RNS Number:6793T
Turk Ekonomi Bankasi A.S.
25 December 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, December 25, 2003




The Board of Directors of Turk Ekonomi Bankasi (TEB) has unanimously reached the
following resolutions at its meeting at December 25, 2003.



1) The sale of 50% share of TEB's Head Office building to TEB Sigorta A.S. has
been concluded as per the resolution of our Board of Directors dated December
10, 2003. Regarding the usage of the sales profit of TL 2,675,000,000,000.- in
the increase of paid-in capital from TL 55,125,000,000,000.- to TL
57,800,000,000,000.-, the following resolutions have been reached:



-          The decision will be submitted to the approval of the Banking
Regulation and Supervision Agency and accommodating document will be attained
from Capital Markets Board,



-          Within 10 days following these procedures, the capital increase will
be registered at the Istanbul Commerce Register,



-          Subsequent to the registry at the Commerce Register, TEB will apply
to Istanbul Stock Exchange for quoting the stocks related to the increase in
paid-in capital.



2) It has been decided that 5,350,000,000 shares, each of TL500.- nominal value
representing TL 2,675,000,000,000.- of capital increase, will be issued as
serial no.18.



3) 5,350,000,000 shares, amounting to TL2,675,000,000,000.- of TL500.- nominal
value each, shall be distributed to our shareholders in the form of bonus shares
proportionate with their existing shares in the paid-in capital of
55,125,000,000,000.-, and management of the Bank has been authorized to conclude
the transaction related to the distribution date, procedures to be applied and
other transactions thereof.


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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