COMMERCIAL BANK OF GREECE IN THE RED
The general meeting of shareholders in Commercial Bank of Greece (which was known as International Commercial Bank till last summer) did not stir much noise. It was held on June 5 in Sofia, although the two major sharehodlers are Greek institutions. Commercial Bank of Greece holds 68.16% of the shares in the Bulgaria-based bank, and Commercial Capital Develeopment Markets Ltd. has a 30.36% stake.There are reasons for modesty indeed, because the bank reported a loss for last year. As per the national accounting standards it is BGN1,465,000, while as per the international accounting standards it is some BGN200,000 up, or the bank's loss for 2001 is BGN1,656,000.At the general meeting the shareholders decided to cover the negative financial result by money from the Reserve fund. The poor financial performance was mainly due to the provisions set aside for unserviced loans, whose share in the bank's credit portfolio is about 10 per cent, insiders commented.