Банкеръ Weekly

Briefs

UBB LAUNCHES ITS LARGEST BOND ISSUE

The clients of United Bulgarian Bank (UBB) will already be able to deposit their money in three-year bonds, after the financial institution's general meeting of shareholders approved a BGL15MN bond issue. It will be a the first three-year bond issue since the beginning of 2001, to be traded on the Bulgarian Stock Exchange-Sofia. The par value of the bonds will be BGL 1,000. The coupon payments will be made twice a year and the interest on the bonds will be 7.5% annually.The general meeting of UBB's shareholders also approved amendments to the Statute of the credit institution in compliance with the amendments and requirements in the Commercial Code. UBB's Board of Directors will already include nine members. The general meeting elected Georgious Constantinos Aronis new member of the Board of Directors. Mr. Aronis is Executive Director of Etno Carta, a subsidiary of the National Bank of Greece, which issues debit cards and offers services to citizens. He is also a member of the Management Board of Economic Bank of Skopje.

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