Банкеръ Weekly

Briefs

BACB LURED TEMENUGA GAZDOVA

On July 3, two banks will exchange a manager. Bulgarian-American Credit Bank (BACB) will appoint Temenuga Gazdova to become its Executive Director. At present Ms. Gazdova is occupying the same position at Corporate Bank where she is responsible for crediting, accounting, analyses, forecasts and for the legal department.
At BACB she will supersede the present executive Dimitar Vuchev who is to become CEO of the Pension Fund Rodina. Mr. Vuchev will remain member of BACB's management team but Temenuga Gazdova and Stoyan Dinchijsky (who is to be appointed procurator) will bear the burden of the bank's operative management.
Bankers comment that the Americans have made up a new development strategy for BACB aiming at occupying a major part of the Bulgarian financial market. In order to put it into practice they will need managers fully acquainted with our market's conditions. Up till now Ms. Gazdova has been working for banks with similar range of activity and size of operations as BACB's. She has 12 years of working experience at the Ministry of Finance and is also quite familiar with operations with firms which will remain main priority of the Bulgarian-American credit institution. At the beginning of 1996 Ms. Gazdova contributed to the Bulgaria privatization fund's creation and became its executive director. (It was later renamed to Industrial Holding Bulgaria). From that day on started her career in the structures of insurance group Bulgaria - the present Allianz Bulgaria Holding.
In 1997 the insurer purchased the bankrupted Yambol bank and built the credit institution Bulgaria Invest on its remains. Temenuga Gazdova was reappointed to the group's new financial structure. Since the summer of 1997 until August, 1998, she was head of the specialized Inner Control Department of the newly set-up bank and was later appointed its executive director.
The management of Bulgaria Invest, including Temenuga Gazdova, managed to deal with all liabilities inherited from the Yambol Bank, amounting to about BGL4.8BN (old Levs). The bank's management team suffered several changes, yet Ms. Gazdova remained its constant member, while Bulgaria Invest was fighting for a niche of its own on the financial market. At present the institution has balance sheet value of over BGL150MN and boasts on a potential to rank among the prosperous Bulgarian banks. But Ms. Gazdova left Bulgaria Invest even in August, 2000, in order to become executive director of the newly-privatized Corporate Bank which balance sheet value at the time amounted to nearly BGL14MN. The new management team, including Ms. Gazdova, Ivan Konastantinov and Tzvetan Vasilev, succeeded in quickly expanding bank's operations and at the moment the credit institution's total size of assets is about BGL30MN.
So now Temenuga Gazdova is ready to take the next challenge to come - winning new market positions for BACB.

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