Банкеръ Weekly

Briefs

STATUS QUO IN DSK BANK NOT CHANGED

DSK Bank has always been an object of special attention on the part of the ruling political force due to its exceptionally important position in Bulgaria's financial sector. Immediately after all parliamentary elections and the constitution of a new government, the ruling forces have so far set about changing the bank's management. Till mid-1998 this was done by the National Assembly, which was entitled to nominate the DSK chairman and his deputies. Presently, however, the scheme for management castling is somewhat complicated. The financial institution's two shareholders - the Council of Ministers, with a 75% stake in the bank's capital, and the Bank Consolidation Company Inc., that has a 25% share - should hold a general meeting in order to appoint to DSK Bank's Supervisory Board members of the ruling political force.
The general meeting of DSK shareholders is scheduled for July 5, 2001, three weeks after the parliamentary elections, but it will not discuss replacements in the bank's Supervisory Board. Such an item is not on the general meeting's agenda, published in the State Gazette.
In that way the incumbent Supervisory Board members - Eliana Masseva, Kiril Ananiev and Nina Stavreva - will retain their positions. No castlings are expected in the bank's Management Board, headed by Spas Dimitrov, unless somebody decides to quit...
On July 5, DSK shareholders will vote a decision on the distribution of the bank's BGL17.9MN profit for 2000. The Management Board has proposed that it should be capitalized, but the general meeting may decide to distribute it in dividends to shareholders.

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