MOMCHIL ANDREEV HEADS RAIFFEISENBANK (BULGARIA)
Momchil Andreev will be Chairman of the Management Board of Raiffeisenbank (Bulgaria) as of October 1. Presently, he is Deputy Chairman of the financial institution's operational management. The incumbent Chairman Johan Jonah leaves Bulgaria to join Raiffeisenbank's managerial team in Ukraine. He was employed there before he came to Bulgaria. During the period of Mr. Jonah's management the market share of Raiffeisenbank (Bulgaria) went up from 2.6% to 4.4%, and its profitability is among the highest on the domestic bank market. Within two years the branch network of Raiffeisenbank (Bulgaria) expanded to 34 offices, located all over the country. In end-June the financial institution ranked 7th among the other Bulgarian banks in terms of its capital. This is a significant progress as compared to end-2000 when the bank ranked 11th.