HVB BULGARIA - THE NEW CREATION OF AUSTRIA BANK
HVB Bulgaria will be the name of the new credit institution to be established by Austria Bank in Bulgaria at the place of the Sofia branch of the Munich-based Hypovereinsbank (Bulgaria). HVB Bulgaria will have a capital of EUR15MN. The management team of the new credit institution will include the Director of its Sofia office Ljudmil Gachev and the officials of Austria Bank Helmut Haller and Wolfgang Hepps. The three of them have already submitted their requests at the Bulgarian National Bank (BNB) for certificates to be issued. Till end of September, 2001, the documents necessary for the issue of a licence to HVB Bulgaria will also be filed at the central bank. The new bank is expected to start operations by end-October. Till then the branch of Hypovereinsbank (Bulgaria), which have been existing for already five years in Sofia, will continue servicing its clients.Till mid-2000 the German Hypovereinsbank and BULBANK were shareholders in Hypovereinsbank (Bulgaria) with stakes of 51% and 49%, respectively. On July 14, 2000, BULBANK sold its shares to the German shareholder which became a sole proprietor of Hypovereinsbank (Bulgaria).Three months after the deal the German credit institution bought Bank Austria and later on made it responsible for all the operations of both institutions on the East European markets. Hypovereinsbank (Bulgaria), whose headquarters are located in Munich, was also involved in these engagements carrying out most of the deals through its Sofia branch.