Банкеръ Weekly



A week ago Mitko Subev, Chairman of the Supervisory Board of NEFTINVESTBANK, came out with an offer for unification of the Bulgarian bank capital. A quote: If NEFTINVESTBANK, ROSSEXIMBANK, BIOCHIM and other Bulgarian banks merge, then we will have only one big private Bulgarian bank which will undoubtedly act as a market factor.
At least two are the main points made by Mr. Subev on July 14 in Varna. The first one outlines the banks which can form the backbone of the Bulgarian financial-credit system. And the second implies that all the other credit institutions should be seriously concerned about their future. First Investment Bank is excluded from the top group despite the fact that its development potential is the greatest among all the credit institutions, claiming to be part of the Bulgarian lobby in our financial system. Mr. Subev did not mention UNIONBANK, either.
NEFTINVESTBANK and ROSSEXIMBANK share the equally unhappy fate which struck them in the summer of 2000. Then the National Security Service extradited Dennis Ershov and Michael Chorney. That decision came only a month after BCC turned down the offer of NEFTINVESTBANK for the purchase of BIOCHIM. Media attacks led to withdrawal of nearly BGL30MN from NEFTINVESTBANK within just a couple of months.
On July 14, after the bank's general meeting was held, Mitko Subev underlined that NEFTINVESTBANK was the only institution which not simply survived after the attack of the government, but also kept its potential for development. He said that the bank would attempt to quickly widen its market positions and did not rule out taking part in the privatisation procedure for BIOCHIM.
NEFTINVESTBANK's general meeting decided that the bank's authorized capital amounting to BGL64.4MN should be decreased to the size of the paid-up capital, which now stands at BGL57,981,530.
Shareholders accepted both the balance sheet and the annual report of the bank, certified by Deloitte Touche and decided that the whole 2000-profit should be placed in the Reserves Fund. They also chose a new auditor - KPMG, for the reason of some misunderstandings with the old one. After Emil Angelov and Genadi Tabakov left NEFTINVESTBANK, it will be now managed by Petya Slavova and the Executive Directors Orlin Georgiev and Dimitar Dimitrov.
Galina Andonova - former chief of ELITBANK's central office - is to head the specialized Internal Control Division, replacing Julia Altunian who resigned at the beginning of 2001 in order to take over the internal control of one of the bank's shareholders - Festa JSCo.

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