Banca Intesa and Dogus Holding A.S. ceased negotiations for the acquisition by Banca Intesa from Dogus Holding A.S. of a controlling interest in Garanti Bank in Turkey due to their differences over the share purchase agreement to be executed.

To this effect, on 20th July 2004 Banca Intesa and Dogus Holding A.S. executed a termination agreement stating that they will not proceed with the transaction as announced earlier on 29th March 2004, whereby Banca Intesa would have acquired 40.05% of Garanti Bank’s voting share capital with an option to acquire further shares up to 9.96%.