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VAKIFBANK
2014 ANNUAL REPORT
271
TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI AND ITS FINANCIAL SUBSIDIARIES
CONSOLIDATED FINANCIAL REPORT AS AT AND
FOR THE YEAR 31 DECEMBER 2014
(Amounts expressed in thousands of Turkish Lira (“TL”) unless otherwise stated.)
CONVENIENCE TRANSLATION OF PUBLICLY ANNOUNCED CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH, SEE IN NOTE I. OF SECTION THREE
IThe 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 2014 is as follows:
Level 3 Amount Current Period
Level 3 Amount Prior Period
Balance at the beginning of the year
217,527
166,444
Total gains or losses for the year recognised in profit or loss
-
-
Total gains or losses for the year recognised under equity
42,296
51,083
Balance at the end of the year
259,823
217,527
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, Exim bank 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.