Банкеръ Weekly

Briefs

CREDIT BANK TO BE EVALUATED FOR A THIRD TIME

Commotion around the sale of the bankrupted Credit Bank intensified even before the bidding for its assets were announced. The BANKER weekly has found out that the final evaluation of the so-called Multigroup-bank will be ready at end of September. The work on it was started in end-June by Sokolova Co. Insiders claim that during this period Pavel Pavlov and Gospodin Kuzmanov, curators of Credit Bank, have several times returned the assessment to the firm for revision. The initial papers prepared by Sokolova Co's experts evaluated the assets of the closed Multi-bank to no more than BGL8.5MN, yet this sum did not seem to satisfy curators. Several weeks ago the appraisors submitted to Mr. Pavlov and Mr. Kuzmanov a new evaluation for BGL13.5MN cost of the bank's assets. Curators, however, corrected it again which led to another revision.Insiders comment that a possible immaculate according to curators evaluation should not be below BGL20MN. It is said that Mr. Pavlov and Mr. Kuzmanov will stand for such price in order to best defend the interests of individuals and firms which are creditors of the closed bank. Their receivables from Credit Bank top BGL21.8MN. A jump of the price by no means appeals to the candidate-buyers of the closed bank. Emil Kyulev, Chairman of ROSSEXIMBANK, has expressed greatest ambitions to acquire the assets of the credit institution. He declared his intentions back in mid-May. In June the investment intermediary Hedger also expressed interest, but duly specified that it represented the interests of a foreign client, whose name was kept a secret. Analysts comment that Hedger's intentions might not be serious and that the only purpose of the declared interest towards Credit Bank might as well be way of free-of-charge advertisement in the media. Nevertheless, this potential rival made Mr. Kjulev sign a preliminary agreement with the curators of Credit Bank.Whether Hedger represents the interests of a foreign investor or not will be revealed only after the curators and the judge on the insolvency Svetlin Mihaylov approve of the bank's evaluation. The management of Municipal Bank also awaits for the evaluation to be published so as to decide whether to take part in the bidding or not.In case three candidates step in the bidding for Credit Bank, the battle for its assets will be violent. Emil Kyulev is not a man to give up easily if the pledge is worth the trouble. He has proven himself in February, 2001, at the tender for the bankrupted MINERALBANK. Then he walked over Municipal Bank and Hedger which tried to step in his way. Now all the three contestants have serious authorities' back-up to rely on if other mechanisms for winning the battle turn out useless.

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