Another 3 banks signed frame contracts with the Ministry of Finance for servicing the budget. The new banks are United Bulgarian Bank, Biohim and Municipal Bank. Thus their total number becomes 17. In the end of the last year the Ministry of Finance dealed a contract with Bulbank, Bank DSK, Hebrosbank, Expressbank, Economic and Investment bank, Promotional bank, Unionbank, Rosseximbank, Trade bank Bulgaria-invest, Central Cooperative Bank, First East International Bank, Raiffaisenbank-Bulgaria, First Investment Bank, Corporate bank.
Source: Sega (04.01.2001)

Sofia City Court registered changes in the statute of Bulbank JSC.The system of management is changed to two-step system. As members of the Bard of Directors are wrote off Mr. Chavdar Kanchev, Mr. Kiril Kalinov, Mr. Kiril Stefanov, Mr. Dimitar Atanasov, Mr. Ventzislav Georgiev, Mr. Anton Sadjiiski and Mr. Plemn Oreshtarski. The court registered a Supervisory Board which consists of Mr. Roberto Nikastro - Chairman, Mr. Alberto Galmarini - Deputy-Chairman, Mr. Alexandro Decho, Mr. Sekondino Natale and Mr. Dimitar Zhelev. Te court registered a Board of Management which consists of Luidji Lavalio - Deputy Chairman and eexcutive Director, Mr. Dimitar Atanasov - Executive Director, Mr. Kiril Stefanov, Mr. Kiril Kalinov and Mr. Stanislav Georgiev. The company is represented by the Executive Directors Mr. Luidji Lavalio and Mr. Dimitar Atanasov together. The activity of the company is changed to public attraction of finances, deals with currency, attending of investment funds, consultant services and financial intermediary.
Source: State Gazette (09.01.2001)

The accounts of Balkan in Bulbank are distrained for a debt of USD 1.3 million to the plant for air-equipment in Moscow. The reason is that the national carter have not paid the rent for Tu-154M plane which was taken for charter flights last summer. During 2001 the company rented five planes for transport of tourist from Europe to the resorts at the Black Sea. The air-company pays the salaries of its employees thorough Bulbank. There is a real danger their salaries for December not to be paid if the debt to plant 400 is not returned up to 15 January. Because of the distrained of the accounts of Balkan is postponed the payment of the compensations to the former employees of the company at the airport of Varna. They were dismissed during December as the national carter could not conclude not a single contract for charter flights for 2001. A General Meeting of Balkan will take place on 18 January. At it will be decided if there will be any changes in the management of the company. The business from Israel Mr. Gad Zeevi, who owns 75 per cent of the company have ordered an examination of its financial state. Up to this moment Balkan owes USD 10 million for deliveries of fuel and to foreign airports. USD 8 million it owes to the airport in Italy.
Source: Standart (13.01.2001)

Mr. Johan Jonah will be Executive Director in Raiffaisenbank /Bulgaria/ after the leaving of Mr. Momchil Andreev who was elected in the Board of management of Bulbank. The change will probably happen in the end of March.
Source: Pari (16.01.2001)

As of February 1, 2001 Economic and Investment Bank will take the accounts of the National Security Institute in 7 from 28 offices in the State - Sofia, Blagoevgrad, Dobrich, Haskovo, Plovdiv, Kurdzhali and Pleven. At the moment in these regions are UBB JSC and Hebrosbank JSC.
Source: Trud (16.01.2001)

The Bank was closed on 12 January 1999. The bank may interesting as a building fund. Despite its head-office in Sofia the bank holds branches in Plovdiv, Bourgas, Russe, Pleven, Haskovo, Svilengrad, Targovishte, Shumen, Petrich, Pomorie and Grudovo. Among its more interest assets are the share in Bulgarian companies. Credit Bank holds 3 044 786 shares in Grand Hotel Varna, whose major owner is Multigroup. This participation is one of the conflict points between the syndics and Multigroup. Just before the bankrupt of the bank the group raised the capital and the share of Credit bank in it fall from 33 per cent to less than 15 per cent. The syndics appealed the legacy of this raise of the capital and now they wait the decision of the Supreme Administrative court.
Source: Capital (20.01.2001)

Another 3 banks will service the transit accounts and the payments from the Single account of the distributors with budget credits. These are Bulgarian Post Bank, Eurobank and Hios bank. The Minister of Finance Mr. Muravey Radev signed contracts with them in the end of the last week. In the beginning of the year in the service were included another three banks - United Bulgarian Bank, TB Biohim and Municipal Bank. During last year there were concluded contracts with totally 14 banks.
Source: Sega (22.01.2001)

One offer was submitted in the Bank Consolidation Company for the purchase of Biochim bank. Only Hebrosbank JSC - Plovdiv took interest in the sate-owned bank. Hebrosbank became a property of Regent Pacific Group in 1999. After discussion of the parameters of the offer, the Board of Directors of BCC will declare their decision. The Deputy Prime Minister Mr. Petar Zhotev declared that the bank would not be sold at the lack of good enough offer. According to the agreement with IMF Biochim has to be sold by the end of March, 2001.
Source: BTA (25.01.2001)

The new building of Bulbank in Plovdiv was officially opened in Ivan Vazov Str. The modern office is equipped with the most modern bank technics. The Chairman of the Board of Management and Executive Director of Bulbank Mr. Luigi Lavolio stated that the bank will try to keep its leaders' positions in Bulgaria using the bank know-how, provided by the owner of Bulbank - the bank group UniCredito. The three-year programme for the activity of Bulbank includes an emphasized attention to the strategic and corporate clients of the bank and also the further development of the system for support of the small and medium-sized business through raising the credit portfolio of the bank with about 1-1.5 points.
Source: BTA (26.01.2001)

This year expires the deadline for the privatization control on the initial deal for Plama as of October 1996, stated the former syndic of the company Mrs. Lili Todorova. Pleven-based refinery has not had funds in circulation ever since 1992-1993. The credits of the company will be paid off 35 years and by this way the refinery will not work. According to Mrs. Todorova the banks have not interest in the further development of Plama because one part of their receipts are to PA and to the State. Biohim Bank is a state-owned and it can not take these receipts without a permission of the State.
Source: Pari (26.01.2001)

The Executive director of Vidima - Sevlievo was elected for Mister Economy -2000. Among the nominated for the award were the Deputy Prime Minister Mr. Petar Zhotev, the former Director of Bulbank Mr. Chavdar Kanchev, the Director of Bulstrad Mr. Rumen Janchev and the member of the Board of Management of BNB Mr. Roumen Avramov.
Source: Sega (29.01.2001)

The Executive Director of Kremikovtzi JSC Mr. Valentin Zahariev stated that about 10 000 t metals each month are imported in countries from the European Union with false Bulgarian documents. According to him the import is mainly from Ukraine and Russia and smaller quantities - from Romania and Kazahkstan. He also added that there are such cases of false import in Canada for which the factory does not export metals. Kremikovtzi sells annually in EU about 1 million steel that is not more than 3.4 per cent from the total import in EU. The profit of the company for this year is expected to be BGN 50 million. The investments for the last year were USD 42.5 million.
Source: BTA (31.01.2001)

Many documents at the foreign debt were disappeared. The Minister of Finance Mr. Muravey Radev stated that there are considerable lapses in the debt of Bulgaria during the 80's when was accumulated a debt of USD 11 billion. He also specified that in the privatized Bulbank were found out remains from the archives at the debt. According to the Minister more of the foreign trade companies that exported funds, have already been privatized or closed.
Source: Sega (12.02.2001)

As it was promised by Luigi Lavaglio, executive director and acting chairman of the Managing Board of Bulbank, the bank has a new management structure from January 31, 2001. The structure should help the bank meet all requirements of its clients and at the same time keep its leading positions on the Bulgarian market, he said. The presiding position in Bulbank's Managing Board is still vacant, but the head of the Internal Control department - Hristo Tchamov, will be directly subordinate to the one who takes it. Alexander Pruvchev, head of the Economic Research and Public Relations department, will report its results to Mr Lavaglio. Dimitar Atanasov will keep his functions of executive director and member of the Managing Board, but he will be directly responsible for the Logistics department. The other member of the Managing Board, Stanislav Georgiev, will preside the Planning and Analysis department. Kalinka Kirova is the head of the Liquidity and Capital Markets department. Kiril Stefanov, member of the Bulbank Managing Board, is also head of the Credit Risk department. There comes the so called Business Line, which marks the beginning of a more closely specialized management hierarchy. There are five departments established in accordance with the type of clients. For example, the Key Clients department which includes the Ministry of Finance, the National Insurance Institute, etc., will be presided by Kiril Kalinov, who is also member of the Managing Board of Bulbank. Marin Marinov will lead the Corporate Banking department. He was manager of the Bulbank branch in Rousse. Momchil Andreev, executive director of Raiffeisenbank (Bulgaria) until recently, will take the management of Bulbank's branch network. The director of the Vidin-based branch, Lyubomir Punchev, will become head of the Retail Banking department. Operation and Information Technologies department will be run by Peter Kalinov.
Source: Banker (12.02.2001)

The Board of Directors of Bank Consolidation Company JSC - Sofia decided to start negotiations with Hebrosbank JSC - Plovdiv on the slake of Biochim JSC, said the Deputy Premier and BCC Executive Director Petar Zhotev. BCC is dissatisfied with the offered price and raising it will be the first priority pursued during the negotiations, Mr. Zhotev explained. If Hebrossbank JSC wants really to develop banking activity in Bulgaria, it should be buying, in order to expand its market share, he said.
Source: BTA (19.02.2001)

Three years after the Veliko Turnovo based packing-house Rodopa was announced insolvent, the company's largest buildings are still not sold. The enterprise was bankrupt in 1997 because of BGN 6.9 million debts. After the syndic Mr. Dragomir Grigorov made several unsuccessful attempts to sell the company for BGN 7.02 million in order to sink the debts, the court decided to sell it in parts. 18 isolated objects were established, 12 of them are sold.
Source: Pari (22.02.2001)

The Government, which grants the budget to the legal authorities, recommends that the money should be deposited in CIBank, was announced by the speaker of SLC Mr. Yordan Ivanov. The bank of the Olimp Group is recommended for the servicing of the BGN 100 million budget of the legal authority for the first time. Until now the money were deposited in DSK (State Saving Bank), Biohim and Bulbank.
Source: 24 chasa (22.02.2001)

One of the biggest re-insurance companies in the world - Muenich Re will buy within a month another 7 per cent of Orel G holding JSC and will possess the blocking quote of about 27 per cent in it, according to a decision of the General Meeting. At the Meeting was decided the capital to be raised up to BGN 22.5 million with an issue of 7.5 million new shares with face value BGN 1 per share.
Source: Dnevnik (26.02.2001)

The Board of Directors of Himimport JSC managed to space out the credits of the company that were taken from trade banks. The company spaced out its debts to TB Biohim JSC by the end of November that are in amount of USD 700 000. The debt to UBB was also spaced out by the middle of the year and it amounts to over USD 900 000. There is also an agreement with First Investment Bank JSC for payment of EUR 1.25 million loan.
Source: Monitor (26.02.2001)

Bankrupted Credit bank start to restore the non-guaranteed deposits of citizens and companies, declared the syndic of the bank Mr. Pavel Pavlov. After the closing of the bank in 1998, the accounts of about 20 000 citizens were lost. As of February 28 in the office of Credit bank will be issued certificates to the depositers for the amount of their deposits. Against the issued document within a week, the citizens may also receive their funds. Two months ago Credit bank paid back all sums liable to the Guarantee Deposit Law - about BGN 9.5 million. Totally BGN 6.2 million will be distributed among the depositers. The funds present 21.85 per cent of all non-guaranteed deposits of citizens and companies. Meanwhile became known that Credit bank may be bought as a company just like Economic bank and Mineralbank.
Source: Trud (27.02.2001)

On February 28, 2001 Unicredo and Simest signed a contract for purchase from the side of the latter of 4 159 254 shares from Bulbank, which represent 2.5 per cent from the capital of the Bulgarian bank, controlled by UCI, was announced from the press center of the bank. The shares will be transfered to Simest at the single price, which Unicredo paid to the state-owned institution, dealing with the privatization in Bulgaria, the Bank Consolidation Company, in October 2000, when UCI and Allianz bought 98 per cent from BulBank. Simest will pay in about EUR 9.2 million for this share (about GBP 17.8 billion). The operation will end by March 31 in Bulbank, Sofia.
Source: BTA (02.03.2001)

The Bank Consolidation Company (BCC) started negotiations with Hebrosbank in the deal for Biochim. Hebrosbank prepared a new, improved offer for the latter state-owned bank. Two weeks ago the Board of Directors of BCC decided at a meeting to start negotiations for the sale of Biochim. The Executive Director of BCC and Deputy Prime Minister Mr. Petar Zhotev, however, demanded that the price of USD 20 million for 99.3 per cent from the shares of Biochim, which was offered by Hebros, should be considerably raised.
Source: Dnevnik (02.03.2001)

Yesterday (February 28) Kaolin - Senovo was awarded "Golden Martenitsa" for Bulgarian producer. The award is given for increase in the production program and the sales, introduction of new investments and improval of the labour conditions. The "Golden Martenitsa" awards are given every year by the Union "Made in Bulgaria". Libher-Hausgerate Maritsa took the price for the best foreign investor. The golden martenitsa for bank institution with considerable investment in the sector and for introduction of new products for giving credit to the small and medium-sized enterprises was adjudged to Unicredo Italiano Group - Bulbank.
Source: Sega (02.03.2001)

The net profit of Bulbank JSC - Sofia for 2000 is expected to be in the amount of EUR 95 million and USD 88 million. Bulbank JSC is the largest Bulgarian bank, owned by UniCredito Italiano (UCI). The financial results is by 83 per cent higher than the net profit for 1999, which stood at EUR 51.9 million. Apart from the bank’s operation, the high rise in its profit is probably due to the sale of participation in other banks before Bulbank’s privatization in end-2000. Bulbank sold its stakes in United Bulgarian Bank JSC - Sofia, HypoVereinsbank Bulgaria and Corporate bank JSC - Sofia, in which it held more than 99 per cent. A total of 93 per cent on Bulbank JSC capital were sold to Italy’s UCI, another 5 per cent were acquired by German’s insurer Allianz. The deal was finalized in July 2000, but the total price of EUR 360 million was paid last autumn.
Source: Pari (05.03.2001)

Mr. Momchil Andreev is the new Executive Director and member of the Board of Management of Bulbank. Mr. Andreev executed the same position in Raiffeisenbank (Bulgaria). Bulbank was privatized in 2000 by a consortium between the Italian bank Unicredito Italiano and the German insurer Allianz. Over last week a minimum share of 2.5 per cent from Bulbank bought also the Italian organization SIMEST for EUR 9.2 million.
Source: BTA (09.03.2001)

Hebrosbank will increase its capital with the lev equivelent to USD 5.5 million at the Extraordinary Meeting of the company. The change is due to a clause in the privatization contract according to which the buyer I Rigent com is obliged to increase the capital of the bank with totally USD 10 million during the next 3 years. Hebrosbank has already had a contract with the American technologic company UNISYS for USD 7 million against which will be renewed the computer equipment and will be installed the operation system FBA Urbis.
Source: Dnevnik (09.03.2001)

20 companies were nominated for tax-payer number 1 in Plovdiv for 2000, was reported from the Territory Tax Administration. Among the nominated are Tared Bank Hebros, Vinprom - Peshtera, Kamenitza, Biovet and Pamporovo. The State-owned companies are represented by International fair-Plovdiv, Maritza-iztok mines, Yuri Gagarin BT, Water Supply companies in Plovdiv, Kurdzhali and Haskovo.
Source: Standart (12.03.2001)

Within several days will be declared the establishment of new pension company, was reported from ING Group. The new company will be registered in Bulgaria and will be a property of the Dutch company, not of the bank which is a part of it. The buyer of pension-insurance company Solidarnost also is ING Group, not ING Bank.
Source: Pari (16.03.2001)

Airline Balkan may receive a partial license for flights, only for the internal lines, declared the Deputy Minister of Transport Mr. Apik Garabedian. The license was deprived from Balkan after the meeting of the Court at which was decided the airline to be declared in procedure of insolvency. The idea is still being discussed but a partial license may be issued for a deadline of 6 months. On this lines will fly the two 48-seat airplanes An-24 which are property of Balkan. They will be insured in any company, different from Bulstrad at which Balkan owed over BGN 11 million.
Source: Sega (16.03.2001)

Financial services and products for service of the corporate sector will be presented as of March 20 to March 22 in the halls of the Central Military club. There will be presentation by Global Finance, bank Biohim, DSK Bank, ING Bank, Orbitel, Central Depositar and others. The topics include investments through shares, bank payments, e-banking.
Source: Sega (20.03.2001)

BCC required an increase of the purchase price of Biohim by the sole candidate-buyer. The Board of Directors of the bank holding discussed the revised offer of Hebrosbank for purchase of 99 per cent from the shares of the state-owned bank. During the negotiations the price from the first offer was increased with about EUR 700 000. The team that is negotiating with Hebrosbank will require a higher price. At the second round there won't be negotiations at the other clauses of the contract. According to non-official information the price that Hebrosbank offered when submitting the offer was about USD 21 million.
Source: Pari (22.03.2001)

First Investment Bank is starting to grant mortgage credits as of April. The credit portfolio of the bank is BGN 172 million in accordance with the international accounting standards and 41 per cent of it is in the field of the trade and 26 per cent for the industry. As of February the assets of the bank amounted to BGN 373 million. The bank has B grade from the international credit agency Standard & Poor's. In 2000 the assets of the bank increased with 57 per cent up to BGN 319 million. As of the end of December FIB reported a net profit of BGN 8 996 603.
Source: Pari (23.03.2001)

The German Hypofereinsbank wants the plant for kid shoes Dobrich to be declared in bankruptcy. The credit institution filed a claim to the District Court to begin the insolvency procedure for the factory. The plant owes the bank over BGN 4 140 000. If the Court approves the claim, the Management of the company will be removed and will start a selling off. The Executive Director of the factory now is the former Regional Governor Mr. Nikolai Iliev. He presented a reconstruction programme a while ago but the Minister of Finance Mr. Muravey Radev did not approve it. The biggest shoe plant in Eastern Europe has debts of over BGN 7.2 million. Dobrich took from Bank DSK BGN 150 000 against a pledge of machines, a part of which meanwhile were sold. The case is in the Supreme Administrative Court.
Source: Black sea (29.03.2001)

The total amount of the credit debt of Elprom-Trafo SN JSC-Kujstendil is in amount of BGN 2 404 000 as of March 31, 2001. The biggest debt is on credit from TB Biochim - BGN 1 770 000 and First Investment Bank - BGN 604 000.
Source: CMP (31.03.2001)

The Economic and Investments Bank /EIBANK/ won a tender on March 30, for the bank servicing of the State Reserves and Wartime reserve funds. The other bidders were the Biochim Bulbank, and Rossexim commercial banks. EIBANK offered to electronically link the State Reserves with the Wartime Reserves, to manage the cash flows and release of goods after payments, as well as other services, such as remote banking, debit cards and two-month salary overdrafts for State Reserves' employees. Last week EIBNANK was awarded the servicing of the Varna and Plovdiv regional customs directorates against a commitment to open bank bureaus in all the customs offices and border checkpoints. The bank is known for the chairman of its supervisory board, Slavcho Christov, the representative figure of the Olymp financial group positioned close to the government. Up to now EIBANk has been awarded the servicing of the Bulgarian State Railways, the National Electric Company, Bulgartabac Holding, the Bulgarian Telecommunications Company, and the Bulgarian Posts. Some 50% of all the bank accounts of the National Insurance Institute and the judicial system were transferred to EIBANK in the beginning of this year.
Source: Pari (02.04.2001)

The Bank Consolidation Company is expected to take a decision for the sale of Biohim by the end of week. Most probably the company will postpone the privatization of the bank after the elections. According to the data the Deputy Prime Minister and Minister of Economy Mr. Petar Zhotev declared that April 5 is the deadline in which the sole candidate-buyer - Hebrosbank may improve its offer. This means that BCC may decide most early on April 6 when is the General Meeting of the holding. Over the last week representatives of I Rigent started a final round of negotiations for the privatization of Biohim.
Source: Dnevnik (04.04.2001)

Bulbank JSC won the auction on the Public Procurements Law for the bank service of the custom office at airport Sofia.
Source: Pari (04.04.2001)

The company Daru metals offered a new agreement for paying off the debt of Kremikovtzi to Biohim. It envisages the whole principal on the debt in amount of BGN 5.3 million to be paid at once but the bank is engaged to write off the interests.
Source: Capital (09.04.2001)

Municipal bank expects experts from the worldwide rating agency Standart&Poor's in order to actualize its rating, was reported from the company. The Executive Director of Municipal bank Ms. Vania Vassileva stated that the grade of the bank then was B with a positive prospective and the expectations are either it to be kept the same ot to be increased to B+. With B+ are only two banks in Bulgaria - Bulbank and UBB. The high grade of Municipal bank is due to its good management and the fact that 67 per cent from the capital are property of Sofia municipality and the municipality is considered to be an accurate debtor.
Source: Dnevnik (10.04.2001)

The businessman from Vratza Mr. Nikolai Kotzev won of the three cases in the Regional court against bank Biohim JSC. Mr. Kotzev is owner of the company Fotos which became owner of a part of the building where is situated the office of the bank. The bank has not left the premises yet.
Source: 24 chasa (10.04.2001)

The biggest banks in Bulgaria according to the methodology of BNB that are included in the first group and have a total amount of assets over BGN 800 million are Bulbank, United Bulgarian Bank and DSK Bank. They hold about 50 per cent from the assets in the bank system, attracted over 51 per cent from the deposists and generated 85 per cent of the total profit of the banks in the State. These banks granted only 36.43 per cent from the granted credits for 2000.
Source: Dnevnik (11.04.2001)

Trade bank Biohim will be the first bank that will receive a certificate for quality in accordance with the international standard ISO 9001:2000. The bank has already started an introduction of the Standards of the series ISO on the project Certification of a trade bank, financed by the German company for technical co-operation /GTZ/, was reported from the bank. Biohim will be assisted by a consulting company for transfer of technologies and providing of the quality TEQ. The bank reported a positive financial result over the first three months of 2001.
Source: BTA (12.04.2001)

Bulbank considers to keep its share in Orel-G-holding for the time being. Mr. Kalin Kalimov, a member of the Board of Government of the bank is the person who will represent the interests of Bulbank in the Government body of the holding. On February 20 the shareholders of Orel-G decided to increase its capital to BGN 22.5 million and its major shareholder Mr. Dobromir Gushterov declared that the German re-insurance company Munich Re would increase its share from 20 to 49 per cent, acquiring the share of Bulbank.
Source: Dnevnik (12.04.2001)

Only Bulbank was included in the annual countdown of Deloitte & Touche for the 100th biggest banks in the Central and Eastern Europe. It is graded in the second half of the countdown.
Source: Capital (14.04.2001)

One of the founders of Orel-G-holding Mr. Ivan Dragnevski left the holding and at the General Meeting on April 10 was dismissed. At his place was selected Mr. Kiril Kalinov, a member of the Board of Directors of Bulbank. The Board of Directors includes Mr. Dobromir Gushterov, Mr. Simeon Petkov, Ms. Daniela Konova and Mr. Chavdar Kunchev. Bulbank refused to sell its share from Orel-G-holding JSC and to take part in the raise of the capital. However the German company Munich Re increased its share in the Bulgarian financial holding and Mr. Dobromir Gushterov remains with 51 per cent.
Source: Banker (17.04.2001)

In the beginning of the year a subsidiary company of Finmetals holding that is an owner of Kremikovtzi JSC bought up the debt of the factory. In the beginning of 2001 the Board of Government of Trade Bank Biohim approved the contract according to which Finmetals holding JSC received the right to buy up the receipts of the bank from Kremikovtzi. The face value of the receipts exceeds BGN 7.2 million.
Source: Banker (17.04.2001)

The Foreign Investments Agency gave the big prize for foreign investor for 2000 to the Italian bank UniCredito for the purchase of Bulbank. The prize in the field of tourism was won by Nekerman touristic and in the field of media - Balkan News Corporation, bTV of Mr. Murdok is 100 per cent property of News corporation. News corporation invested in bTV USD 15 million and taught 200 people, 80 from them journalists. The funds were used for equipments, for purchase of programmes and education.
Source: Pari (19.04.2001)

Twenty shareholders established Dobrudja Commodity and Grain Exchange with a capital of BGN 264 800. The State is the biggest owner with a non-monetary contribution of two buildings at the amount of BGN 176 500. The Agricultural Institute in Dobrudja, Biochim Bank, Sofiski melnichen kombinat and Dobrich municipality are among the rest of the shareholders.
Source: Democracy (23.04.2001)

Until recently the companies have to transfer their taxes only through banks. From this year on thay also may pay the sums cash in the tax offices. Nevertheless the payments still are mainly through bank. The tax offices work with 6 banks. They are TB Biochim, TB Hebros, Expressbank , Bulbank, UBB and Bank DSK.Bulbank attends Bulgargas, the management of the air traffic. The same bank attends also the Ministry of Defence, NEC, BSR .
Source: Sega (23.04.2001)

679 000 people in Bulgaria have credit cards, was reported from BORIKA. In Bulgaria credit cards are offered by BNP-Dresdnerbank, Bulbank, UBB, First eastern international bank and First investment bank. The number of BORIKA cards is 650 000 and Visa - 21 350.
Source: ComputerWorld e-Daily (24.04.2001)

The Government finally received its dividend from the Bank Consolidation Company (BCC). EUR 225.7 million were transferred from the deposit of the bank holding to BNB in the accounts of the Cabinet. The transaction was written in BNB’s balance as of April 20. The sum completely covers the dividend of about BGN 442 million. The deposit was made in October last year, so that the money from the sale of Bulbank could remain in BNB, and not in the trade banks at a higher risk, which was the idea of BCC in the beginning. Now the Government’s deposit, which includes the financial reserve, is increased up to EUR 1.415 billion, or BGN 2.8 billion, as of April, 20. A week earlier there were EUR 1.121 in the accounts of the cabinet.
Source: Dnevnik (25.04.2001)

Unicreditto Italiano, majority owner of Bulbank, has signed agreement with the International Finance Corporation (IFC) on the sale of 8,817,618 shares which account for 5.3% of the bank's capital. IFC will pay about USD 17.5 million for the deal, said officials from the bank. In October 2000 the Italians acquired 95.3% of the bank's assets for USD 307.57 million. After the deal with the IFC, which is expected to be finalized on April 27, the share of the Italians will be 85.2%, said officials from Bulbank. By December 31, 2000 the assets of Bulbank were worth EUR 1.3 billion, its net profit exceeds EUR 95 million.
Source: Standart (26.04.2001)

Supreme Cassation Court decided that if Kempinski-Zografski JSC did not pay the debt of USD 5 million to its creditor Bulbank in the beginning of the next week, the authorities would close the attractive hotel complex in order to prepare it for a public sale. he debt has dated since the period before the privatization of 80 per cent of the shares of the former hotel New Otani by Mr. Ivan Zografski.
Source: Banker (28.04.2001)

The General Meeting of Bulbank decided to distribute almost the whole profit as a dividend in amount of BGN 183 million.
Source: Banker (28.04.2001)

The Chairman of the Board of Government and Executive Director of Bulbank Mr. Lugi Lovalio remains at this position, announced the Chairman of the Supervisory Board of the bank Mr. Roberto Nikastro. Mr. Lovalio was appointed temporarily at this position in October at the first General Meeting after the sale of the bank by the Bank Consolidation Company to the consortium of the Italian bank Unicredito and the German insurance company Allianz. Bulbank reported a growth of the profit of 83 per cent up to BGN 186 million for 2000. This is 60 per cent of the consolidated net profit of the bank system for the last year. The credit portfolio of the bank reached BGN 316 million which is with 28 per cent more than 1999. For the first three months of this year the deposits from clients increased with BGN 128 million and the provided credits for the period amount to BGN 50 million.
Source: BTA (28.04.2001)

Unicredito took back only for 9 months about 33 per cent of the invested funds in Bulbank, since the Italian financial institution has become an owner of the biggest Bulgarian bank in consortium with Allianz. At the General Meeting that took place on April 27 the shareholders voted almost the whole profit of Bulbank for 2000 - EUR 95 million to be distributed as a dividend. Unicredito that has the biggest share - 85.2 per cent, received about EUR 80 million. In the end of February the foreign credit institution sold for EUR 9.2 million 2.5 per cent from the capital of Bulbank to the Italian agency for stimulating the investments SIMEST.
Source: Dnevnik (02.05.2001)

Bulbank considers how to enter the pension business, announced the Director of the Bulgarian bank Mr. Luigi Lovalio. It probably will not manage the pension fund alone and will offer its products. Within the end of September all Bulgarian citizens, born after 1959 have to choose an universal fund for obligatory insurance. For the time being Bulbank will not get out of the insurance business. It still holds 19.3 per cent from Orel and 12.8 per cent in Bulstrad. Bulbank finished 2000 with a net profit of BGN 160 million, more than 2 times over the profit of BGN 71.5 million one year earlier.
Source: Sega (03.05.2001)

The Association of the trade banks will vote at the General Meeting to reduce the membership fee for its regular members from BGN 8 000 to BGN 7 000, for the associated - from BGN 4000 to BGN 3500 and the initial contribution for all members - from BGN 2000 to BGN 1000. At the General Meeting presented 24 from 26 regular members and 2 associated from totally 4. Mr. Momchil Andreev was dismissed from the Board of Government. Except him from the Board of Government was also dismissed Mr. Ivan Radev from Unionbank. The new persons to enter the management are: Anna Sabeva, manager of First Eastern and International Bank, and Tsvetan Tsekov - CEO of Biohim. According to the adopted yesterday regulations, the Control Board drops out of the association's structure. The finance report for 2000 of the Control Board and the budget for the new finance year were also approved.
Source: BTA (04.05.2001)

Bulbank has prepared a claim for insolvency to AKB corporation, according to sources from the bank sectors. The bank took this measure when the former privatization fund AKB Fores ceased the payments on a credit for USD 12.9 million. The loan was granted in 1998 for acquisition for the controlling stake of shares of Polimeri and the shares of the plant were pledged in the bank.
Source: Capital (07.05.2001)

The Trade Banks Association is on its way to get own building in the centre of Sofia. The association paid totally USD 190 000 for the construction of the new office. For its construction the association gathered extraordinary contributions per BGN 8000 from its members. The general Meeting of the Association accepted the expected changes in the Board of Government.
Source: Capital (07.05.2001)

During April ten people have used the opportunity to pay their heath bills through bank automat, while during the past ten days of March when this service was offered for the first time their number was nine. Today this service is offered by some of the bank automats of nine banks Bank DSK, Purva Investiciona Banka, Obshtinska Banka, Raifaizen Bank /Bulgarioa/, Roseximbank, CCB, Biohim, Stopanska Investicionna Banka and BNB.
Source: BTA (08.05.2001)

The producer of wine LVK Vinprom JSC - Targovishte wants to secure the finances for the buying of grape produced in 2001. The shareholders of the company voted the association to emit bond loan amounting to BGN 3 million. The money will have to be collected until the end of September. The bonds will be offered only to institutional investors. The chief executive of the association Mr. Petko Mateev said that bonds will cost less than the bank credits. It is expected the interest to be between 8 and 12 per cent. The shareholders also voted the company to be erased from the register of the pubic associations of State Security Commission. This is possible because the capital of the company is only BGN 167 924. The finance results of the company show that the incomes have decreased from BGN 17.754 million to BGN 15.496 million. 84 per cent of the sales of the association are on the foreign markets. So far, the campaigns for buying of grapes were sponsored by Hypoferainsbank and BNP - Priba. The credit from the French bank amounts to BGN 2 million and ha to be returned until September 2001. As warrant all the production of the company is given. Hipoferaisnbak has granted credit amounting to BGN 5 million and has to be returned until March 2002. The payments have to be paid monthly and that is the big problem of the company. The new loan will be paid only ones - on the fall on August 31 2002. The exact parameters will be defined on the General Meeting of the company. MEBO Vinprom -Targovishte -96, which is controlled by Mr. Petko Mateev, holds 26.85 per cent of the shares of the association. The chief executive of the company contends that he owes over 50 per cent of the shares of the company. He said that Bulgarian Holding Company holds 18.02 per cent and Holding - Coop - South - 27.1 per cent.
Source: Banker (08.05.2001)

The Board of Directors of Bank Consolidation Company postponed for consecutive time its decision for sale of Biohim bank, announced after the meeting the Deputy Prime Minister Mr. Petar Zhotev who is Executive Director of BCC. On March the Board of Directors was not pleased with the price of the sole candidate-buyer - Hebrosbank that then increased its initial offer with EUR 700 000. On May 8 Hebrosbank submitted a third approved offer that is going to be analyzed. Most probably the Board of Directors of BCC will have a meeting next week at which is expected the final decision for Biohim. Biohim reported a profit of BGN 9 million for April before taxation.
Source: BTA (09.05.2001)

Bulgaria on Monday rejected the sole bidder for the major stake in state-owned Biochim Bank JSC , local Hebrosbank JSC, saying the buyer's final offer of EUR 26 million (USD 22.7 million) was too low. "We can not sell Bulgaria's third (biggest) and very well operating bank for only USD 23 million. This price is too low, Mr. Svetoslav Gavriiski, Central Bank Governor and member of the Bank Consolidation Company (BCC) told a news conference. The BCC, which is the government body in charge of bank sell-offs, will open soon a new privatization procedure for Biochim JSC, BCC's Chairman Mr. Petar Zhotev told the same news conference. Hebrosbank JSC, owned by Hong Kong investment fund Regent, has revised its initial offer of some EUR 20 million three times since January. Under a pledge to the IMF, Bulgaria had to sell at least 67 per cent of Biochim JSC by end-March. Biochim's assets rose to BGN 600 million (USD 269 million) this year, from BGN 400 million two years ago, Mr. Gavriiski said. Its preliminary January-April net profit stood at about BGN 6.5 million, compared to BGN 1.71 million for the whole 2000.
Source: Standart (15.05.2001)

The three trade banks with assets over BGN 800 million - Bulbank, DSK and UBB that are included in the so called first group, reported a current profit of BGN 133.435 million. This is almost 85 per cent of the whole profit of the bank sector that amounts to BGN 157.588 million. Meanwhile the assets of the banks from this group amount to BGN 5.3 million. Their assets as of March were BGN 5.5 billion. The main reason for the reported current profit of these banks is due to the freed provisions in amount of BGN 133 million.
Source: Monitor (15.05.2001)

Bank Consolidation Company will invite again big international banks to take part in thenew bidding for Biohim. The new procedure for privatization of the bank is not still declared but it is expected to happen by the end of the month. A week ago BCC refused to sell the bank to the sole candidate in the second bidding for Biohim - the off shore company Rigent paciffic group. The point is the invitation to increase the price of Biohim at least by USD 26 million.
Source: Monitor (23.05.2001)

The real selling price of Bulbank is lower with about BGN 180 million than the officially declared price. This was stated by the financiers Mr. Stoyan Alexandrov and Mr. Emil Hursev. According to inspection, the State voluntarily refused to receive at least BGN 172 million dividend when sold Bulbank to the consortium between the Italian bank Unicredito and the German insurer Allianz. The funds are the real profit of the bank by August 2000 when Bulbank was a state-owned property. The profit for the whole 2000 is BGN 186 million.From this sum, the new owners distributed BGN 180 million as a dividend. The State did not receive anything of this amount.
Source: Monitor (30.05.2001)

By 20 per cent from BTC, DZI, DSK, Navigation Maritime Bulgare, NEC, Bulgargas, Bulgartabac and Trade Bank Biohim will be launched for privatization against Compesatory Vouchers. This will be a part of the election programme of National Movement Simeon II (NMS II). The economic team of NMS II developed offers that will create a real market of Compesatory Vouchers. Beside this the trade with Compesatory Vouchers will be remitted and will be made an uniform register for all Securities and will be listed on the Stock Exchange.
Source: Standart (31.05.2001)

Orel G increased its capital from BGN 15 million to BGN 22.5 million, according to a decision of the General Meeting. The new capital will be used for increasing the capital of Pension-insurance company Saglasie JSC with BGN 5 million and the capital of Insurance Company Orel JSC with BGN 7.5 million up to BGN 12 million.
Source: Dnevnik (01.06.2001)

Three banks will grant credits to the agricultural producers on SAPARD programme. First investment bank, Unionbak and TB Biohim are ready to sign memorandum with the State Fund Agriculture. In the agreements will be defined the specific conditions for granting of credits to the farmers according to the requirements of the banks. There will also be defined the engagements of the Ministry of Agriculture, State Fund Agriculture and the banks.
Source: Standart (05.06.2001)

Rota engineering bought Censor electronics for BGN 700 000. The Plovdiv-based company has been declared in insolvency since 1999 and its biggest creditor is Hebrosbank. Because of missings in the auction documentation, the attempts for privatization of JVC and SENCE failed.
Source: Standart (11.06.2001)

The central offices of Post bank and Hebrosbank rejected the information broadcast by Sofia radio for difficulties of the two financial institutions. The Deputy Governor of BNB Ms. Emilia Milanova confirmed that there were no any reasons for trouble. According to her there are not any problems with the banks. Both banks are in very good financial state. The Executive Director of Post bank Mr. Vladimir Vladimirov also rejected the existence of any problems. The results of the bank show that it is developing quite good.
Source: Pari (12.06.2001)

About 400 clients of Bulgarian Post Bank drew their deposits on Monday when Mr. Anton Georgiev from FM+ radio declared that Post bank and Hebrosbank had financial problems. The two banks officially rejected of extraordinary drawing of deposits. The Deputy Governor of BNB Ms. Emilia Milanova said that she would impose the most serious punishment on the media for this action - a fine of BGN 200 000.
Source: Dnevnik (13.06.2001)

The sole working work-shop of a company from the former Military industrial complex is going to be sold. The area, the base and the machines for ceramic production in the village of Piperkov chiflik were evaluated to BGN 245 000. The company is a property of the declared in insolvency plant Elko - Kujistendil.
Source: Standart (13.06.2001)

The profit of Bankservice for the last year is BGN 337 000, stated the Executive Director of the company Mr. Lubomir Tzekov. The former practice has so far been the profit from the past year to be capitalized but the General Meeting will decide this problem at the General Meeting on June 19. There may be a change in the Board of Directors because of expiring the mandates of Mr. Kiril Stefanov and Mr. Vladimir Vladimirov. .
Source: Pari (14.06.2001)

CB Biochim JSC reported a profit for 2000 in the amount of BGN 1.682 million. The bank's profit will be allocated to the banks' reserves, reported Biochim's Executive Director Mr. Tsvetan Tsekov at the General Meeting yesterday. Biochim JSC total assets amount to BGN 521 million, which is with 35 per cent more in comparison with the previous year. 95 per cent of the bank's assets include T-bills and ZUNK bonds. The financial institution has more than 300 000 clients, 52 per cent from which are citizens and households and 29.7 per cent - private enterprises. Biochim JSC granted last year 5 555 credits in the amount of BGN 10.2 million. The Deputy Prime Minister Petar Zhotev, who is a Chairman of the bank’s Supervisory Board, reported in the end of the meeting that Biochim JSC will be sold only to a strategic investor.
Source: Pari (20.06.2001)

Bankservice JSC - Sofia will not pay any dividends and the all company's profit for the last year will be allocated for additional reserves. This was announced at the General Meeting of Bankservice JSC shareholders yesterday. The main activity of Bankservice JSC is the exploitation and maintenance of the national inter-bank payment system BISERA. The net profit of Bankservice JSC for the previous year is in the amount of BGN 337 000 and the pre tax-profit - BGN 526 000. The company's total assets amount to BGN 7.85 million. The Bankservice shareholders approve also new members of the company's Board of Directors. Mr. Stanislav Georgiev from Bulbank JSC and Mr. Yordan Skorchev from First Investment Bank JSC will replace Mr. Kiril Stefanov from Bulbank JSC and Mr. Vladimir Vladimirov from Post Bank, which mandates were expired.
Source: Pari (20.06.2001)

Bank Consolidation Company (BCC) and Corporate bank agreed for decisions at the forthcoming on June 28 General Meeting of Central Cooperative Bank (CCB). This was announced by CEO of Corporate bank Mr. Tzvetan Vassilev who took part in the meeting of the Board of Directors of BCC. According to the Executive Director of BCC Mr. Petar Zhotev there is no any signed contract for such activities. Corporate bank possesses 24 per cent of the shares of CCB and has interest to sell them in cooperation with BCC that has 33 per cent of the shares. Mr. Zhotev thinks that the statute of CCB has to be changed.
Source: BTA (21.06.2001)

A green light was given to the projects of the American companies AES and Entergy for Marica-Iztok 1 and 3. The first one could be a problem for the State and NEC. This week starts the barter for export for Yugoslavia and Kosovo for the return of the used nuclear fuel of APS Kozlodui in Russia. This type of deals give a lot of opportunities for destination of financial means in the "right" direction. Two days before the elections it was announced that NEC is withdrawn of the lists form healing and they received a free access to bank credits. During the last few months of the government were released the auctions for construction of some parts of Gorna Arda. This predetermines that the complex will be built although there still are arguments whether there is use of it or not. It is not a fortuity that a conflict for legality of an auction occurs and Minstroy initiates an proceedings against NEC.
Source: Capital (24.06.2001)

The chief executive of PA Mr. levon Hamparzumian will be the new chairman of the Board of Directorsof Bulbank from September 1. The representative of Unicredit Italliano Mr. Luidzi Lovalio, who was member of the Board of Directors and chairman of Bulbank remains on the position chief executive. Unicredito Italliano and Aliantz privatized the bank in July 2002 for EUR 360 million. Alianz holds 5 per cent and Unicredito Italiano has 93 per cent. In the end of February Unicredito Italliano sold 2.5 per cent of its shares to Simest and in the end of April it sold another 5.3 per cent to IFC.
Source: BTA (28.06.2001)

The member of the Board of Government of Bulbank Mr. Momchil Andreev returns in Reifaisenbank (Bulgaria) as of July 15. He will be Executive Director and Deputy Chairman of the Board of Government of Reifaisenbank.
Source: BTA (28.06.2001)

All workers in the company Elma JSC, Troyan, a property of AKB Corporation, will work again on a 8-hour working day after a stop of 4 months. The company had enough orders, according to the Trade Director Mr. George Gachevski. In spite of the rumours in Troyan, mass lay-offs of workers were not envisaged. According to company information over 2001 are necessary BGN 834 933 investments. The financial result from 1997 to 2000 was moving from BGN 1 162 920 in 1997 , BGN 642 132, BGN 706 000 to BGN 51 000 for the last year. The profitability for the same time reduced from 3.38 per cent to 0.23 per cent. In the end of December, 2000 by request of Mr. Nikolai Banev, Executive Director of Elma, in Lovetch District Court was registered a pledge on the whole trade company in accordance with a contract for bank credit with TB Biohim JSC for BGN 1 900 000.
Source: BTA (02.07.2001)

A new person will enter the managerial of Hebrosbank. The future executive will be Mr. Steward Jack. He will start from 1 July. He arrived in Bulgaria to strengthen the managerial of the new Credit Institution. He will be responsible for IT, software , the set-up and the processing of data.
Source: Banker (03.07.2001)

The unfinished building of the Archeological museum in Plovdiv is announced for auction from Hebros bank JSC. The offers for the area that is 6650 square meters are accepted till August 1. The unfinished museum was sold to Hebros bank on April 3 1997.
Source: Maritsa (04.07.2001)

The biggest Bulgarian bank - Bulbank was declared for the bank of 2000 in the list of the financial daily newspaper Pari. It was honoured among the banks in the whole bank system and the banks from first group, according to the grade system of BNB. Acoording to this system, the banks in Bulgaria are divided into 5 groups in accordance with the amount of the assets. In the first group are the banks with assets over BGN 800 000. The other awarded banks are BNP-Pariba (Bulgaria), First Investment Bank and Unionbank.
Source: BTA (05.07.2001)

The proprietors of Nova Plama - Plama Consortion Limited, negotiate with the banks that are creditors of the rafinery to purchase its debts from them. Experts expect that the negotiation with Biohim will be the most complex one. This bank is one of the biggest creditors of the rafinery. No more details were given from the rafinery because every creditor had individual scheme and it is confidential until final contracts are signed. According to the experts, credits issued in the past to Evroenergy /the former proprietor of Plama/ did not enter the rafinery. The reason the Consortion purchases the debts from the banks is to give Plama the opportunity to work as a company without debts.
Source: Pari (06.07.2001)

Rosseximbank takes interest in the purchase of Credit bank and Balkanbank, announced the new CEO of the bank Mr. Vladimir Vladimirov. He opened the second office of the bank in Sofia. Rossexim was a candidate for purchase of the minor stake of shares of 32 per cent of Central Cooperative Bank that are state-owned property. If the deals realize, Rossexim will raise its capital. The bank was established 3 years ago and has completely contributed capital of BGN 20 million that allows it to grant credits by BGN 5 million. At the moment it has 12 branches and 17 offices. With the finalization of the deal for Mineralbank will be acquired another 17 branches. Within the end of July will be gathered a considerable part of the credits of the bankrupted bank. They are between BGN 3.8 million and BGN 4 million.
Source: Standart (13.07.2001)

Bank Austria will manage the activity of Sofia-based branch of the based in Muenich Hipofereinsbank. In the end of the last year Bank Austria was bought by Hipofereinsbank and was responsible to take all subsidiaries structures of the two banks in Eastern Europe.
Source: Banker (16.07.2001)

The General Meeting of the shareholders of Blagoevgrad - BT decided 30 per cent of the profit for the 2000 year , accounting for BGN 26.64 millions to be divided as dividends. The proposal for increase of the funds was not accepted. The membership of the Board of Directors was not changed.
Source: Standart (17.07.2001)

At the hold on June 29 2001 general meeting of the shareholders of Kremikovtzi JSC, the governing body reported an increase of 38.8 per cent of the profit for 2000 year. The change of the portfolio to completed products lead to increase of the portion of cold rolled iron leafs from 24.2 per cent to 49.1 per cent. The balance loss of BGN 179 millions in 1999, was reduced to BGN 38.78 in 2000 year. A considerable part of the BGN 850 millions duties was liquidated. The duties to Economic bank amounting to USD 7.5 millions and to Biohim bank amounting to USD 7 million were restored.
Source: Company information (19.07.2001)

Bulgargas drawed over the last few days a considerable amount of its funds in Economic and Investment bank. The state-owned gas company is now being serviced by Bulbank, Biohim, Municipal bank, Rosseximbank and Economic and Investment bank. Bulbank and Biohim are also creditors of Bulgargas.
Source: Trud (23.07.2001)

Hebros bank reported a profit of BGN 5.1 million within June, was reported from the bank. It is increased in comparison with the first six months of 2000 when it was BGN 3.7 million. The investments of the bank are connected with introduction of new software and hardware products, attraction of additional personnel and opening of branches.
Source: Standart (25.07.2001)

It is expected the Board of Directors of Duty Free Zone -Bourgas to be changed on the general meeting of the shareholders. The shareholders will be offered to vote the 32 per cent dividend, which is very high. The company has BGN 143 000 profit for the last year, but if it pays the divided it will not be able to pay the taxes, because for the company has lost BGN 50 000 this year.
Source: Dnevnik (30.07.2001)

The Bank Supervision Direction will issue the certificate of Mr. Levon Hampartzumian as member of the Board of Directors of Bulbank until August 1. The new management of the bank announced that he is the new chairman of the Board and will undertake its duties form September 1.
Source: Banker (30.07.2001)

MEIK-98 and Pop - commerce LTD - Plovdiv are some of the largest distributors of LVK Vinprom JSC.
Source: Pari (31.07.2001)

BNB issued a certificate of Mr. Levon Hampartzumian, announced from Balkan Agency. According to the document was signed and given to Bulbank. The certificate acknowledges Mr. Hampartzumian as banker.
Source: Pari (02.08.2001)

The clients of Bouchim also pay the bills for electricity by phone. The trade bank Biochim has signed a contract with Datamax for the connecting the system ePay.Voice. All proprietors of debit cards of the bank may use the service payment of electricity and heath by phone. Within the end of August will be installed the software for work with the system and it will start working in practice in September. By now Datamax has contracts for payment by ePay.Voice with six banks - Rosexim, Bulgaria invest, First Investment Bank, Reiffeisenbank and Municipal Bank..
Source: Black sea (08.08.2001)

The Minister of Finance Milen Belchev is the new representative of the Board of Directors of Bank Consolidation Company/BCC/. Yesterday finished all procedures over the court registration of the changes in the management of BCC, announced from the Ministry of Finance. Mr. Milen Velchgev takes the management of BCC from the former Minister of Finance Mr. Muravei Radev. The next General meeting of BCC is set down for the middle of September.
Source: Standart (09.08.2001)

For the fist six months of the year Biochim Bank have reported a gross profit of BGN 16.8 million and BGN 12.242 million net. This is four times more than the same period last year. The taxes that were paid are about BGN 4.6 million. The assets of Biochim by 30 June 2001 are BGN 607.5 million as they grow with 16.6 per cent as compared to 2000. More than 83 per cent of the assets are composed of profitable assets. The claims from clients in the end of June are BGN 175.1 million which is 16 per cent more than the end of 2000 and with 26.8 per cent more than June 2000. Biochim is one of the most active creditors of the real sector. The share of the claims in BGN is more than 80 per cent of the total amount of the claims of the bank and the correlation between the claims and the attracted finances is 35.5 per cent. The attracted finances of the bank are BGN 494.2 million and 99 per cent of them are from non-financial institutions. For the period January-June 2001 TB Biochim have a net income from interest operations of BGN 13 million.
Source: BTA (10.08.2001)

BGN 16.8 million is the gross profit of Biochim Bank for the first six months of the year. The credit institution have paid over it about BGN4.6 million taxes. The assets of Biochim by 30 June 2001 are BGN 607.5 million which is with 16.6 per cent more than the end of 2000. BGN 175.1 million have distributed Biochim from the beginning of the year as credits. 80 per cent are the loans in BGN and the rest are in currencies The credit institution has attracted BGN 494.2 million from the population and from companies. The total capital adequacy of the bank is 20.6 per cent.
Source: Novinar (10.08.2001)

Sofia City Court registered changes for Bulbank JSC. As a member of the Board of Directors and an Executive Director is registered Mr. Momchil Andreev.
Source: State Gazette (10.08.2001)

Bulbank has decided to protect at all means its interests against irregular debtor AKB Corporation JSC, which owes more USD 6 million. Bulbank has informed the Prosecutor's office for the danger from the Polimeri plant in Devnia to be stolen property for more than USD 13 million.
Source: Banker (13.08.2001)

First Investment Bank /FIB/ paid two thirds of the loan of EUR 15 million which was given to her by a consortium of international banks, in which participated the Bulgarian banks Bulbank, BNP- Drezdnerbank. On 6 August 2001 FIB paid EUR 10 million fo Raiffeisen Central Bank which distributed them among the other members of the consortium. The other EUR 5 million PIB will pay after a year to European Bank for Recovering and Development.
Source: Banker (13.08.2001)

An agreement between the branch of Bulbank in Golden Sands and Anons 94 JSC for e-payments for holidays will signed soon. The customers may book places in the hotel and will pay with their credit cards via Internet.
Source: ComputerWorld e-Daily (17.08.2001)

Yet in the middle of the past year some banks – mainly state-owned, started a mass sale of their receipts of hard up debtors. The first bigger deal of the kind was performed by First Private Bank. It sold the debt of the newspaper group 24 Chasa to the German concern Westdeutsche Allgemeine Zeitung and received some DM 23 mln. Hebrosbank made a series of similar operations in this year’s winter and spring. It sold its receipts from about 20 state-owned enterprises of the food and beverage industry, some of which as Mlekimex and Mekoms were declared in liquidation. The companies were saved from liquidation and became private and the bank received income of over BGN 3 bln.
Source: Banker (18.08.2001)

BNP-Pariba (Bulgaria) and Biochim are the banks which are most active in the purchase claims from abroad, which are guaranteed by the Bulgarian Agency for Export Insurance. Biochim has purchased claims of Kremikovtzi from Eurometal for DEM 1.5 million.
Source: Banker (20.08.2001)

Sofia City Court issued in the beginning of August guarantee orders for distrant on the building of TZUM and for distraint pf the bank accounts of the owner of the shop - the offshore company Rigent in Hebrosbank, UBB and Reifaisenbank. The measure was taken because of debts to the construction company Beaston energy in amount of USD 1.1 million.
Source: Trud (20.08.2001)

Pharmaceutical company Sofarma will reinvest its whole profit and will distribute dividend neither for 2000, nor for 1999, was reported from the company. The net profit of the company for 2000 is BGN 14.45 million and for the six months of this year is BGN 11.52 million. According to the Executive Director of the company Mr. Ognian Donev most probably the representative of Bulbank Mr. Kiril Kalinov would leave the Board of Directors because the bank is connected with the company. In 2000 the bank granted a credit to the major owner Elfarma in amount of USD 24 million.
Source: Dnevnik (21.08.2001)

About BGN 14 million is the profit of Hebros bank for the last year, became clear at the General Meeting in Plovdiv. The profit will not be distributed. Mr. Michael Jacob and Mr. David McMaen were selected for new members of the Supervisory Board of the bank. The major shareholder of the bank is Rigent Paciffic group.
Source: Sega (21.08.2001)

The net profit of the pharmaceutics enterprise Sopharma for the first six months of the year is BGN 11.52 million compared to BGN 7.645 million for the same period last year. According to the balance sheet of the company the incomes from sales have increased to BGN 47.05 million for the first half of the year, compared to BGN 33.72 million for the same period last year. The shareholders of Sopharma decided at a General Meeting yesterday that no dividends are going to be distributed and the whole profit of BGN 14.449 million will be reinvested. The General Meeting has released the representative of Bulbank Mr. Kiril Kalinov and the Board of Directors now consists of six members. The report for the results and distribution of the profit was postponed.
Source: Pari (22.08.2001)

Hebrosbank will reinvest the whole profit for 2000 in amount of BGN 13 706 427 and will keep it as a reserve of the bank. The company will not distribute any dividends because of the increase of the capital. The General Meeting selected PriceWaterHouse Coopers Bulgaria SP Ltd. for international auditor and PriceWaterHouse Coopers Audit Ltd. for specialized audit company. The membership of the Supervisory Board of the bank was changed. The bank is going to take part in the auction for Biohim.
Source: BTA (23.08.2001)

Margo Dzejkubs and David McMaan are the new members of the Supervisory Board of Hebrosbank. They take the positions of Dominique Bokor-Ingram and Alexander Yamond. David McMaan is finance manager of Airigent group limited. Margo Dzejkubs is responsible for the investments of the owner of Hebrosbank Airigent in banks and immovable property.
Source: Capital (27.08.2001)

Mr. Ognian Drenski became IT Director of Balkanfarma when he left the same post in TB Biohim. His place in the bank will be taken by Ms. Maria Filipova.
Source: ComputerWorld e-Daily (28.08.2001)

Bank DSK, Bulbank and OBB have decreased their profit as a whole in the bank system. In the end of July their share in the total financial result was 74.5 per cent. A month earlier the three banks have formed 76.5 per cent of the net profit in the sector. Almost unchanged is the share of the credits they have granted. The banks of the first group have granted 35.1 per cent of the total amount of the credits given by the system. They hold 49.8 per cent of the attracted deposit mass.
Source: Standart (30.08.2001)

The construction of Automated gas-distribution station in Vratza started, announced the manager of Heat Supply - Vratza. The expensive black oil will be replaced with natural gas, which will reduce the expenses. BGN 230 000 will be invested in the new project. The money will be loaned from Biohim bank or Roseksim bank. It is expected the money to be returned in a year and a half. The executor of the object is Himremontsroj. The station has to be opened until October 10.
Source: Shans Express Vratza (05.09.2001)

Representatives of Austria Bank intend to establish a bank in Bulgaria. It will be based on the activity on the branch in Sofia of Hipoferainsbank, whose head-office is in Munich. In the management of the new credit institution will be included the Director of the branch in Sofia Mr. Ludmil Ganchev and the employees of Austria Bank Mr. Helmut Haler and Mr. Volfgang Heps. By the middle of 2000 shareholders of the bank based in Munich Hipoferainsbank (Bulgaria) were the German Hipoferainsbank, which owed 51 per cent of the capital and Bulbank - owner of the other 49 per cent. During July 2000 Bulbank sold its shares to its German partners.
Source: Banker (10.09.2001)

Investors from Israel and Saudi Arabia are interested in buying the hotel Zamaka Hrankov in Dragalevtzi and the complex Havai Hrankov, announced the owner of Hotel chain Hrankov JSC Mr. Plamen Hrankov. Mr. Plamen Hrankov owns 74 per cent of the capital of the chain and the other 26 per cent are divided between 6000 shareholders. Mr. Hrankov intends to construct a new hotel in Albena resort, which will have about 500 rooms.
Source: Dnevnik (11.09.2001)

Sofia City Prosecution put an end to the causes against the chairman of the Board of Directors of the bankrupted Private Agricultural bank JSC Mr. Kiril Dunev. The sum amounting to USD 424 00 has been used for the aims of the bank. In 1993 when the PHARE program started, the German Komertzbank has sent ECU 1 074 100 to Private Agricultural Bank JSC for the Ministry of Transport. According to the agreement, the payments could be possible only if two members of the Commission sign. Despite this on July 14, 1995 Mr. Dunev had sold ECU 74 000 for USD 97 421. Four days after, he had sold another ECU 75 417 for USD 100 000 and on December 12, 1995 he had sold ECU 149 980 for USD 190 200. He has transferred the money to the account of the bank in Biohim bank. The rest ECU 774 593 were sold for BGL 69 016 236 and were transferred to the account of Private Agricultural bank in BNB. After that Ms. Vasilka Zaharieva has drown out USD 338 000 from the account. So Mr. Kiril Dunev owes ECU 1 047 469 to the Ministry of Transport. In the beginning of 1996 the payment of the bank to the clients had suddenly stopped and the Bulgarian National Bank has taken away the license of the bank. Private Agricultural bank JSC is one of the firs private banks in Bulgaria that declared bankruptcy.
Source: Pari (12.09.2001)

The future reforms in the bank sector and the privatization of Biochim and State Saving Bank (DSK) had discussed the Minister of Finance Mr. Milen Velchev with the Swiss delegation from businessmen and representatives of the Ministry of Economy, which is on a visit in Bulgaria. They were interested in these sales. In the delegation there was a representative of Credit Swiss Bank. The Government intends to sell Biochim within the middle of next year and DSK within the end of 2002. An extraordinary General Meeting of DSK will take place next week.
Source: Sega (13.09.2001)

The management of Bulgarian Consolidation Company (BCC) will be replaced at the General Meeting of the shareholders. As a chairman of the Board of Directors of the bank holding officially will be appointed the Minister of Finance Mr. Milen Velchev. He received the position from Mr. Muravei Radev in the beginning of August. On the place of Mr. Petar Jotev as an inheritor was elected the Deputy Prime Minister Mr. Nikolay Vasilev and Mr. Plamen Oresharski will be replaced in the Board of Directors by the Deputy Minister of Finances Mr. Krasimir Katev. From the initial version the management team drops out Mrs. Sofia Kasidova., Deputy Minister of Economy. The new management of the BCC has to find a purchaser of 99.6 per cent of the capital of Biochim Bank and for 32.7 per cent of the capital of Central Cooperative Bank. A lot easier will be the sale of the minor share of 25 per cent of State Saving Bank DSK.
Source: Dnevnik (17.09.2001)

Four ministers will enter the management of Bank Consolidation Company. This decision was made by the shareholders of the holding at a General Meeting yesterday. The new directors are the Deputy Prime-minister Mr. Nikolay Vasilev, Mr. Kostadin Paskalev, Mrs. Lidia Shuleva and the Minister of Finance Mr. Milen Velchev. The fifth member of the Board of Directors becomes the member of BNB Mr. Svetoslav Gavriyski. On 5 November will take place a new General Meeting of BCC. On it will be made a proposal the Board of Directors to be enlarged from 5 to 7 members. For new members will be offered the Deputy Minister of Finance Mr. Krasimir Katev and |Mrs. Neli Kordovska who will become an Executive director. Temporary an Executive director will be the Deputy Prime-minister Mr. Nikolay Vasilev. After the General Meeting of BCC took place the first meeting of the Board of Directors. On it was decided the participation of BCC in the General Meetings of and the Supervisory boards of State Saving Company DSK, Biochim Bank and Central Cooperative Bank.
Source: Standart (18.09.2001)

The Director of Information and Management technologies, at the Ministry of Finance Mr. Hristo Traikov resigned. He may be replaced by Mr. Borislav Tzanov, Director of the information technologies department of Hebrosbank.
Source: ComputerWorld e-Daily (21.09.2001)

The former management of Agriculture Fund has approved a guarantee of BGN 43 million, announced its director Mr. Asen Drumev in front of the Agriculture Commission in the parliament. In accordance with the agreements with the banks the Fund now has to restrict BGN 21.5 million. But there are no money, explained Mr. Drumev. Despite that, according to the agreement with one bank are allowed guarantees only in amount of BGN 3 million. On 7 June the Board of Management of the Fund concludes with First Investment Bank a contract for BGN 10 million. On 13 July the Agriculture Fund transfers in advance BGN 3.15 million to First Investment Bank. Guarantees for BGN 4 million has issued the fund in accordance with an agreement with Biochim.
Source: 24 chasa (28.09.2001)

The General Meeting of commercial bank Biohim voted a new Supervisory Board of the bank. The shareholders dismissed the former members Mr. Evgeni Chachev and Mr. Velizar Stoilov and selected at their place the Deputy Minister of Finance Mr. Krassimir Katev and the Deputy Chairman of State Energetics Agency Mr. Gati al Jeburi. Bank Consolidation Company that is the major shareholder in Biohim with over 90 per cent of the capital remains a member of the Supervisory Board as a legal entity.
Source: BTA (01.10.2001)

The European Bank for Reconstruction and Development granted a credit line in amount of EUR 6 million for Hebrosbank. The resource will be used for credits for small and medium-size enterprises in Bulgaria. Together with credit for Hebrosbank will be used 18-months programme for technical assistance for the granting of the credits. EBRD has already granted credit lines of this kind for First Investment Bank, Eurobank and Unionbank.
Source: Capital (01.10.2001)

Bulgarian Consolidation Company will declare a new auction for Biochim. In the end of last week BCC sent its representatives in the Supervisory Board of the bank. They are Mrs. Sofia Kasidova, Mr. Krasimir Katev and Mr. Gati al Djeburi. The Board of Management was completed with two new members - one of them is Mr. Nikolay Kavardjikliev - former member of the Board of Management of State Saving Bank DSK and former employee in Hebros bank. The other one is Mr. Lubomir Minchev. He was a former Executive Director of Global Securities. The bank is the forth biggest bank in the country as classified by assets after BulBank, United Bulgarian Bank and DSK. Its assets are BGN 602 million and they grew with 16 per cent since the beginning of the year until the end of August. The high amount of the assets was the main reason the former members of BCC to cancel its sale to Hebros Bank.
Source: Sega (02.10.2001)

Mr. Levon Harpantzumian took the functions of the Board of Government and Chief Executive Director of Bulbank JSC. The appointment is considered as of September 1, 2001. Biochim bank possesses one third of the State system which means that the opportunities of crediting are the greatest.
Source: Monitor (02.10.2001)

Sofia City Court registered changes in the statute of Bulbank JSC. The court accepts the annual accountant report for 2000 of Bulbank.
Source: State Gazette (02.10.2001)

Mr. Lubomir Minchev is the new Chairman of the Board of Biohim. Two months ago he was Executive Director of the investment broker Global securities. Executive Director and member of the Board of Government will be Mr. Nikolai Kavarjikliev.
Source: Pari (04.10.2001)

Three attempts for illegal export of currency in extremely big amounts and folders with archive documents of Bulbank were stopped by the control point Kulata. After 15 hours at Kulata custom-office was made a second attempt for export of currency for USD 22 650.
Source: National radio (04.10.2001)

PA invited will invite Inter-tab Ltd. Plovdiv in order to conclude the contract for the sale of Chinar hotel - a detached part from Slanchev Briag JSC. Inter-tab was graded at second place at the auction with open bidding for the hotel two weeks ago. As a reason for the rejecting of Bulgarian Holidays Ltd. Bourgas, which was graded at first place was that the company has presented not complete declaration for the origin of its finances. Besides Bulbank JSC, Bourgas gave a guarantee letter only for BGN 450 000. from the bank announced that the financial institution could not engage with the crediting of the deal. Bulgarian Holidays has raised the price to BGN 3 100 000 and the Agency will keep the deposit of BGN 40 000 applied by the company.
Source: BTA (05.10.2001)

The new team of the Board of Government was appointed in order to cooperate for the more quickly privatization of Biochim. At the moment Deloitte & Touche is executing an audit whose results soon will be published.
Source: Pari (05.10.2001)

0.25 per cent will be the fee that BNB and 4 of the Bulgarian banks will deduct at the exchange of the banknotes of the countries from the Eurozone against euro. This was announced in a cooperative statement of BNB, Bulgarian Post Bank, United Bulgarian Bank, Bulbank and Biochim. The commission will be gathered during the period between January 1 and February 28 of the next year and its purpose is to cover the expenses connected with the transport and insurance of the euro banknotes, was specified from the banks.
Source: Pari (05.10.2001)

Bank Consolidation Company started the privatization procedure of bank Biochim. The investors who will receive an invitation for participation in the auction are between 10 and 15. On October 15 BCC will be ready with the information memoranda which will give to the candidates. SG Expressbank is launching deposits at which the interest rates can be taken in advance.
Source: 24 chasa (10.10.2001)

Bank Consolidation Company (BCC) declared that in accordance with the decision of the Board of Directors from September 27, 2001, is starting officially marketing for the privatization of TB Biochim JSC. The privatization of the bank will be executed through auction with a secret bidding. Today BCC is starting to send letters to defined Bulgarian and foreign banks, considered for the most probable potential buyers. The potential buyers have to declare their interst for parest in the privatization of TB Biochim and to point the deadline in which will be ready to make a due diligence and to present their offers.
Source: BTA (11.10.2001)

BCC will sell Biochim at auction with open bidding. Letters are being sent to 12 potential buyers. There may also be other candidates for the bank holding. The offers are expected by Christmas.
Source: Sega (12.10.2001)

Bulbank is the most profitable bank in the whole Central and Eastern Europe for 2000, according to the competition list of Standard&Poor's for the 100 biggest banks in the region. The Managers of the bank in Bulgaria realized a return of the assets for the last year of 6.55 per cent. 12 credit institutions finished 2000 with a loss. The financial institutions are graded by the indicator ÀÑÅ (adjusted common equity). This means that from the shareholders' equity are extracted the reserves for covering of differences at re-evaluation of assets, the positive reputation and shares in other companies.
Source: Dnevnik (12.10.2001)

The Russian oil company LUKoil takes interest in the privatization of Bulgarian bank sector and in the gas monopolist Bulgargas, declared the General Director of LUKoil Bulgaria Mr. Valentine Zlatev. According to him a structure of such a scale needs own bank that will service the financial operations of the group. Mr. Zlatev did not hide the opportunity of participation in any of the banks and one of the alternatives for this is the upcoming privatization of Biochim. The intentions of the Government are within the end of the year the bank to be sold. He denied the alternative LUKoil to be a candidate for the state-owned share in Central Cooperative Bank.
Source: Dnevnik (17.10.2001)

Mr. Ivan Stanchov entered the Supervisory Board of Bulbank. The former Bulgarian ambassador in Great Britain and former Minister in the Government of Mrs. Reneta Indjova was elected by the General Meeting. Mr. Stanchov is a Chairman for Bulgaria of the Shifter Initiative and a member of the business council at the Stability Pact in South Eastern Europe. The shareholders of Bulbank also dismissed from the Board Mr. Sekondino Natale and elected two other members - Mr. Alois Shtainbihler and Mr. Franko Beninkaza.
Source: BTA (22.10.2001)

35 per cent of the investment company iRegent Group will be sold to a secret purchaser, announced from the institution. Among the shareholders who intend to sell their shares are most ofd the present directors of the company. iRegent Group owns through its off-shore companies Hebrosbsnk and Tzum. At the moment iRegent Group is in a process of restructuring and i is possible that it may lead to a change in the property of the company.
Source: Capital (22.10.2001)

Three armed men robbed BGN 70 000 from Hebros Bank in Montana. The money were taken from the girl at the safe, while she was getting out of the car of the bank. Two men attacked the woman and the third accomplice was waiting in a nearly parked car. The bank did not have a safe of its own and the money were left in the safe of First East International Bank in the evenings. No one was hurt.
Source: Sega (22.10.2001)

The main priority of the Government is to reach 5-7 per cent average annual economic growth for the period 2002-2005. This was announced by the Deputy Prime Minister and Minister of Economy at the representation of the long-term Governmental strategy. The Prime Minister Mr. Koburgotski has introduced the programme of the Government to the Chairman of the European Commission Mr. Romano Prodi. The economic growth will be reached by attracting of USD 1-1.2 billion foreign investments annually. Part of the investments will come from BTC, State Saving Bank DSK and Biochim.
Source: Pari (24.10.2001)

United Bulgarian Bank and LUKoil Bulgaria signed a contract for loan of EUR 12 million. The funds will be used for enlargement of the chain of petrol stations of LUKoil in Bulgaria.
Source: Dnevnik (24.10.2001)

The credit institutions have reported a net profit of BGN 247.876 million for the first nine months of the year. The net financial result of the bank system for September has shown a growth of 7.6 per cent. The profit for September is BGN 19.465 million. The three biggest banks - Bulbank, United Bulgarian Bank and State Saving Bank (DSK), which according to the classification of BNB form the first group, hold 47.4 per cent of the assets in the sector. The credits granted by these institutions form 36.2 per cent of the oans granted by the bank system as a whole. They have realized 73.9 per cent of the total profit of the sector.
Source: Pari (26.10.2001)

The changes in the Board of Directors of Bankservice, which the shareholders made at a General Meeting, were registered at court. Mr. Stanislav Georgiev from the Board of Management of Bulbank and Jordan Skorchev - the Executive Director of First Investment Bank replaced in the Board of Directors Mr. Vladimir Vladimirov from Rosseximbank and Mr. Kiril Stefanov from Bulbank, who resigned.
Source: Capital (29.10.2001)

The Greek trade bank refused to take part in the privatization of bank Biohim. The bank sent an official refusal to the Management of the holding. The foreign bank wanted to buy Biochim in the end of 2000 when the Bulgarian bank was sold for a second time. However the preferred buyer then was Hebrosbank. All investors and companies that took interest in the bank before, were informed for the beginning of the new procedure for the sale of Biochim.
Source: Standart (29.10.2001)

The Spanish company Action park designs the first in Bulgaria water park in Zlatni piasatzi resort. The investment is in amount of DEM 8.5 million. The foreign company is designer, it will deliver the equipments and will teach the Bulgarian personnel. Within June 1, 2002 a part of the employees will be educated in Spain. The investor is Zlatni piasatzi and the funds are credit from Bulbank.
Source: Sega (29.10.2001)

Hebrosbank changes automatically the accounts in the 12th national currencies of the Euro countries with accounts in the unified European currency - EURO, was reported from the bank. The first 500 clients of the bank who opened euro account, will become one of the first possessors of euro coin in Bulgaria.
Source: Dnevnik (02.11.2001)

The Executive Director of Bank Consolidation Company Mrs. Neli Kordovska announced that the privatization in the bank sector will be completed by the middle of 2003. Their participation in the auction for Biochim have confirmed Bank Austria, Sussiate General, Bulbank and KBC. Some of the potential purchasers demand to receive information for the financial report of Biochm for 2001. Mrs. Kordovska explained that if these requests are satisfied the deadline for application of the offers will have to be prolonged up to April 2002.
Source: Dnevnik (07.11.2001)

The Deputy Prime Minister Mr. Nikolai Vassilev declared that Bulgaria expected over USD 1 billion investments from Germany over the next year. He also added he hoped for a serious interest by the foreign country in the field of energetics. According to him BTC and Bulgartabac holding will be privatized within April 2002. Within the end of the next year there have to be privatized Biochim and DSK.
Source: Standart (20.11.2001)

The deadline for applying of offers for Biochim is prolonged up to 15 April, announced Mrs. Neli Kordovska - Executive Director of the holding. Thus the applicants may get accustomed with the financial state of the company. Within the end of March will be prepared the financial results for 2001. The potential purchasers for 99.3 per cent of the capital of Biochim may make due-diligence in the beginning of next year.
Source: Pari (22.11.2001)

The debts in currency of the Government to the banks from the first group - Bulbank, United Bulgarian Bank and State Saving bank have grown during October with nearly BGBGN 4.5 million. A growth in similar size was reported during September when Bulbank financed the Government with BGN 88 million.
Source: Dnevnik (22.11.2001)

In their report for the activity of Biochim for the first nine months of the year the auditors from Deloitte & Touche have recommended the bank to provide additional reserves in amount of BGN 5.6 million for several big credits, whose attending has stopped during the last few months.. Among them is the credit of Hotel Chain Hrankov.
Source: Capital (26.11.2001)

The former Director of Tzelhart - Stamboliiski Mr. Roumen Beremski became a Director of the Board of Government of bank Biochim. This decision has to be taken by the Supervisory Board within several days. Recently Mr. Beremski also headed the working group on the privatization of Varna shipyards. He takes the place of Mr. Lubomir Minchev who left Biochim in order to work only for Telelink - the company sub-contractor of Motorola.
Source: Standart (27.11.2001)

The Investment fund Pioneer investment, owned by Unicredito intends to start activity in Bulgaria. The italian financial group ojnws 85.2 per cent of Bulbank. One of the ways oif entering of Pioneer investments on the Bulgarian economy is to established an investment company, which will offer to tyhe local investors different ways of operating their finances. Unicredito intends to offer on the Bulgarian market all services which are in the competention of the group and are appropriate for the Bulgarian conditions.
Source: Dnevnik (27.11.2001)

The rating of Bulbank and United Bulgarian Bank was raised from B+ to BB minus and of Municipal Bank - from B to B+. The evaluation of the perspective of the three banks was changed from positive to stable. The present long-term rating of First Investment Bank was confirmed - B as the perspective was changed from stabile to positive.
Source: Standart (29.11.2001)

The Deputy Minister of Economy Mr. Kaloian Ninov headed the working group for Varna Shipyard. The former leader of the group Mr. Roumen Beremski was appointed for Executive Director of Biochim bank.
Source: Dnevnik (30.11.2001)

At today General Meeting of the Board of Directors of Bank Consolidation Company(BCC) will be offered Chimimport to be selected for a preferred buyer of the share of 32.77 per cent of BCC in Central Cooperative Bank. In this way the foreign trade company will possess totally 60 per cent of the capital of the bank and will control another 28 per cent that are property of the Central Cooperative Union. The price of the stake of shares is BGN 6 million or BGN 1.13 per share which according to the bankers is quite expensive.
Source: Dnevnik (30.11.2001)

Another 2 banks will start to grant credits against warehouse notes. These are UBB and Bulbank. SG Expressbank, Eurobank and Unionbank have so far provided such loans. So far have been granted credits in amount of BGN 12.1 million against warehouse notes for 626 000 t grain. In 2001 the interest of the agricultural farmers in the trade with warehouse notes increased three times in comparison with 2000.
Source: Monitor (30.11.2001)

At the meeting of the Supervisory Board of Biochim JSC was discussed an alternative for the dismissal of Mr. Ventzislav Lubomirov from the Board of Management. The reason for this decision was information for deals with Securities for which was responsible Mr. Lubomirov. Sources from the bank claim that the deal was executed with the agency of financial-brokerage house Fix plus as the bank was imposed to quite big risk since there was a long period between the provision of ZUNC bonds and the receiving of brady bonds.
Source: Capital (01.12.2001)

The Board of Directors of Bank Consolidation Company (BCC) decided to sell its share in Central Cooperative Bank (CCB) to the sole candidate-buyer Chimimport. The state-owned share in CCB is 32.77 per cent of the capital. On November 23 expires the deadline for submission of offers for the share. Chiimport offered a price of BGN 6 million for the share of the bank holding in the bank. Within several days the buyer has to present officially its documents in BNB.
Source: BTA (03.12.2001)

The Board of Government of BNB allowed to Sofia branch of Hypofereinsbank (Bulgaria) to be transformed in a bank. The name of the new credit institution is HVB Bulgaria and will have a capital of EUR 15 million. It will be managed by the Executive Directors Mr. Helmut Haler, Mr. Volfgang Helpa and Mr. Ludmil Gachev who at the moment runs Sofia branch of Hypofereinsbank (Bulgaria). The full license of the new bank HVB Bulgaria will be received when its capital is entirely submitted.
Source: Banker (03.12.2001)

The State Financial Supervision Agency and National Audit Office found out many violations in the activity of State fund Agriculture. There was found out a lack of preliminary and current control on the credits. The most significant of the not properly provided credits are of the following companies: Shato Ruko JSC, Yambol – BGN 2 900 000 against a guarantee of 2 000 decares area and one apartment in Yambol, Vinprom, Lom – against a guarantee of 1 900 decares area, Litex Commerce – BGN 3 900 000.
Source: Government bulletin (06.12.2001)

On February 12, 2001 the Executive Directors of TB Biochim Mr. Ventzislav Lujbomirov and Mr. Plamen Dobrev concluded two contracts without any submission of offer in the Board of Management with the agricultural cooperation Zlatia 2000-Biala Slatina and with the private agriculture producer Mr. Stoyan Dinchev.
Source: Pari (07.12.2001)

Bulbank is releasing a new system for USD 30 million. The Executive Director and Chairman of the Board of Directors of the bank Mr. Levon Hampartzumian said that this is one of the biggest challenges for the bank during 2002. The introducing of the new information system is a process which will take about 14-15 months. In Bulbank have been made changes in the development of the new products, entering in the area of financial services and business, which in the past have not been among the activities of the bank.
Source: Standart (10.12.2001)

Bansko Municipality negotiates for a credit in amount of USD 18 million for the development of a ski-zone, announced the Mayor of the city Mr. Alexander Kravarov. For the construction the municipality depends on a credit from foreign and Bulgarian banks. Readiness to grant the credit have announced United Bulgarian Bank, Bulbank and Raiffeisenbank. They all have a definite interest for investment. The guarantee for the credit will be given by First Investment Bank.
Source: Monitor (10.12.2001)

It is expected after the State returns its ownership on the shoe plant Dobrich, the biggest creditors of the factory to become its shareholders. Among them are Hypofereinsbank and Turkish companies - suppliers of leathers. The plant can revive its production with a reconstruction programme that the creditors will vote in the Court. The biggest plant for kids' shoes in Eastern Europe was sold in 1998. The MEBO was obliged to pay for 70 per cent from the capital. Later PA imposed a fine of BGN 2 800 000 on the new owner because of a drastic lay-off of workers and other non-executed clauses on the contract.
Source: BTA (11.12.2001)

Blagoevgrad District Court registered changes for TB Biochim JSC-Sofia and SP Lena-Trendafilov - Kostadin Trendafilov appoints the first meeting of the creditors for 31. January.
Source: State Gazette (11.12.2001)

Bourgas District Court registered changes for Duty free zone-Bourgas. The court registered new Board of Directors which consists of LUKoil Neftochim Bourgas JSC, Bourgas, Port Bourgas SPJSC, Bourgas, the State represented by the Minister of Finances, Trade Bank Biochim, Rosbulneft JSC, Bourgas, Bourgas Municipality, State Insurance Institute DZI SPJSC, Sofia. The court wrote off as members of the Board of Directors Bulbank JSC, Sofia, Mr Angelin Popov and Mr. Krasimir Grudov.
Source: State Gazette (11.12.2001)

Rosseximbank plans to issue mortgage Securities. The General Meeting that is appointed for today will give the right to the Board of Management of the bank to define the parametres of the issues. The issue of mortgage bonds will provide to the bank long-term funds and in this way will help the Management in the execution of the ambitious projects that took. It still intends to purchase the assets of the bankrupted BALKANBANK and to take part in the privatization of BIOCHIM. The capital of the company will be increased from BGN 20 million to BGN 40 million.
Source: Banker (17.12.2001)

The more quickly finishing of the privatization is one of the engagements that were taken by the Government before IMF. The recommendation of the Manager of the mission Mr. Gerald Shiff to the Government is the big companies among which are BTC, Bulgartabac and Biochim to be privatized in 2002. The Minister of Finance Mr. Milen Veltchev said that within March has to be selected a strategy for privatization of DSK and to be declared a new competition for buyer of DZI.
Source: Standart (17.12.2001)

Polimeri renewed the export of caustic soda for Turkey and Ukraine, was reported from the plant. There is a court claim for its declaration in insolvency that was submitted by State Claims Agency in 2000 because of unpaid debt to Bulbank of USD 6 million. The management worked out a scheme for financial stabilization of Polimeri that is sent in the ministry of Economy.
Source: Monitor (17.12.2001)

The former privatization fund AKB Corporation, which is the owner of the chemical factory Polimeri in Devnya will pay a debt of BGN 1.5 million to the State, announced the Chairman of the Supervisory Board of the holding Mr. Nikolay Banev. State Claims Agency requested Polimeri to be declared in insolvency because of its debts. According to Mr. Banev the concern has already paid two thirds of its debt. The main reason for the ceasing of the work of the plant was the lack of ethylene which is the main raw material for the manufacture of dichlorethan. During December will be concluded a contract for the delivery of ethilen from the reinery in Bourgas. LukOil Neftochim will deliver among 300 and 1500 tons of ethylene monthly. The plant still has to pay a debt of BGN 5 million to Bulbank.
Source: Dnevnik (21.12.2001)

Bulgarian National Bank (BNB) issued a full bank license to a new bank that will work under the name Hypofereinsbank - Bulgaria. At its establishment HFB - Bulgaria will be with fixed capital of BGN 29 million and its balance amount will be BGN 240 million and in it will work 60 employees. The head-office of the bank will be in Sofia. The bank will open over the second quarter of 2002.
Source: Dnevnik (27.12.2001)

Tokudashukai Medical Corporation, owned by the Japanese businessman Tarao Tokuda and the financial holding TBI have demonstrated interest in the privatization of BIOCHIM. This will be an interesting bidding, since the two investors are the two biggest shareholders in Tokuda Credit Express Bank through their subsidiaries in Bulgaria. International Hospital Services, which is ownership of Tokudashukai Medical Corporation holds 53.34 per cent of the bank. The insurance company BULSTRAD, whose major shareholders is TBI, controls 33.34 per cent of the bank’s shares. In the middle of 2000, BULSTRAD expressed willingness either to become major owner of Tokuda Credit Express Bank, or to sell its shares in it. Mr. Tarao Tokuda, however, was not willing to make such a deal with the insurance company. On December 20, the problem was touched again during a meeting between TBI representatives Mr. Evgeni Popov and Mr. Ivo Georgiev and the bank’s representatives Mr. Stoyan Alexandrov (Chairman of the Managing board) and Mr. Tarao Tokuda. TBI representatives again proposed to Tokuda to buy BULSTRAD’s 33.34 per cent stake. According to Mr. Stoyan Alexandrov, however, because of the bank’s significant losses, accumulated over the past few years, BULSTRAD will not receive more than BGN 2 million for its assets, while the insurers have invested in them over BGN 5 million. Therefore, Mr. Alexandrov suggested that BULSTRAD should wait and sell its share after the bank’s financial results are improved. Finally, the Japanese and TBI agreed to sign an agreement for synallagmatic option for sale of shares. According to this agreement, in two or three years one of the shareholders will have to sell its share at a price, based on the net value of the bank’s assets.
Source: Banker (27.12.2001)

ACB Corporation reached an agreemnet with its main creditor BULBANK. The company has paid UISD 2 million from its debt and the oother USD 5 million will be paidduring the next four years, as the company will pay an interst rate in amount of 9 per cent over them. The corporation which is unbder the contriool of mr.,
Source: Banker (27.12.2001)

I Regent Group purchased 18 190 shares of Hebrosbank which have been property of the State Claims Agency. The minority stake was gained by the State from Elitbank and Agrobiznesbank which bankrupted. The Agency sold the shares at their face value.
Source: Capital (27.12.2001)