SIGNIFICANT REPLACEMENTS IN CCB MANAGEMENT
The restructuring of Central Cooperative Bank (CCB) started with changes in its Management Board. On July 23, the Supervisory Board (appointed a month ago) replaced four of the five members of the executive body. Executive Director Georgi Konstantinov is the only one to continue managing the bank which was recently acquired by the Varna-based strong-arm group TIM (through Chimimport which controls 43.7% of the shares).Two new executive directors were appointed - Borislav Tchilikov and Nikolay Doudev. Until a year ago Mr. Tchilikov presided the Liquidity Department at First Eastern International Bank (FEIB). Then he headed the Bank Transactions Department at CCB. As a chairman of FEIB, he was a member of the Supervisory Board of Stara Planina Holding, as well as of the boards of enterprises, bought by the former privatisation fund. Nikolay Doudev gained experience while managing two financial houses - the Bourgas-based Dolphin 93 and the Varna-based Real Finance (until last year). Since 1999 Mr. Doudev has been member of the board of the Rousse-based enterprise Zora.CCB's Management Board will also include former deputy minister of finance, Bisser Slavkov - now auditor and lecturer at the University for National and World Economy, and Ivan Panchev, employed at Chimimport. The new members of the managerial team will be officially appointed when they receive certicates from the Bulgarian National Bank.Genady Tabakov, who was CCB's executive director so far, was dismissed from the Management Board, but will remain in the managerial team of Armeetz insurance company.The replacements in CCB's management are based on the bank's restructuring programme, developed by Bozhidar Grigorov, member of the Supervisory Board, who works under a consultant agreement with the other shareholders of the credit institution.An important part of the plan is the relation of the bank transactions with the activity of Armeetz which was acquired by TIM on June 14, 2002. From now on, credit applications will also need to be approved by the insurance company as it will cover the risk on them.