Банкеръ Weekly

Briefs

SALARIES IN THE BULGARIAN BANKS

A survey made by the Banker weekly shows that the monthly cost of a foreign manager in a Bulgarian bank is equal to the salary of 40 of its employees. The average income (salary, bonuses and benefits) of a foreign Division Manager or Executive Director varies between USD6,000 and USD12,000 a month.
Subject to the signed contract, the bank may also undertake the income tax due by the foreign manager. It should also provide him with a house. Rent is for the account of the bank and it usually varies between USD1,000 and USD4,000 a month. A rough calculation shows that a foreign executive director or Management Board member costs to a Bulgarian bank between USD13,000 and USD20,000 monthly, or USD150,000 and USD240,000 annually. The cost of division managers and procurists varies between USD80,000 and USD150,000 annually. These amounts, however, do not include the bonuses, as many of the foreign managers receive this as a percentage of the bank's net profit.
The biggest financial institutions in Bulgaria - BULBANK, UBB, Post Bank, HEBROSBANK, SG EXPRESSBANK, Raiffeisenbank (Bulgaria), BNP - Dresdnerbank (Bulgaria), are managed by foreigners.
According to some unofficial data the average monthly salary for the total banking sector in November 2000 amounted to BGL669. Adding the social security expenses, the amount grows to BGL876 per employee.
The Ziraat Bank Sofia branch is the first ranking in the unofficial classification according to the average salary in the end of November 2000. The average monthly pay there is BGL2400. Second ranking is the Citibank branch - BGL2100, then follow BULBANK - BGL2000, the ING Bank and Xiosbank branches - BGL1800, Hypo-Vereinsbank - BGL1700, BNP-Dresdnerbank (Bulgaria) - BGL1300, Raiffeisenbank (Bulgaria) and International Commercial Bank - BGL1000.
The average salary for November 2000 of the employees in some of the biggest credit institutions like UBB, DSK Bank, Post Bank, BIOCHIM, SG EXPRESSBANK and HBEROSBANK varies between BGL390 and BGL580. Actually these banks employ a considerable number of low qualified staff, which lowers the averige salaries.

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