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 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.