COMMERCIAL BANK OF GREECE RAISES ITS CAPITAL
At the extraordinary general meeting, held on November 5, the shareholders of Commercial Bank of Greece (Bulgaria) made a decision to raise the financial institution's equity capital from BGL10MN to BGL16.4MN through issuance of new shares, to be purchased at their par value by the bank's major shareholder - Commercial Bank of Greece. The latter currently holds 63.79% of the Bulgarian bank's capital, and 30.63% is in the hands of Commercial Capital Developmenet Markets Ltd, a subsidiary to Commercial Bank of Greece. Significant changes were made as well in the bank's Board of Directors (BoD). The general meeting approved the resignation of Dimitrios Frangetis as BoD chairman, whose duties were taken over by the former executive director Spiros Koskinas. Konstantinos Christou was nominated member of the BoD and CEO. He will be representing the bank together with the incumbent executive director Dimitrios Kondos.