Банкеръ Weekly

Briefs

TREASURY

EUROBANK bought from Naftex Petrleum Bulgaria 185,000 shares in Petrol AD, representing 9.8215% of the company's capital. The deal was closed at BGL1.6 per share of BGL1 par value. According to EUROBANK's Executive Director Emil Angelov Petrol AD's stocks were purchased due to the advantageous price, allowing the bank to make profits by selling them or wait to get a dividend. Petrol AD's profit for 2000 exceeded BGL23MN, and in mid-2001 it was about BGL7MN.Deutsche Bank has acquired an over 10% stake in the Greek EFG Eurobank. Another 44% of the credit institution's capital is held by EFG Banking Group, owned by the billionaire Spiros Latsis. The other 46% of the bank's shares are in the hands of 400,000 natural and juristic persons and are traded on the Stock Exchange in Athens. EFG Banking Group holds 50% in the Cypriot company ALICO/CEH Balkan Holdings, the owner of 86.24% of Bulgarian Post Bank. The other 50% of the Cypriot company are in the hands of the US insurance giant AIG.The Varna-based strong-arm group TIM acquired 80,508 sq m of land in the Kambanite area near the Mladost 4 housing complex in Sofia. The company Chimpimport, which is controlled by TIM was the only candiadte-buyer that bid at the tender on December 17, 2001, organized by the Agency for State Receivables, and paid BGL1,762,000 for the plot (almost BGL22 per sq m). By 1997 the land was owned by Angel AD whose notoriuos owner Solomon Angel had promised to build on it the so-called Dream City. However, the implementation of this project indeed remained a dream for the thousands of citizens who gave their money to Mr. Angel and were swindled by him. Solomon Angel had pledged the plot against a loan he borrowed from Bulgarian Post Bank, which was bought out by ELITBANK in 1994. In September 1996 ELITBANK went bankrupt, and in the beginning of 2000 the court transferred to the Agency for State Receivables all assets, belongings, and property rights of ELITBANK.The new guarantee on private and corporate bank deposits, approved by Parliament, covers 88% of the money in local currency and 44% of that in foreign currencies, kept in local credit instituations by natural and juristic persons. Under the Amendments to the Guarantees of Bank Deposits Act, passed by the National Assembly, all private and corpoarte deposits up to BGL10,000 shall be guanateed in case of a bankruptcy of a credit institution.

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