Банкеръ Weekly

Briefs

DSK BANK - THE NEW JEWEL IN THE CROWN

Political changes in Bulgaria have always started with castlings in the management of DSK Bank in the past ten years. The Government headed by PM Simeon Saxe-Coburg-Gotha did not make an exception. It changed almost all members of the bank's Supervisory and Managing Boards. Along with BULBANK and United Bulgarian Bank (UBB), DSK Bank is of a strategic importance to the Bulgarian financial sector and is properly called the people's bank.On September 19, 2001 the Council of Ministers and the Bank Consolidation Company (BCC), which own DSK Bank, held a general meeting and changed the Supervisory Board. Deputy Minister of Finance Kiril Ananiev will remain in the Board as Chairman. The Cabinet's Chief Secretary Sevdalin Mavrov will be his deputy and Lyubka Kachakova, Deputy Minister of Economy, will be the third member of the Supervisory Board. The three supervisors appointed a 5-member Managing Board, which includes the executive directors Krassimir Angarski, Violina Marinova, Raiko Karagyozov and Ognyan Yordanov, as well as Stoyan Penkov. Violina Marinova was the only one to remain from the previous board. The Chairman Spas Dimitrov, the Executive Director Vladimir Toshev, and the members Christophor Pavlov and Nina Stavreva left the managerial team of the bank. Mr. Pavlov is believed to remain Head of DSK's Strategic Analyses Department. Being a representative of the Ministry of Finance, Ms. Stavreva will be able to return to her post of Head of the Ministry's State Debts Department.Angarski and Yordanov are the new names in DSK Bank. The newly-appointed Chairman of the Managing Board Krassimir Angarski declared that all members of the Board were professionals and none of them was appointed for political reasons.Mr. Angarski is a popular person in the financial and business circles. As a minister in Stefan Sofianski's caretaker cabinet he was the person who prepared the new Banking Act and the Bulgarian National Bank (BNB) Act, which helped the introduction of the currency board arrangement in the country. When the government of Ivan Kostov was ser up, he became the President's Economic Adviser - a post he now has to leave.

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