direct/ Eureko B.V. (NL) - Eureko and Garanti Bank Announce Final Closing of Partnership Transaction in Turkey

Developing our Strategic European Focus

Eureko B.V. and T.Garanti Bankasi A.S. ("Garanti") of Turkey have today announced that they have concluded the final steps in the agreement (announced 21 March 2007), whereby Eureko has acquired 80% of Garanti´s Non-Life insurance business - Garanti Sigorta A.S. ("GS"), as well as a 15% stake in Garanti Emeklilik ve Hayat A.S. ("GE"), Garanti´s Life and Pensions business. In addition, the transaction includes an agreement for a long-term, exclusive agency agreement with Garanti covering both GS´ and GE´s current and new business.

The transaction also provides Eureko with an option to acquire a further 35% of GE.

The deal aims to develop an innovative partnership between Garanti and Eureko that will further strengthen Garanti´s leadership position in bancassurance. The parties aspire to increase the number of Garanti bank clients, as well as increasing insurance penetration - providing a full range of products to banking clients.

Since the announcement of the agreement, both sides have worked quickly to achieve completion of the transaction, including obtaining the necessary regulatory approvals.
The process has not only been swift, but remarkably smooth, illustrating the common goal of all parties to finalise this deal within a short time-frame, and to move forward with execution of the agreements, and a new business era for the transaction partners.

During the closing process, the CEOs of the Turkish insurance companies visited Eureko´s home base in The Netherlands, to gain insight into the Dutch multi-distribution operations.

The insurance operation will continue to be run by its current management, which will be strengthened by Eureko to enhance the existing bancassurance expertise and support the expansion of the business. Accordingly, some new members have been appointed to the Board of the Non-Life company, as well as a Eureko representative to the Board of Garanti Emeklilik. The CEO of the Non-Life business remains Okan Utkueri, and the new Eureko appointees to the Board of Garanti Sigorta will be:
Gerard van Olphen (Board member, Eureko); Joop Kanen (from Eureko´s bancassurance Division, Interpolis); George Kotsalos (CEO Interamerican, Greece); Danny van der Eijk (from the Direct Distribution Division in The Netherlands), Coen van der Lubbe is appointed as CFO.
Ergun Özen will remain Chairman of the Board of Directors of Garanti Sigorta.

Commenting on the deal, Eureko´s CEO, Maarten Dijkshoorn, said:

"I am delighted at the efficiency with which this transaction has been completed. It augurs well for the continuing smooth operation of our partnership. Garanti Bank provides unparalleled local bancassurance expertise, while Garanti Sigorta, and Garanti Emeklilik are modern, successful and dynamic companies with a great deal to contribute to the Eureko group. In turn, our other Operating Companies will work closely with them so that all can benefit from the shared knowledge and expertise which is the cornerstone of our operations.
"Eureko has set its strategy to focus on development in Central and Eastern Europe; this transaction gives us a very solid base for close co-operation between the companies in those territories, as well as for future expansion."

Ergun Özen, President & CEO of Garanti Bank, stated:

"This partnership will enable us to grow the insurance market in Turkey, by offering a wide array of insurance products to Turkish customers. Additionally, we will have the opportunity to develop more competitive products in bancassurance, together with a leading and customer-oriented partner."

On behalf of Garanti, the closure agreement was signed by President and CEO, Ergun Özen, and, on behalf of Eureko, by Member of the Board (with special responsibility for international development), Gerard van Olphen.

Ends

Zeist and Istanbul
21 June 2007

For further information, please contact:

At Eureko
International media
Lorrie Morgan
Tel: +31 (0)30 693 7065
Mobile: +31 (0)654 93 72 72

Dutch media
Marco Simmers
Mobile: +31 (0)653 43 87 18

Investor Relations
Barth Scholten
Tel: +31 (0)30 693 7051

For Garanti
Gulay Kacmaz Ozbek
Tel: +90 212 233 22 38

Data Sheet - Additional information

The Transaction

The total consideration payable for the transaction is EUR 465 million. This reflects both the potential that lies within the dynamic and fast-developing Turkish market, and the quality of Garanti as a business partner.

Eureko is a European leader in bancassurance, and there is an excellent fit between the companies. Eureko´s operating company in The Netherlands is the largest insurer in the Dutch market with a leading position in bancassurance, where it distributes insurance products through Rabobank, the largest Dutch retail bank.

Garanti Bank

Founded in 1946 and acquired in 1983 by Dogus Holding, which is active in finance, service, and industry sectors, Garanti is currently the third largest private bank in Turkey with YTL 53.6 billion asset size as of 31 March 2007. 49% of Garanti´s capital is publicly owned; shareholders Dogus Group and GE form an equal partnership.

Garanti provides high quality retail, SME, commercial, corporate and private banking services to 6 million customers. It is a fully integrated financial group with over 11,000 employees, 501 domestic, five international branches (in Luxembourg, Malta and Northern Cyprus), four global representative offices (in Moscow, London, Dusseldorf and Shanghai) and nine financial services subsidiaries including GarantiBank International N.V. headquartered in the Netherlands and GarantiBank Moscow in Russia.

Garanti is Turkey´s leading bancassurer with one of the country´s largest distribution networks. In Turkey, Garanti is a top-10 insurer (9 in Non-Life; 8 in Life), with excellent brand recognition and significant growth potential resulting from the opportunities in the booming Turkish economy and insurance market. It has a good high-growth track record; state-of-the-art IT systems.

According to data dated April 2, 2007, within the first quarter of 2007 independent, Garanti Emeklilik, with an increase of 36,428 in number of participants was the market leader with 35.6 % share, while within the same period, ranked 2nd in the market with 44,9 million YTL of contribution collection and 16,7 % share. In the Life Insurance sector, however, with 30,6 million YTL of premium production in the first 3 months, Garanti Emeklilik, ranked 3rd in the market with 7.3 % share. Within the same period, total funds under management of the company have reached 360,2 million YTL with 11.2 % market share.

Eureko

Eureko is a Top 20 European insurer with strong international ambitions and is a truly innovative insurance company. It believes in the value of distribution and puts the customer at its core. Eureko has international leadership positions in bancassurance, brokers´, agents´ and direct writing distribution channels, and provides a full range of Life, Non-Life and Health insurance products and services - and excels at selling these products through its bancassurance channels. As such, this perfectly fits the transaction rationale and is a basis for Eureko´s aim to seek further development in the market. The anticipated pensions legislation reform will be an important driver for future growth capture.
In addition, Eureko sees additional opportunities for value creation in areas such as Health, Motor and Reinsurance.
Eureko´s Operating Company in The Netherlands, Achmea, has a leading market position in bancassurance, and distributes insurance products under the Interpolis brand through the Rabobank network, which is the largest insurance intermediary in The Netherlands. Eureko will leverage the expertise inherent in its Bancassurance Division to develop further the Garanti insurance businesses in a value-creating business, which will benefit both partners.


* 2005 results are pro forma, including 12 months´ of Interpolis.


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