Public Disclosure | 20/11/2015

20.11.2015

About the verification of news and rumors

The calculation of "Estimated Average Monthly Wage in TSKB" stated in the analysis titled "Minimum Wage Increase and its Potential Effect on the Companies in the Scope of our Research" published on November 19th, 2015 by Garanti Yatırım Menkul Kıymetler A.Ş. is erroneous. In the aforementioned analysis, the average wage is calculated by dividing the sum of "Employee Expenses" stated in our Bank's first 9-months financial statements of the year 2015, which includes pension premiums, severance and overtime pay, transportation expenses, daily meal expenses, all education, course and seminar expenditure, travel and accommodation expenses regarding business trips and the expenses paid to the members of the Board of Directors of our Bank besides the gross salary paid to the employees by the total number of employees, and therefore, average wage calculation is methodologically miscalculated and the result of the study is misleading. 

Within this framework, we hereby kindly announce this explanation to the public in order to avoid any misperception that the statement of "Highest-Paying Institution", which is published in the news referring to the aforementioned report, may cause in our investors and shareholders.

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