Download RELATED PARTY TRANSACTIONS Banka Kombetare Tregtare

RELATED PARTY TRANSACTIONS
Banka Kombetare Tregtare makes public on a quarterly basis all the balances and
transactions with its related parties, as part of the Bank’s periodic IFRS based reporting
of the financial statements.
The following information on related parties consists of the Note 31 of the latest IFRS
review report of BKT as at 30 June 2012 signed by KPMG Albania on 26 July 2012.
Related party transactions
In accordance with IAS 24 “Related Party Disclosures”, a related party is any party that
has the ability to control the other party or exercise significant influence over the other
party in making financial and operating decisions.
Identity of related parties
The Bank has related party relationships with its shareholders and affiliates, directors
and executive officers. The Bank’s sole shareholder is Calik Finansal Hizmetler, which
is owned by Calik Holding at 100% as at 30 June 2012. ALBtelecom Sh.a., Eagle
Mobile Sh.a., Aktif Yatirim Bankasi A.S. (“Aktifbank”), GAP Pazarlama FZE, Calik
Elektrik Dagitim A.S, Calik Enerji Sanayi Ve. Ticaret A.S, and Lidya Madencilik San.
Ve. Tic A.S. are controlled by Calik Holding.
Balances and transactions with shareholders and affiliates
Assets
Placement and balances with banks:
Current accounts with Aktifbank
Investment securities available-for-sale:
Aktifbank
Loans and advances to customers:
GAP Pazarlama FZE
Total assets
Liabilities
Customer deposits:
ALBtelecom Sh.a.
Eagle Mobile Sh.a.
Other liabilities:
Payables to Aktifbank
Total liabilities
Commitments and contingencies
Guarantees in favour of customers:
ALBtelecom Sh.a.
Calik Elektrik Dagitim A.S and Calik Enerji
Sanayi Ve. Ticaret A.S
Guarantees received from financial
institutions
Aktifbank
30 June 2012
31 December 2011
189,220
131,977
21,300,853
-
21,490,073
17,996,167
18,128,144
1,274,931
445,338
759,729
165,832
1,720,269
2,751
928,312
1,296,390
1,257,692
1,725,027
-
336,055
345,193
Statement of comprehensive income
Interest income from:
Aktifbank
Calik Holding
GAP Pazarlama FZE
ALBtelecom Sh.a.
Eagle Mobile Sh.a.
Interest expenses for:
ALBtelecom Sh.a. and Eagle Mobile Sh.a.
Aktifbank
Fees and commissions:
Commissions charged by Aktifbank
Letters of guarantee: ALBtelecom Sh.a., Calik
Elektrik Dagitim A.S and Calik Enerji Sanayi Ve.
Ticaret A.S
Account maintenance and lending fees from
ALBtelecom Sh.a. and Eagle Mobile Sh.a.
Net
Six-month period
ended 30 June 2012
Six-month period
ended 30 June 2011
339,716
177,500
10,577
6,214
78,944
54,864
233,667
-
(27,226)
(2,232)
(91,357)
-
(3,347)
(23,877)
14,053
8,269
10,016
525,271
335
260,845
GAP Pazarlama FZE is an international company operating as a wholesale trader and is
owned by the Bank’s ultimate shareholder. The loan granted to this company, with an
interest rate of 6.0% p.a., was sold to Aktifbank on 1 March 2012.
The Bank has signed an agreement with Aktifbank for consultancy services in relation to
lending to companies based in Turkey, under which the Bank paid service commission to
Aktifbank. In addition, Aktifbank has offered a guarantee of 10% on the outstanding
loans granted to these companies, which at 30 June 2012 is USD 20,962 (31 December
2011: USD 150,721).
In 2012 the Bank acquired the following assets from related parties:
Month
Related Party
January 2012
Lidya Madencilik
San. Ve. Tic A.S.
Aktifbank
ALBtelecom Sh.a.
March 2012
May 2012
Purchase price in Asset purchased
USD ‘000
16,500
Equity instruments
available-for-sale
36,225
Asset Back Securities (1)
9,432
Land and buildings (2)
(1) The Asset Backed Securities (‘ABSs’) were issued by ‘Aktif Yatirim Bankasi A.S
(2) No.lu Emek Varlik Finansman Fonu’ (the ‘Fund’). These ABSs, represent debt
instruments secured by the underlying assets of the Fund. For the sake of clarity, these
ABSs are not on the balance sheet of Aktifbank and do not represent its obligations. In
April 2012, the Bank sold part of these securities with a value of USD 12,791 thousand.
(2) The transfer of ownership of the land and buildings from ALBtelecom Sh.a to the
Bank is in process.
Balances and transactions with directors and executive officers
The remuneration of directors and executive officers is included in personnel expenses.
It can be detailed as follows:
Six-month period ended
Six-month period
30 June 2012
ended 30 June 2011
Directors
53,334
53,334
Executive officers
980,353
1,028,835
1,033,687
1,082,169
The remuneration of directors and executive officers for the year ended 31 December
2011 was USD 2,623,590.
As at 30 June 2012, the total deposits of directors held with the Bank were USD
3,117,844 (31 December 2011: USD 1,183,712), while there are no outstanding loans
granted to directors.