Банкеръ Weekly



Till the end of the year UniCredito Italiano has to finalize negotiations with the International Financial Corporation, a part of the World Bank Group, concerning the sale of a minority stake of Bulbank shares. That was announced by Alessandro Profumo, the UniCredito CEO at the meeting with the Prime Minister Ivan Kostov, which took place on November 29, 2000.

On November 3, 2000, the Italian banking group UniCredito Italiano paid EUR342MN for 93% of Bulbank, while the German insurance group Allianz received 5% for EUR18MN.

Besides the Prime Minister, Profumo also met Peter Jotev - Vice Prime Minister and Muravey Radev - Minister of Finance. During the discussions Alessandro Profumo informed them that he is fully satisfied with the financial results of Bulbank. Answering journalists' questions he denied rumours that UniCredito intends to request increase of the escrow account amount.

Profumo said that Bulgarian economic indicators are very good, which will enable Bulbank to increase its crediting activities.

Together with the bank management we made the decision to implement certain reorganisations, in view of improving the quality of services offered to the customers. This is a process related to the establishment of new divisions - one of them will deal with corporate clients, another - with personal accounts. There will be a specialised department, responsible for e-payments and services, said Profumo to the Banker weekly.

These new divisions will be headed by Bulgarians. New Bulbank owners have not yet made a decision on the person to replace Chavdar Kanchev as a Chairman of the Management Board. Currently this function is temporarily held by Luiggi Lavaglio, Vice Chairman of the Board and Executive Director of the bank.

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