RNS Number:6144R
Turk Ekonomi Bankasi A.S.
03 November 2003

Name of the Company        :   Turk Ekonomi Bankasi A.S. (TEB)
Address                    :   Meclisi Mebusan Caddesi, 35 80040 Findikli/Istanbul
Telephone                  :   +90-212-251 21 21
Fax                        :   +90-212-249 65 68

                                                      Istanbul, November 3, 2003

In the Board of Directors Meeting of our Bank held at November 3, 2003, it was
unanimously decided to authorize the Bank's management to:
-   participate in and pay for the capital increase by the full amount of
our pre-emptive right which arises due to being a shareholder of TEB Sigorta
A.S.,
-   sign a Participation Undertaking to participate in and pay for the
capital increase for the shares, amounting to 3,375,500,000,000.- that were not
utilized by the other shareholders and were assigned to us by the Board of
Directors of TEB Sigorta A.S.,
in accordance with the decisions taken at the Extraordinary General Assembly
Meeting of our affiliate, TEB Sigorta A.S. held at October 30, 2003, to
increase, in cash, its capital of TL 3,325,000,000,000.- by TL
6,675,000,000,000.- to TL 10,000,000,000,000.-

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.


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