RNS Number:2864S
Turk Ekonomi Bankasi A.S.
20 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 19, 2003



N. Osman Kolat has started to work at TEB as Assistant General Manager in charge
of Retail Banking Group, as of November 19, 2003.

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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