Банкеръ Weekly



On March 16 when the general meeting of the Association of Commercial Banks (ACB) was held, its new office was inaugurated. The ACB is the owner of all the premises on the fifth floor of the building at No 97 Knjaz Boris I street in Sofia. The office was under construction for five years and according to rumours, provoked scandals between the building contractor and the owners of the other four floors.The purchase of the office caused disagreements also within the ACB itself. At an extraordinary meeting in the beginning of 2001 it was decided that its members should remit BGN8,000 additionally in order to buy the office. Then BNP-Paribas (Bulgaria) delayed its remittance by four months and was expelled from the association. The bank was accepted back in the ACB only after it paid BGN8,000 and another BGN1,000 as an entrance fee. Tokuda Credit Express Bank was also threatened by such a sanction, but the financial instituation managed to remit the required amount.No additional money will be demanded in 2002. According to Vanya Vassileva, Chairperson of ACB's Management Board, the membership fees shall not be changed either. Permanent members pay BGN7,000 and associated members are charged BGN3,500. Twenty seven banks are presently permanent members of the association. ProCredit Bank will soon apply for membership. Four local branches of foreign banks are associated members, and the structures of Piraeus Bank, Ziraat Bank, and National Bank of Greece are not within the ACB.On March 16 the general meeting of the ACB relieved Spas Dimitrov, Dimitar Atanassov, and Tsvetan Tsekov from participation in ACB's Management Board. They were replaced by Levon Hampartsumyan, Chairman of BULBANK's Management Board, Raiko Karagyuozov, Executive Director of DSK Bank, and Vladimir Vladimirov, CEO of ROSEXIMBANK. The three candidacies were moved by ACB's Chairperson Vanya Vassileva and her deputy Stiliyan Vutev. There were no debates, no other proposals were made, and they were unanimously elected. The CEO of Municipal Bank Vanya Vassileva, the CEO of United Bulgarian Bank Stiliyan Vutev, the Chairman of the Board of Directors of First East International Bank Anna Subeva, and the Executive Director of Bulgaria Invest Bank Dimitar Kostov, remain on ACB's Managemnt Board.

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