Garanti Bank Upgraded To Top-Rated In 2002 Global Custodian Agent Bank Survey

In the Turkey section of the 2002 Agent Bank Survey of Emerging Markets, Garanti Bank was mistakenly downgraded from Top rated to Commended status on the grounds that its overall average had fallen below the global average. This adjustment was

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In the Turkey section of the 2002 Agent Bank Survey of Emerging Markets, Garanti Bank was mistakenly downgraded from Top-rated to Commended status on the grounds that its overall average had fallen below the global average. This adjustment was made in accordance with a longstanding survey rule, which is overriden only in exceptional circumstances. However, in this case the result was adversely affected by the inclusion of a response from an organisation which is not a client of Garanti Bank. Once this response is excluded, the Garanti Bank average is sufficient for the bank to retain its top-rated status. We have restored Garanti Bank to top-rated status in the on-line version of the survey, and we also apologise to Garanti Bank and its clients for the disappointment and embarrassment which this error has caused.

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