Jan Bremer - President of the New York-based consulting company Eurasia Group - met on August 30 with the Finance Minister Milen Velchev, to whom he presented the project for setting a stability index. The project is being developed in cooperation with the US consulting company and the investment bank Lemon Brothers. The index will assess the political risk in the countries, which are subject of the analysis, Bulgaria among them. The index will be published for the first time in Financial Times in September.
Deposits of Bulgarian banks abroad went down in July from BGL4.58BN to BGL4.43BN. The amount of loans, released by them, increased by BGL93MN, reaching BGL3.6BN in end-July. The reorientation of Bulgarian banks to more lucrative investments reflects on their financial results as well. Their July profits totalled BGL229.9MN, marking an increase of BGL26.6MN from the previous month. The three top Bulgarian banks - BULBANK, United Bulgarian Bank, and Bank DSK - accounted for BGL171.9MN of that amount, while in end-June 2001 their aggregate profit totalled BGL155.5MN.
First Investment Bank will close agreements with three of the biggest Israeli banks for servicing commercial payments and letters of credit of companies operating in Bulgaria and trading with Israel. This was agreed during meetings in Tel Aviv between representatives of the Bulgarian credit institution with the chiefs of Bank Hipoalim, Bank Leomil, and Industrial Bank for Development of Israel.
Representatives of the German bank Beirische Landesbank will open a stand at the Plovidiv Fair, to be held in the last week of September. This is part of their research mission for stepping onto the Bulgarian bank market. The experts of the German credit institution and of Bank DSK are presently working on a joint project for establishing housing saving funds in Bulgaria. Its implementation, however, will depend on the passing of a special law on housing saving funds in Bulgaria.