Банкеръ Weekly



A new member was appointed to United Bulgarian Bank (UBB) Board of Directors during an extraordinary general meeting of the bank held on August 1. Constantinos Adamantios Othoneos is going to replace Sally Warren who represented the European Bank for Reconstruction and Development (EBRD) in the board. She is leaving because in the middle of 2004 the EBRD sold its last 10% stake in UBB to the National Bank of Greece.The EBRD acquired 35% of UBB's capital in June 1997, when the Bulgarian credit institution was privatized. Shares were also acquired by BULBANK - 35%, and the US Oppenheimer Co - 29.9 per cent. Right after the privatisation deal Sally Warren was appointed to the UBB Board of Directors as a representative of the EBRD.In 2000, the National Bank of Greece acquired 89.9% of the shares of UBB and paid EUR185.2MN for them. EBRD kept 10% of its stake on the condition that four years later it would sell it to the National Bank of Greece at a price determined on the basis of the net value of the bank's assets. In turn, Sally Warren went on representing the EBRD in UBB after the change of the owners. Now, one year later, she is leaving.The new member of the Board of Directors, Constantinos Othoneos, was born on August 27, 1961. He holds a master's degree in shipping, trade and finance from the City University Business School in London as well as a bachelor's degree in economics from the Athens University of Economy and Business. He started working in the National Bank of Greece in 1981 and has changed several positions in its administration since then. His appointment to the UBB will have no effect on the bank's operating management, as it will remain in the hands of the bank's executive directors Stiliyan Vutev, Radka Toncheva and Christos Katsanis.

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