Банкеръ Weekly



We are at the end of the century, at the end of the Milleniun as well as at the end of a decade which proved to be extremely difficult for the Bulgarian banking system, when most of the credit institutions were established, said Mrs. Bistra Gueogieva, editor-in-chief of the Banker weekly, in her speech opening the ceremony. Some of them had their momentum, other taught a live demonstration of the bankruptcy lesson.

On the eve of 2001 the Banker weekly indulged in making an exception from its tradition. That is why first prize is awarded for group management. It was awarded to the BULBANK Board of Directors which has managed the bank for the bigger part of this year - Chavdar Kanchev, Ventzeslav Antonov, Dimitar Atanassov, Kyril Kalinov, Kyril Stefanov, Plamen Oresharsky and Anton Saldjiisky. These are the people, whose efforts throughout the years secured BULBANK the constant leading position, although, after the declared foreign debt repayment moratorium in 1990 it technically went insolvent.

BULBANK is the most profitable Bulgarian bank. For the nine months of the current year it has contributed about BGL80MN taxes to the budget, and its net profit reached BGL177MN as of the end of September, and almost BGL190MN by the end of October. Currently the bank controls about 27% of all assets in the Bulgarian financial and credit sector. Its attracted funds from companies and individuals grew 22% and by the end of September exceeded BGL1.7BN, while the total amount of credits increased by 20%, reaching BGL258MN. The bank's net worth grew from BGL332.2MN by the end of 1999 to BGL399.3MN by the end of September 2000.

Besides all these ressults BULBANK Board of Directors signed the most successful contract for selling a Bulgarian bank. It was the deal for the United Bulgarian Bank, where BULBANK holded 35% of its shares.

The best recognition of the high quality management was the highest appreciation of the new bank's owners - UniCredito Italiano and Allianz.

That's the reason why the Banker weekly awarded the BULBANK Board of Directors its prize for the management of the 2000 best and most stable credit institution, pointed out Mrs. Gueogieva .

For the people present here, conjinued she, it is no news that 72% of the Bulgarian banking asets are owned by foreign investors. Yet, in the bank ranking second in terms of its balance sheet value, its capital and profit - the United Bulgarian Bank - controlled by the National Bank of Greece, the new owners trusted the Bulgarian management, represented by Stilian Vatev and Radka Toncheva. Stilian Vatev, the Chief Executive Officer of the United Bulgarian Bank can easily be described as the live history of this credit institution. Lots of famous Bulgarian and foreign bankers participated in its Management Board, but Mr. Vatev was the only one to stay from the very beginning in 1993 till now. He was part of the team which lead the bank through the 1996 banking crysis, participated in the 1997 privatization process and the second sale in August 2000. Jointly with Radka Toncheva, the other Executive Director, Stilian Vatev managed in establishing the United Bulgarian Bank as the second ranking bank in Bulgaria. For the first nine months of the current year the United Bulgarian Bank balance-sheet value grew 19% and by the end of September surpassed BGL1.2BN, its net worth amounts to BGL2238.5MN, and its profit is BGL13.5MN. Funds attracted from companies and individuals, which increased by 27% for the first nine months, by the end of September exceeded BGL874MN, and the total amount of its credit portfolio grew 39% upto BGL231MN.

For the gained confidence of the bank's partners, the Banker weekly awards its Banker of the Year prize to Stilian Vatev.

The Banker weekly arrived at the conclusion that one of the most aggressively developing banks in Bulgaria this year is

Raiffeisenbank (Bulgaria), announced Mrs. Gueogieva. Some managers define it as the financial monster, eating up the market shares of its competitors. For the first nine months of this year Raiffeisenbank (Bulgaria) balance-sheet value rose 44% and reached BGL270MN. Its capital attracted from both companies and individuals grew 43% for the same period, reaching BGL182MN. Unlike many other banks, for the first six months of 2000 Raiffeisenbank (Bulgaria) has increased its credit portfolio by 62%. Raiffeisenbank (Bulgaria) is among the very few institutions in Bulgaria, who can be proud of the fact that credits it has launched exceed 50% of its assets. The bank's current year success results from the policy held by its three executive directors - Momchil Andreev, David Halsted and John Harris. The three of them managed to establish Raiffeisenbank (Bulgaria) as asignificant factor at the Bulgarian credit market.

Raiffeisenbank (Bulgaria) demonstrated the privilege of having a talented and ambicious Bulgarian among its managers. And Momchil Andreev proved that Bulgarian bankers can work observing West European standards. The Banker weekly awards Momchil Andreev its prize for a successful performance of a Bulgarian manager in the management of a foreign bank - the most active one in launching credits to Bulgarian companies in 2000.

The Banker weekly awards Momchil Andreev a prize for the second time. In 1996 as an executive director of the Bulgarian Post Bank he received the most promising young manager award, recalled Mrs. Gueorgieva.

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