IVAN RADEV TAKES UNIONBANK MANAGEMENT AGAIN
UNIONBANK Supervisory Board Chairman Ivan Radev quit his post and was appointed head of the bank's managing team on December 1. He was succeeded by the previous deputy chairman of the supervision Emanuil Manolov. Emil Ivanov was appointed deputy of the new chairman.Ivan Radev is among the founders of the bank. Together with his brother Svetoslav, Emanuil Manolov and Emil Ivanov, he controls the majority stakes of Boras and Union Group. In turn, the two companies hold 36% of the shares of UNIONBANK. The European Bank for Reconstruction and Development (EBRD) owns a 15% stake of its capital, while the remaining 49% is distributed among Ivan Radev and the members of the bank's supervisory and managing boards.Ivan Radev's return to the UNIONBANK Managing Board is related to the fast growth of the institution and the need of adequate management of the related risks. UNIONBANK's assets have grown by 38%, from BGN251MN to BGN346MN, for the first nine months of the current year. Its credit portfolio has increased significantly, too - up to BGN206MN from BGN148MN. In the end of September 2004, the credits launched account for over 60% of the bank's assets. According to the agreement signed in 2002 which allowed the EBRD to acquire 15% of the shares of UNIONBANK, over 50% of the credits have been launched to small and mid-sized enterprises.Anna Asparuhova, Dorcho Ilchev and Todor Nikolov remain executive directors after Radev's transfer to the UNIONBANK Managing Board. Anna Asparuhova will be responsible for the interbank market operations, Dorcho Ilchev will take care of the Corporate Banking Department, and Todor Nikolov will run the Retail Banking Department. Ivailo Donchev, secretary chief of the bank, was appointed a new member of the Managing Board. He will take care of the bank's administration.