Банкеръ Weekly

Briefs

TSVETAN VASSILEV WILL OWN 60% OF CORPORATE BANK

In end-November, before being awarded the BANKER weekly Banker of the Year prize for dynamic bank management, the Chairman of the Supervisory Board of Corporate Bank Tsvetan Vassilev applied to the Bulgarian National Bank (BNB) for getting a permission to his company Bromak for holding 50% of the credit institution's paper. If the central bank gives its consent Mr. Vassilev will buy out the shares from Yanko Ivanov, Chairman of the bank's Management Board who presently holds 11.6% of Corporate Bank's capital. After completing that operation Mr. Vassilev will gain control over 60% of the financial institution - 50% directly through his company Bromak, and another 10% indirectly through the Victoria insurance company. According to the Banks Act, Mr. Vassilev is a person bound with Victoria as he chairs its Supervisory Board. Mr. Ivanov will retain his position as Chairman of the Mangement Board and Executive Director of Corporate Bank. The credit institution has two more executive directors: Ilian Zafirov and Orlin Roussev. According to Mr. Vassilev, Corporate Bank will maintain the policy it has conducted so far after the changes in its shareholder structure, i.e. it will remain orientated towards offering services to corporate clients mainly. The bank's development shows that this is a profit-making strategy. That is why we do not intend to change the accent and reorientate to services for citizens, Mr. Vassilev said in front of the BANKER. According to BNB's most recent official data for the first nine months of 2004, Corporate Bank's assets total BGN305.4MN, and the loans released by it amount to BGN149MN. Its equity capital is BGN27.8MN, and the current profit is BGN3.5MN.

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