Банкеръ Weekly

Briefs

TREASURY

BULBANK's shareholders cannot yet get their dividend for 2000. In April 2001 the bank's general meeting made a decision to distribute BGL183MN in dividend. Thus, shareholders should draw a BGL1.09 dividend per each stock of BGL1 par. However, BULBANK's Management Board is yet to fix the date when its payment will begin. Probably, this is not of great significance to UniCredito Italiano and Alianz, which will get 98% of the bank's profit, but the decision is important to private shareholders and companies that are holding the remaining 2% in BULBANK.

The Sofia branch of the Munich-based Hypovereinsbank Bulgaria will be put under the guardianship of Bank Austria, as the German bank will be taken up by the Austrian credit institution. In the end of last year Bank Austria was purchased by Hypovereinsbank - one of the biggest financial institutions in Germany, which also owns Hypovereinsbank Bulgaria. The responsibility for all subsidiaries of the two banks in Eastern Europe (excluding Russia) was entrusted to the Austrians. Although Hypovereinsbank Bulgaria is based in Munich, its major activities are through its Bulgarian branch. For that reason, the managers of its German mother have decided to place its operations under the jurisdiction of Bank Austria. Therefore, the Austrian bank will take up Hypovereinsbank Bulgaria.

The future of Demirbank (Bulgaria) will be most probably put in the hands of the British financial institutions HSBC Holding. The latter is said to be (almost certainly) the winner in the bidding for Demirbank T.A.S - the present owner of Demirbank (Bulgaria) - financiers who are watching closely the banking sector in Bulgaria's neighbour country comment. In end-2000 Demirbank T.A.S fell in a financial crisis and was nationalized. The bank's management was undertaken by the Turkish Agency for Bank Regulation and Supervision, which started negotiations for its sale with HSBC Holding, UniCredito, and the Turkish Oyak Holding and Dogan Consortium. The Agency is expected to announce the name of its nominee by end-July.

Festa Security EOOD was registered by a decison of the Bourgas Regional Court, dated March 6, 2001. The company is owned by Festa Holding. Petya Slavova, Chairperson of the Management Board of NEFTINVESTBANK, is a member of Festa Holding's Supervisory Board. The company's equity capital is BGL5,000. Festa Holding is managed and represented by Valeriyan Vassilev Nikolov.

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