, debit card, and bill
payment.
Retail banking customers form a wide-spread and sustainable deposit base for the Parent Bank. Individual customers’ needs are met by diversified
consumer banking products through branches and alternative delivery channels.
VAKIFBANK ANNUAL REPORT 2013
257