ICB CHANGING ITS NAME
The annual General Shareholder's Assembly of International Commercial Bank (Bulgaria) AD was held in Sofia on May 9, 2001. The main shareholders of the Bank are Commercial Bank of Greece Group 94.15% and EBRD 4.37%.
The shareholders unanimously approved the Report of the Board of Directors, Auditors' Report and the Annual Financial Statements in National and International Accounting Standards for the year ended 2000. As reported to the shareholders by the Executive Director and Board member Mr. Koskinas, a profit was reported for 2000, and the capital adequacy ratio is 55.3 at year end.
During 2000 the bank's credit portolio grew by 18% /credits now represent 62.9% of the bank's total assets/, and customer deposits grew by 250% during the year. The bank's completion and entry into its new building on Layosh Koshut Street in central Sofia in August 2000 greatly enhanced the bank's ability to provide full banking services to its customers. The Board reported that the bank's capital adequacy is maintained, its operating results and outlook continue to be positive, and its services capability has been strengthened and can support future expansion.
The shareholders approved a change of the Bank's name to Commercial Bank of Greece (Bulgaria) AD, which will become effective following completion of the required Central Bank formalities and Court registration. All banking subsidiaries of the Commercial Bank of Greece in the region (in Romania, Albania, Georgia and Armenia, as well as Bulgaria) are changing their names to reflect Commercial Bank of Greece's ownership and the Greek bank's marketing strategy in the Balkan and Black Sea region.