Банкеръ Weekly

Briefs

CORPORATIVE COMMERCIAL BANK OPENS ITS NEW HEAD OFFICE

On December 6, when bankers celebrate their professional feast, Corporative Commercial Bank opened officially its head office in the building where the legendary Bulgarian Commercial Bank of the 1930s, known as Atanas Bourov's bank, was located. It is situated at Garibaldi square in Sofia and will be servicing more clients of the credit institution, which already has branch offices in Varna, Bourgas, Plovdiv, and Gabrovo.Doubtlessly, the bank's managers are aiming to reach the prestige and glory of their predecessor Bourov. They can already boast of fair performance after the financial institution's privatisation in the summer of 2000. Corporative Commercial Bank, set up in 1988, began real operation only in September 2000, after inheriting a loss of almost BGL400,000. In the words of Tsvetan Vassilev, Chairman of the Management Board, the bank succeeded to increase more than 5-fold its balance sheet value within a year and a half, and its total assets currently exceed BGL54MN. The managerial team's ambition is to increase the financial institutions' assets to BGL65-70MN by the end of 2001.The bank's credit portfolio presently amounts to some BGL25MN. The only unfavourable indicator is the negative financial result from operations after setting aside provisions, but Mr. Vassilev expressed his assurance that in December the bank will report a profit of about BGL0.5MN prior taxation.Within a year we managed to provide the entire range of bank services, Mr. Vassilev was glad to point out. Corporative Bank's services include INTERNET-products, export crediting, factoring, and consultancy services.The managers have set as their major target to gain strong positions in the niche of export-orientated companies, operating in the sphere of infrastructure. The managerial team hopes that the bank will enter the group of credit institutions with aggregate assets between BGL100-150MN and equity capital of up to BGL30MN.

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