Банкеръ Weekly



Bank employees cannot complain of their remuneration. In November 2001, for example, the average monthly salary, paid to each of the 22,242 employees of local credit institutions, amounted to BGL715.The reports of Bulgarian banks and of the local branch offices of foreign credit institutions show that the average monthly salary in them did not drop below BGL540 from January till November 2001. Within the same period the average monthly salary in the country did not exceed BGL240 (as per the Finance Ministry's data).It is true than money is never enough for anyone, but it cannot be denied that BGL540 per month is quite a decent salary for Bulgaria. Moreover, having in mind the quality of services, offered by most local banks, which is at a medieva level. The clerk behind the desk still feels like a petty feudal lord and the client wastes much nerves and time in order to operate the money, he has entrusted to the bank. There are long queues (especially before holidays) in front of bank counters. Most of the clients have personally experienced the convenience of being sent from desk to desk in order to get a simple service, such as drawing money or getting an excerpt from a account. Let's not speak about the difficulties regarding more complicated operations, such as receiving a credit for example. Of course, there are exceptions, but they only confirm the rule. On that background an average monthly remuneration of BGL540 in banks for the January-November 2001 period does not at all seem bad.Salaries are different for each local credit institution. The one thing in common between them is that the higher managerial personnel gets a much better remuneration. In some banks and branches, managed by foreigners, the monthly salaries of bosses reach 5-figure amounts in US dollars. And there is nothing wrong with that if the financial institution is a money-maker and is expanding its market positions. Indeed, it's the executive director who bears the whole responsibility about the operation of a certain bank. And good bankers are not as common as blackberries. A proof of this are the numerous caslings in 2001 in the managerial teams of almost all Bulgarian banks. However, the foreigners working in them enjoy more advantageous terms than their Bulgarian colleagues. The bank undertakes to pay their expenses for rents, education of their children in Bulgaria, cars, various general and social insurances, as well as entertainment allowances. There are cases as well when all this luxury costs USD8,000 per month for the respective elite manager.Remuneration to lower rank employees in the banks is usually formed by their monthly salaries and bonuses for well-done work. A 13th salary was paid in some banks, which was entered in accounting books as November expenses. For that reason November remunerations are higher than in the previous months.The employees of the local branch office of Hypovereinsbank (Bulgaria) were the most highly paid in November 2001. The average amount of the remuneration, which they received that month totalled BGL2,061 - about BGL320 up from November 2000. In mid-December 2001 the branch office was transformed into a bank - HVB Bulgaria - which was granted a licence by the Bulgarian National Bank (BNB). Its employees will obviously try to preserve their present salaries under the new terms. The heads of BNP-Paribas (Bulgaria) also loosened their purse-strings in November and its employees received average monthly salaries of BGL1,435, up from BGL1,295 a year ago.In November 2001 the employees of the branch office of INGBank got BGL1,850 on average, up BGL25 from the same month of 2000. The average monthly salary for the January-November 2001 period was BGL1,750. In Commercial Bank of Greece (Bulgaria) the average salary for November 2002 was BGL1,074, up BGL160 from the average salary in the credit institution for the first nine months of the year. As compared to November 2000, however, the remuneration which the employees of Commercial Bank of Greece (Bulgaria) got in Novemner 2001, remained unchanged.BULBANK's employees, on their part, are certainly signing for its former managerial team. Their average November 2001 salary was BGL1,150, down BGL821 from the same month of 2000. However, they got a 13th salary in December. The average salary in BULBANK for the January-November 2001 period was BGL712.Remunerations in Raiffeisenbank (Bulgaria) have been cut down, too. It employees got BGL953 on average in November 2001, BGL50 down from November 2000. The situation is similar in First Investment Bank, where the average November remuneration decreased by about BGL50 from 2000.November was a good month for the 5,560 employees of DSK Bank, as they got tidy bonuses then. The average salary in 2001 was BGL388, but many of its employees got double that amount in November - BGL684, up BGL104 from the same month of 2000.In most Bulgarian banks the average remuneration for November 2001 exceeded BGL5000. The employees of two of the top local credit institutions - United Bulgarian Bank and Post Bank - got BGL545 and BGL527, respectively. ROSEXIMBANK's staff got BGL562, NEFTINVESTBANK's - BGL559, and the personnel of Bulgarian Invest received BGL544.The state-run Incentive Bank gave much higher salaries in November - BGL877. Biochim commercial bank's managers also loosened their purse-strings before Christmas and the average monthly remuneration for Novemebr 2001 was BGL792. EIBANK paid average salaries of BGL890 in November 2001, and BGL692 on average in the January-November 2001 period. However, the rise of the bank's expenditures under this item in November was mostly due to the increase of the members of EIBANK's Management Board. Four new managers were appointed in November 2001 - Stanislav Derlipansky, Alipi Alipiev, Anton Andonov and Vassil Simov.The employees of Municipal Bank received BGL908 on average in November 2002, up BGL400 from their average monthly salaries for the previous months.November 2001 salaries were the lowest in Central Cooperative Bank - BGL471 on average, HEBROSBANK - BGL449, International Bank for Trade and Development - BGL412, TEXIMBANK - BGL400, First East International Bank - BGL378, and EUROBANK - BGL355.The information, submitted at the BNB by the Sofia branch office of Citibank, also deserves attention. According to it, the average salary for November 2001 was only BGL364. This amount is incredibly low as compared to a year ago when the employees of the bank's branch office were among the most highly-paid in Bulgaria with an average monthly salary of BGL2,148. Moreover, considering the data for the expenses, made by the branch office from January till end-November 2001, the conclusion could be drawn that the annual monthly remuneration to its employees was BGL2,953. The discrepancy between the data has remained a mystery for the time being. The BANKER weekly could not get a reply as the managers of Citibank have not come back from their leaves yet.

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