Annual Report 2020

Changes in the Articles of Association

At the Extraordinary General Assembly Meeting of Turk Eximbank convened on 12 January 2017, “Article 7 - Capital of the Bank”, and “Article 8 - Capital Increase” of the Articles of Association were modified. Under the modification made, the Bank switched to the registered capital system and the registered capital ceiling was set as TL 10,000,000,000. Within the specified limit, the Bank’s share capital was increased to TL 9.27 billion based on the Board of Directors decision dated 6 October 2020.

Turk Eximbank's share capital was increased by 29.5% to TL 9.27 billion.

29.5% increase

At the Ordinary General Assembly of Turk Eximbank convened on 25 August 2020, “Article 5 – Ministry to which the Bank is Affiliated”, “Article 8 – Increasing the Capital”, “Article 22 – Amending the Articles of Association”, “Article 38 – Formation of the Board” and “Article 39 Responsibilities and Powers of the Supreme Advisory and Credit Guidance Committee” were amended and “Article 8/A – Issuance of Debt Instruments” was inserted in the Articles of Association. Through these alterations, the existing articles were brought into alignment with the legislation that was modified at the time of the transition to the Presidential government system, and the Board of Directors was delegated authority to issuie debt instruments.

Apart from the modifications mentioned above, no other changes were made to the Bank’s Articles of Association in 2020.