Банкеръ Weekly



Finance Minister Milen Velchev left for Bucharest to attend the annual meeting of the European Bank for Reconstruction and Development (EBRD), in which more than 100 ministers of economy and finance from 62 countries will participate. A business forum titled The Mutual Benefit from Long-term Investments, at which Bulgaria will be presented, will be held within the framework of the EBRD meeting.The steep decline of interest rates on USD and EUR deposits on the international markets in 2001 had a negative impact on last year's financial performance of United Bulgarian Bank (UBB). As UBB's Executive Dirctor Stiliyan Vutev explained, almost 50% of the credit institution's assets are in foreign currencies.The participation of the Bank Deposit Insurance Fund (BDIF) in the establishement in Basel, Switzerland, of the International Association of Institutions for Bank Deposit Insurance increases the prestige of our organisation, the Chairman of BFIF's Governing Board Mileti Mladenov said in connection with the Bulgarian fund's acceptance as a member of the association on May 6, 2002. Mr. Mladenov was appointed to the Executive Board of the international association, in which 35 organisations participate. Its aim is to assist the financial systems' stability by helping international cooperation in the sphere of deposit insurance.Nelly Kordovska, Executive Director of the Bank Consolidation Company, recalled that June 10 is the deadline for submitting offers by candidate consultants in the privatisation of DSK Bank. Sixteen banks and investment companies have expressed such readiness so far.Christos Katzanis, member of UBB's Board of Directors, announced that the bank will use the international network of the credit institutions within the group of its major shareholder - National Bank of Greece - for the development of depository services in Bulgaria. Much can be done for these specialized services, connected with the capital market, although it has not been sufficiently developed in Bulgaria yet. But with its improvement the need of depositoty banks will be increasing, Mr. katzanis commented for the BANKER weekly.

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