Банкеръ Weekly



The news that Levon Hampartsumyan will be the new chairman of the Managing Board and chief executive director of Bulbank - Bulgaria's largest bank, finally revealed who would succeed Chavdar Kunchev. Luigi Lovaglio acted as chairman ad interim of the Managing Board so far. The appointment of Mr. Hampartsumyan has been kept secret because of the parliamentary elections on June 17, well-informed sources revealed. It appeared a difficult task to check the news, however. No senior officer in Bulbank confirmed that Mr. Hampartsumyan was its new CEO indeed. The bank's press service told the BANKER weekly:
You know, managers are appointed and released by the Supervisory Board and its members are in Italy. You'd better put this question to the press service of our owner UniCredito.
However, Viviana Vestruci from the press service of the Italian bank failed to answer the question about possible changes in Bulbank too. She said she had never heard the name of Levon Hampartsumyan but promised to a reporter of the BANKER weekly to ask her colleagues in Bulgaria about his appointment.
The news that Hampartsumyan will take Bulbank's management was commented by the whole financial community last week. Even economists from the National Movement Simeon II who are closely watching the processes in Bulgaria's largest bank claim that the present head of the Privatisation Agency has signed the management agreement, offered by Bulbank. They only have different opinions on the post that Mr. Hampartsumyan will take. According to some of them, he will be CEO and chairman of the Managing Board of Bulbank. Others think however that Hampartsumyan will be appointed executive director instead of Momchil Andreev who will leave the bank in July.
In order to get a clear answer to all these questions, the BANKER weekly sent a fax to Luigi Lovaglio asking him to either confirm or deny the information until the current edition is completed. Since Mr. Lovaglio did not send a reply, the BANKER weekly will publish his opinion on the case at the moment he decides to announce it.

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