Bulgarian Internet provider and alternative operator Orbitel expects the incomes for 2002 to exceed BGN 10 million, was reported from the company. The real amount will become clear in May, 2003 when will be ready the consolidated balance sheet of the company. The forecasted amount is with 20 per cent more than the turnover for 2001. The company offers access to Internet and the service transfer of voice through Internet that could be used by the Bulgarian consumers as of the end of 2001 with changes in the Telecommunications Law.
Source: Dnevnik (02.01.2003)

Hebrosbank JSC signed a contract for purchase of 100 per cent of the shares of Orel - Leasing JSC.
Source: Standart (08.01.2003)

The Supreme Administrative Court will review the claim of minority creditors of Elko-Kyustendil, who requested the company to be declared in insolvency. In the end of last year Sofia Administrative Court rejected the claim for declaring in insolvency of the factory. With a decision of Kyustendil District Court as of 1998 Elko was declared in insolvency by a request of the Ministry of Economy. In the beginning of 2003 was announced the audit of the company and the shareholders decided that the first syndic of the company will not be dispensed from responsibility.
Source: Pari (09.01.2003)

The new member of the Supervisory Board of Bulbank is Mr. Maximiliano Moi. The decision for the exchange was made at the General Meeting of the shareholders of the credit institution. The exchange was necessary because Mr. Alesandro Decho, who was the manager of Planing and Development Department for New Europe in UniCredito Italiono Group resigned from the Supervisory Board of Bulbank because he was appointed as a Deputy Chairman of the Managing Board of the Croatian Zagrebachka Bank, which is a part of UniCredito.
Source: Pari (09.01.2003)

The last state credit institution - State Savings Bank DSK has raised significantly the amount of its profit and assets during 2002 as compared to 2001, announced the Chairman of its Managing Board and Executive Director Mr. Krasimir Angarski. The net profit of DSK for 2002 is over BGN 50 million, while during 2001 it was BGN 33 million. The profitability of the assets of the former savings bank is 2.046 per cent. The assets of DSK was grown over the past year with BGN 55 million and reached BGN 2.029 billion.
Source: Dnevnik (10.01.2003)

The Procurator of State Insurance Institute DZI and Former Executive Director of Biochim Mr. Nikolay Kavardjikliev will take the management of DZI Consult SPLtd. In accordance with the promulgation in State Gazette as of January 10 the company was renamed to DZI Consult Leasing SPLtd.
Source: Banker (13.01.2003)

All legal procedures for the consolidation of HVB Bank Bulgaria in Biochim bank were finalised on December 27, 2002. Bank Austria, which by privatisation gained 99.59 per cent of the shares of the sate bank Biochim is a majority owner of the new institution as well. The credit institution will rank fourth in the Bulgarian bank system by the amount of its assets, which are in amount of BGN 810 million It has a market share of 7 per cent. In the strategy of the majority owner Bank Austria is planned that the new bank Biochim to reach a market share of 10 per cent
Source: Capital (13.01.2003)

Mr. Kiril Kalinov was dismissed from the Board of Management of Bulbank. His place was taken by the former Director of the liquidity in the bank Mr. Kalinka Kirova. The change was executed with a decision of the Supervisory Board of the bank.
Source: Capital (13.01.2003)

The major owner of Hebrosbank - iRegent Group Ltd. changed its name to Regent Pasiffic Group Ltd. The company has already received the permission for change of the name. This is the consecutive change of the name of the owner of Hebrosbank.
Source: Capital (13.01.2003)

The privatised during the last year Biochim sold under form of cession its receipt from Svishtov-based company Sviloza. The deal was concluded in the end of the last year and according to non-official information Biochim received for its receipt at several tranches USD 3.9 million. The whole amount of the debt of Sviloza exceeded USD 12.8 million.
Source: Capital (13.01.2003)

Bulbank and Pioneer investments offer investments in mutual funds. Through the new service Bulgarian citizens will be able to invest in international securities. The new product will be offered on January 22 in all branches of the bank. Bulbank expects between 25 and 30 000 investors by the end of the year. Pioneer is a part of Unicredito Group and manages over EUR 106.3 billion in over 160 funds.
Source: Standart (16.01.2003)

The company iRegent Group Ltd.which is the major owner of Hebrosbank, will receive permit from BNB to transfer its shares to the credit institution to another company owned by it. This is the company SWC B.V., registered in Holland. According to the information, submitted in BNB by the owners of Hebrosbank, this company is 100 per cent ownership of another company SWC Netherlands N.V., registered on the Anthill Islands, which is a subsidiary of iRegent Group Limited.
Source: Capital (20.01.2003)

Procedure moves cancelled the lawsuit for announcement in insolvency of Dobrich JSC, which was due to be held on January 24. The suit initiated by HypoVerainsbank - Bulgaria cannot be heard until Dobrich District Court rejects the rehabilitation plan for the shoe factory. The deadline for appeal before Varna Court of Appeal will expire on January 27. The rehabilitation plan was suggested by Dobrich JSC, represented by the Executive Director of MEBO Dobrich 98 JSC Mr. Nikolay Iliev, which holds 70 per cent of the factory's assets.
Source: Pari (23.01.2003)

Bulbank SG, Expressbank and Bank DSK have developed special credit packages for public consumers of Black Sea Technological Company, which holds licenses for distribution of natural gas on the territory of Dobrich and Targovishte. After our investigation, they are ready to offer credits of under BGN 3000, which is the maximum sum needed for the gasification of one house, only in return of a contract with one working member of the family and one guarantee, stated the company's Executive Director Mr. Nikola Dumkov.
Source: Pari (24.01.2003)

Express Consult delivered to TB Biochim 330 computers HP Evo D310v. The bank will use the equipment in its central head-office and it s branches. One of the main criteria for the election of a supplier was the availability of service centres in the country, explained from Express Consult. The ten regional offices of Express Consult, the better price and the experience of the company in the execution of large projects helped it to be elected.
Source: Pari (30.01.2003)

BNB gave a license to Rigent pacific group to transfer its shares in Hebrosbank to SWC B.V. The company is registered in Amsterdam, Holland.
Source: Standart (30.01.2003)

The largest bank in Bulgaria, Bulbank, has agreed to give a 15 mio USD credit line to Agropolychim AD, Bulgaria and its controllling shareholder Acid&Fertilizers LLC, USA. The credit is aimed at financing both investments in phosphate production and logistics as well as increasing the working capital facilities of the largest fertilizer group in Bulgaria. Acid&Fertilizers LLC, USA controls 98% of Agropolychim AD (Devnya), 100% of AFER (Devnya), the distributing company for Bulgaria, 50% of Decaphos AD (Devnya), the leading Dicalcium Phosphate producer in the Balkans, and 50% of AFERT, D.O.O, a production and distributing company based in Pojarevac, Serbia. Agropolychim AD is in the process of registering a representative office in Amman, Jordan. The consolidated turnover of the Acid&Fertilizers Group amounts to more than 100 mio USD.
Source: Company information (03.02.2003)

Only companies from the machine-building branch with annual incomes over EUR 50 million and financial institutions that manage such amounts can be candidates in the competition for privatization of Balkancar holding and its 14 subsidiaries. The documents for the procedure can be bought by February 24. There are written the rules for the competition, including the criteria for the candidates for submission of final offers. The documents cost BGN 500. The information memoranda cost BGN 5000 but the access to them will be only for investors, responding to the competition's conditions.
Source: Dnevnik (03.02.2003)

BNB issued a license to Hebrosbank for acquisition of 100 per cent of the shares from the capital of Orel leasing. The license was given on January 29, 2003 and the contract has become efficient since this date. So far 95.36 per cent from the capital of Orel leasing have been held by the former privatization fund Orel-invest holding that is subsidiary structure of Orel-G holding.
Source: Pari (04.02.2003)

Two objections against the list of the creditors accepted by the syndic of Balkancar Holding Mrs. Boyana Karaivanova were received in the company. The deadline for applying the objections was February 21, 2003. Trade Bank Biochim is not satisfied because its claim in amount of BGN 2 million was not marked as guaranteed. The second claim is from the Plovdiv-based company Balkancar Holding for a debt at a value of BGBN 941 000 for deliveries.
Source: Dnevnik (20.02.2003)

Gabrovo District Court declared Elovitza invest JSC in insolvency by request of Sher - 69 SP Ltd. The latter became the biggest creditor of Elovitza invest after a cession contract of a bank credit in amount of BGN 1.9 million, granted in the end of 1999 from Bulbank JSC - Gabrovo. The credit is not paid and is transferred many times. Bulbank JSC transferred it to Corporate trade bank JSC - Sofia.
Source: Dnevnik (20.02.2003)

Hebrosbank JSC will start a national educational campaign My prospective - financing of small and medium-sized business on February 26 in Plovdiv. It includes 9 educational seminars in the whole country. Clerks of the bank will present to the participants the programme Prospectives that includes 4 new, completely considered with the needs of the small and medium-sized business credits - investment, turnover and a loan for the agriculture.
Source: Pari (25.02.2003)

The European Bank for Reconstruction and Development will grant EUR 112 million as a part of the loan at total value of EUR 348 million which is needed for the reconstruction of TPS Maritza Iztok 3. The investor in the project is the joint venture between NEC and the American company Entergy. Part of the loan will be covered by the Bulgarian Financial institutions Bulbank, United Bulgarian Bank, Biochim and SG Erxpressbank.
Source: Dnevnik (04.03.2003)

The Italian investor Enel Produkcione acquired 60 per cent from the American share in the joint-venture company Energy company Maritza Iztok 3, created for the realization of the project of the same name. The joint-venture company was a property of the Bulgarian National Electric Company and the American giant Entergy through its subsidiary Entergy Power Holding Maritza. The Italian company promised to pay between EUR 110 and 140 million. The memorandum for agreement between the President of Enel Mr. Nujdi and the Executive Director of NEC Mr. Vasil Atanassov was signed yesterday.
Source: Duma (06.03.2003)

Mrs. Anna Asparuhova, who is Deputy Chairman of the Managing Board of Unionbank was elected for a Chairman of the Managing Board of the Reserves Fund of Bulgarian National Bank. The Managing Board of the fund consists of ten members, as five of them are reserves members. The main members are Mr. Mrs. Anna Asparuhova, Mrs. Kalinka Kirova, Mrs. Rositza Tosheva, Mr., Peter Andronov and Mrs. Pavlina Anachkova.
Source: Pari (07.03.2003)

Òhe final lists of recognized receivables of Balkancar Holding's creditors will be ready by March 21, the holding’s Receiver Mrs. Boyana Karaivanova said yesterday. The BGN 2 million receivable of Biochim Bank, which was earlier rejected, has been recognised after the credit institution presented a collateral. The objections of 161 workers have also been accepted. The appeal of Balkancar Holding's former Executive Director, Mr. Toma Trayanov, against the receivables of all the big creditors, such as Roseximbank and Jorset Holding, has been rejected. The reason for this is that Mr. Trayanov does not represent the debtor, Mrs. Karaivanova explained. The privatisation of the holding will suspend the bankruptcy procedure for four months.
Source: Pari (12.03.2003)

Hebrosbank provided over 1000 credits for BGN 50 million in 2002 to small and medium-sized companies on the programme for financing of the small and medium-sized companies. The company has worked since October, 2001. The project of the bank is executed with the cooperation of European bank for reconstruction and development. Bulgarian bank received 4-year credit line of EUR 6 million. It is expected the share of Hebrosbank on Bulgarian market of newly-established business to become larger.
Source: Dnevnik (13.03.2003)

The investment programme of Black Sea Technological company JSC, Varna was raised four times because of the significant consumers' interest, announced the Executive Director of the company Mr. Nikola Dukov. The company will invest between BGN 2.6 and BGN 2.8 million in the construction of 17 800 metres of new gas pipelines in the central part of Varna. The investments programme received a credit from Bulbank. The Italian consortium AMGA was the guarantee for the credit. The Italian holding owns 98 per cent of the capital of the Varna-based company.
Source: Pari (14.03.2003)

The non-distributed profit of Bulbank for previous years at a value of BGN 121.9 million will be referred as Reserves Fund. This resolution will be made at the forthcoming General Meeting of the shareholders, which will be conducted on April 18. It is expected that at the General Meeting will be made a decision for amendments in company’s statute.
Source: Capital (17.03.2003)

Sofia District Court postponed the case against the former directors of Biochim bank for the second half of April because of the absence of a Prosecutor.
Source: Monitor (18.03.2003)

Veliko Turnovo District Prosecutor’s Office once more remitted for further investigation the lawsuit against the former manager of the oil factory Prima-M, based in the town of Polski Trumbesh – Ms. Asya Nikolaeva. She is the only person, accused of draining funds from the refinery. The debts of the company to 8 creditors as of the current moment are in the amount of BGN 6 million. The biggest debt (BGN 4 million) is to the Veliko Turnovo branch of Hebros Bank.
Source: Pari (19.03.2003)

Two consortiums with Bulgarian participation applied offers for participation in the privatisation of Varna Shipyards, became clear after the Minister of Transport Mr. Plamen Petrov announced the list of the applicants. Apart from AKB Corporation, together with the state Iranian Shipping Line, in the auction will participate the Varna-based Sea Technical Group together with Bulbank. Another nine applicant-investors from Germany, Greece, Great Britain, Ireland and Ukraine have applied offers. The State opened an auction for the sale of 75 per cent of the assets of Varna Shipyards. The minimum price is BGN 25 million. The auction will be conducted in three stages.
Source: Duma (20.03.2003)

A client of Bank Biochim became the biggest buyer of shares from Alkomet JSC – Shumen at yesterday’s exchange auction for sale of the remaining state share in the company. 24 offers were submitted for the 156 199 shares (3.49 per cent) which remained unsold after Tuesday. Half of them were sold for a total of 147 041 shares.
Source: Pari (20.03.2003)

The Chief Executive Director of UniCredo Mr. Alessandro Profumo was elected as Europe’s Number One banker for 2002. The award is given by the Association of international economic and financial journalist Group 20+1, based in the European Central Bank. Group 20+1 included journalists from Financial Times, Nadelsblatt, Bloomberg, The Wallstreet Journal Europe, Wirtschaftsjournalist, Frankfurter Allgemeine Zeitung, Les Echos, Corriere della Sera.
Source: Pari (20.03.2003)

Hebros Leasing is the new name of Orel Leasing. The leasing company has also changed its address – to 22 Zlaten Rog St. On February 26, all the shares of Orel Leasing were transferred for sale-trade of the company. Orel-G Holding and Orel Invest holding endorsed a total of 550 000 shares with a nominal of BGN 1 to the buyer Hebrosbank.
Source: Pari (25.03.2003)

Ruse Municipal Council elected through a competition Rosseximbank JSC for the use of a BGN 7.1 million credit. The funds will be used for the financing of a general repair of the road pave of 48 km first-class road network in the town. The term of the crediting is seven years with an interest rate of 5 per cent over the main interest rate and one year gratis period.
Source: Dnevnik (31.03.2003)

Biochim is the bank that services the payments on the bond loan of the leasing company TBI Credit SP JSC. It is property of TBI JSC - the major shareholder of Bulgarian insurance and pension holding that holds 74.27 per cent from the shares of insurance and reinsurance company Bulstrad. On March 28 the leasing company sold 2 year debt papers with a total face value of EUR 3 million on which is offered an annual interest rate of 6.5 per cent. The principal will be paid once at the maturity of the issue on March 27, 2005.
Source: Banker (07.04.2003)

Sandanski-based forest company Melnik-99 won the bidding for the offices in the centre of Blagoevgrad. Biochim occupies the offices at the moment. The other participants in the bidding were Rosseximbank and Biochim. The initial price of the competition was BGN 110 000. The office-building id property of the Blagoevgrad-based forest trade company Parangalitza.
Source: Struma - Blagoevgrad (15.04.2003)

ProCredit Bank issued three-year mortgage bonds. The bonds are interest bearing, paperless and free transferable The leading manager of the issue is Biochim bank and the co-manager is TBI Invest. The face value of the issue is BGN 10 million, distributed in two tranches. ProCredit bank will use the issue for financing its credit activity
Source: ComputerWorld e-Daily (16.04.2003)

After the general meeting of Bulbank became clear that it finished 2002 with a net profit of BGN 95.6 million. This financial result is calculated in accordance with the National Accounting Standards (NAS) while in accordance with the international it is BGN 79.1 million. In 2001 the profit of Bulbank on NAS was BGN 179 million but then in this amount were also included reserves in amount of BGN 137 million. The total capital adequacy of Bulbank now is 38.7 per cent and the adequacy of the prime capital - 19.7 per cent, was reported from the bank.
Source: Dnevnik (21.04.2003)

Commercial Bank Biochim declared a secret-bid tender for the sale of the holiday complex in Kavarna. The complex has about 100 beds, a restaurant with 80 places, bars and halls. The initial tender price of the object is EUR 508 000 and the step for bidding is EUR 6 000. Except the base in Kavarna, the bank has others in Shabla and in the village of Gebren, Plovdiv region for which will also be declared tenders.
Source: Dnevnik (07.05.2003)

Hebrosbank opened a new office in Varna in Gabrovo 2A Str. The building was officially opened by the CEO of the bank Mr. Gautam Vir and the Deputy Mayor of Varna Mr. Boris Kornovski.
Source: Black sea (16.05.2003)

Biochim JSC reported a profit of BGN 22.07 million as of 2002. This sum is nearly two times bigger than the profit, reported by the bank during the previous year. The credit portfolio of the bank has grown with 130 per cent, reaching BGN 427 million. By the end of the year Biochim plans to grant credits at a value of BGN 50 million.
Source: Duma (17.05.2003)

Deputy Prime Minister Mr. Nikolay Vasilev announced at the official opening of Summer 2003, that the expectations of the Government are for a growth of 10 per cent in the tourist incomes. It is expected that the total value of the incomes for the year will be U&SD 1.4- 1.5 billion.
Source: Sega (19.05.2003)

The registered in Cyprus company Rozin investments is about to sell its stake of 2320 shares from Biochim bank. The buyer is the major shareholder of the financial institution – Bank Austria that held at the moment 99.71 per cent from the capital. The price of the deal is about EUR 2.5 per share. Rozin is a section of the British investment fund Framlington and has worked in Bulgaria since 1997.
Source: Dnevnik (20.05.2003)

ProCreditBank will sign a contract for finance of the small business in Bulgaria with the Ministry of Finance and the German State-owned bank for development /KfW/. The holders of bonds from the first issue of the bank are 13 pension and insurance companies and banks. In the end of the summer of this year will be launched the second part of the mortgage bonds issue of ProCreditBank at the amount of BGN 5 million. The capital of the bank now is BGN 5 million and on May 19, 2003 BNB approved its increase .
Source: Pari (22.05.2003)

Biochim, which owner is Bank Austria, will register own leasing company. It will be in one of the bank's branches in the centre of Sofia and will be called Biochim leasing. Although it is not still registered in the Court, there have already been hired specialists to work in it.
Source: Banker (26.05.2003)

Biochim won the competition for a bank that will grant an investment loan of BGN 5 million for finance of the main repair of the road network in Pleven municipality. The offer of Biochim was graded at first place because of the best-offered conditions – one year gratis period and the period for payment of the loan is 7 years
Source: Dnevnik (10.06.2003)

For a first time over the last two years young people began to come back in Bulgaria, declared the Minister of Economy Mr. Nikolai Vassilev at the final meeting of participants in the students’ project How to make a successful career in Bulgaria? This year the project gathered a record number of participants – over 6 000 and about 40 companies, announced the Executive Director of Aims Human Capital-Bulgaria Ms. Maria Shishkova. In the period May 9 – June 5 for the students were organized 18 professional seminars at which were announced practice positions in leading companies in Bulgaria such as Nestle, Sisco Systems, Viohalco, Albena JSC, Bulbank.
Source: Pari (10.06.2003)

The Aquapark in Zlatni piasatzi was opened by Mr. Nikolai Vassilev on June 14. The investment in the park amounts to BGN 10 million. 200 workers will take care for the safety of the visitors, 35 from them will be lifeguards. Aquapolis is similar to this one in Valencia. For the Bulgarian object was attracted Actionpark – Multiforma which is based in Valencia. Main executors of the project are the Bulgarian companies Express garantion and Metal constructions – Devnia. The complex is financed with credits from Hebrosbank and UBB with a payment period of 5-6 years.
Source: Duma (16.06.2003)

Sofia District Court canceled the case for an attempt for secret privatization of Biochim for October 27, this year at a meeting of 19 members with a Chairman Mr. Bisser Troyanov. The case is against Mr. Boris Mitev, Mr. Zhivko Vulchev and Mr. Ilian Shamatanov. The case was canceled in connection with the new amendments in the Criminal code. It won’t be better even if the case is ceased since it is in quite advanced phase and is about to finish, according to the regional magistrates.
Source: Pari (17.06.2003)

Biochim granted credits without a warrantor for BGN 24 million during the last month was reported from the bank. Up to BGN 7000 may be granted by the bank without any warrantors. The clients for these credits have already become over 5600 people. The client must have a termless labour contract and must have worked at this employer at least 6 months without any interrupting.
Source: Standart (17.06.2003)

In the beginning of next week will become clear who will evaluate the oldest foreign trade company in Bulgaria – Bulgarplodexport. At the moment the company has four employees The registered capital of Bulgarplodexport is in amount of BGN 35 000. The manager of the company Mrs. Vesela Georgieva explained that the General Meeting of the company will be conducted on July 10.
Source: Banker (23.06.2003)

Bank Austria Kreditanstaldt ( BA – CA) which is the owner of the fourth biggest Bulgarian bank – Biochim will launch shares on the Austrian Stock Exchange in Vienna. The Managing Board of the bank announced the start of the subscription for shares from the initial public offering. The price of the securities is EUR 27 – EUR 31. The finances from the sale of the shares will be used for expanding the market positions of the bank in Central and Southern Europe, announced the Chief Executive Director of BA-CA Karl Samstag.
Source: Standart (24.06.2003)

The biggest textile plant in the Balkan region – Maritsatex JSC, will have an annual production capacity of 1 million m of fabrics, after it put into operation the latest technology for manufacture of superthin thread, the company’s Executive Director Eng. Kiril Boev said. The technology has been developed in accordance with NATO’s latest standards. Maritsatex is manufacturing camouflage cotton fabrics. The order was made by Mediconf JSC – Palermo. Mediconf recently acquired 10 per cent from the capital of Maritsatex JSC. Industrial Holding JSC is the major shareholder in the company with 70 per cent from the capital. Doverie holding owns around 30 companies operating in the textile, ready-to-wear, construction and pharmaceutical and medical sector, which reached a BGN 150 turnover in 2002. Doverie is also planning to open the first private hospital, which is currently being constructed in Sofia’s district Ovcha Kupel.
Source: Pari (25.06.2003)

Dobrich District Court declared the shoe factory Dobrich JSC in insolvency. Thus the activity of the company is ceased and its property will be sold. 70 per cent of the capital of the shoe factory were privatized during 1998 by a MEBO. The price of the deal was USD 2.66 million. According to the Syndic of the company – Mr. Yanko Stoyanov the total value of the debts of Dobrich JSC is BGN 5 million.
Source: Duma (26.06.2003)

Several banks have approached the European Bank for reconstruction and Development with the intentions to purchase its share in the project for modernization of TPS Maritza Iztok 3, announced the Minister of Energetics mr. Milko Kovachev. The Minister was on a visit in London for the meeting of the donors of the International Fund for putting NPS Kozloduy out of exploitation During April the American company Entergy and the Italian Enel produkcion initiated the reconstruction of the station. The value of the project was EUR 580 million. The Bank for Reconstruction and Development granted a credit of EUR 112 million for its execution. In the financing of the project participated Societe Generale, Credi Agricole, Black Sea Bank for Reconstruction and Development, Bulbank, United Bulgarian Bank, Biochim and SG Express bank as well.
Source: Dnevnik (26.06.2003)

Koch Holding plans a rapid growth in the financial industry after the signing of the partnership contract with one of the most powerful European financial institutions UniCredito Italiano, was reported from the Italian bank. The processed started on May 24, 2002 with the agreement for the establishment of a joint financial company Koc Finansal Hizmetler /KFH/, in which both companies hold 50 per cent of the capital.
Source: Monitor (27.06.2003)

The Council of Ministers has deposited BGN 200 million from the reserves with several foreign banks. The money were withdrawn from the account in Bulgarian National Bank, confirmed the Minister of Finances Mr. Milen Velchev. His Deputy Mr. Krasimir Katev explained that finances from the national reserves are deposited in the foreign banks in order to have higher yield.
Source: Standart (30.06.2003)

Mr. Christian Brukner and Mr. Vili Chernenko were dismissed from BIOCHIM’s Board of Directors at the bank’s General meeting of shareholders, held on Friday (June 27). Bank Austria Kreditenstalt (owner of the Bulgarian bank) chose Mr. Wolfgang Haller and Mr. Friedrich Kadrnoska in their places. They are members of the Board of Directors of the Austrian credit institution. Mr. Haller is responsible for the retail banking and corporate banking, and Mr. Kadrnoska – for the information technologies in the central office. Last year, BIOCHIM reported a profit of BGN 21.83 million (according to National accounting standards).
Source: Banker (30.06.2003)

The subscription for listing of second issue mortgage bonds of Post bank finished successfully on June 30. This was announced from CB Biochim’s Corporate Communications Department. Post bank’s second issue of mortgage bonds is in the amount of 10 000 bonds, each with a face value of EUR 100. They are with a fixed interest rate of 5.625 per cent per year and interest payments on a six-month basis. The manager of the issue will be the Austrian bank Bank Austria Kreditanstalt , owner of CB Biochim.
Source: BTA (03.07.2003)

BIOCHIM opened a new office in Sevlievo, offering all of the bank's products and services. According ot Mr. Petur Evtimov, Manager of the new office, Sevlievo is known as Bulgarian Hong Kong and could successfully compete with Sofia by amount of foreign investment per capital
Source: Pari (04.07.2003)

Mr. Alexandro Decho will be appointed for a Chief Operative Director of Bulbank as of the autumn. Mr. Decho will replace the former Director Mr. Luidji Lovalio, who will be appointed on the same position in Bank Pekao, Poland.
Source: Standart (10.07.2003)

Hebros bank will grant up to BGN 30 000 consumers’ credit against a real estate mortgage. Hebros correct may be paid off from 6 months to 7 years. The submission of documents and the taking of decision will be organized in the frames of 5 working days, promised from the bank.
Source: Sega (14.07.2003)

Albena JSC took the newly founded prize Public company with the best corporate management of the Investors Association. The prize was given by the Deputy Prime Minister Mr. Nikolai Vassilev. Among the nominated 16 public companies the final were Albena, Biochim, Blagoevgrad BT, Orgachim and Sopharma.
Source: Pari (18.07.2003)

Veterinary preparations maker Biovet has established a special pledge on all of its assets, which is already registered by Pazardjik District Court. The company had to establish the pledge because it was granted a credit line by Bulbank, the member of Biovet’s Board of Directors Mr. Kiril Domuschiev said. The credit will be used to finance the building of a new humanitarian medicine production unit. The company announced its intentions to step on the human medicines market about a week ago.
Source: Dnevnik (22.07.2003)

In 2002 Bank Consolidation Company (BCC) paid taxes in the amount of BGN 51 572 000. This was announced after the holding’s General Meeting of Shareholders, held yesterday. The meeting also decided to distribute BCC’s net profit, amounting to BGN 167 868 million as follows: BGN 7 048 800 – for Reserve fund; BGN 35 820 087 – for necessary provisions on previous liabilities of the company, according to agreements signed between the Ministry of Finance and the buyers of Bulbank and CB Biochim. The remaining part of the profit (BGN 125 million) will be distributed as dividend of the company’s shareholders.
Source: Pari (23.07.2003)

The shareholders in Hebrosbank will receive BGN 0.777 dividend for each share they own. It will be distributed from the bank's profit for 2002, which amounts to BGN 10.6 million. This decision was made at the company's General Meeting, held on July 25. The biggest dividend - BGN 10.56 million, will be distributed to the Amsterdam-registered company SWC, which owns 99.65 per cent from the shares of the Bulgarian bank. The Dutch company is 100-per cent ownership of Regent Pacific (registered in Man island), which bought HEBROSBANK on March 29 2000 for USD 23.5 million (BGN 47.65 million).
Source: Banker (28.07.2003)

Sofia - BT JSC will pay dividend for 2002 from August 4 until October 8 2003. The payment will be implemented in the branches of Hebrosbank JSC. The net dividend per share is BGN 4.5.
Source: Dnevnik (30.07.2003)

During the last three years, since it gained Bulbank, UniCredito Italiano has invested over BGN 1.2 billion on the Bulgarian financial market, announced the Deputy Chairman of the Managing Board. Bulbank JSC reported net profit of BGN 73.4 for the first half of 2003. As compared to the same period of 2002 the profit of the bank has grown with over 48 per cent. One of the most impressive ratios in the results of Bulbank is the correlation incomes/expenditures – 38 per cent. According to Mr. Lovalio the ratio is due mainly to the strict control of the expenditures.
Source: Pari (01.08.2003)

Bank Austria Creditanstalt (VA-SA) revealed that its groups in Central and Eastern Europe realize 30 per cent from the profit before taxation during the first half of 2003 and the capital return in this region exceeds 20 per cent. In 2002 the bank was selected for strategic buyer of 99.59 per cent of the four by size bank in Bulgaria Biochim. The total gross profit of the subsidiary banks of VA-SA in Central and Eastern Europe is EUR 156 million for the first six months of 2003 which is an increase with 36 per cent compared to the profit during the first six months of 2002 – EUR 115 million.
Source: Monitor (04.08.2003)

Workers from Energocabel JSC in Sofia-based district Vrubnitza have been staying before the building of the company for two days now and can’t go to their working places. The owner of the company Nov holding locked the entrance and no one can be admitted to the building. The employees have not received their salaries since May, this year. The company stopped working in the beginning of June, this year. It owes to Express bank BGN 23 million and to Biochim bank – BGN 6 million. The total debts of the company are over BGN 43 million.
Source: BTA (08.08.2003)

Mr. Paolo Fiorentino is going to head the Supervisory Board of Bulbank. He comes in the place of Mr. Roberto Nicastro. The replacement is expected to be voted at Bulbank’s extraordinary general meeting of shareholders, due to be held on September 25. The replacement has been prompted by interchanges in the structure of the major owner UniCredito, which were announced a couple of months ago. M.r Roberto Nicastro, who formerly headed the New Europe department in the Italian bank, is going to become its General Executive Director. His position will be occupied by Mr. Paolo Fiorention, who was formerly Chief Operative Director of Pank Pekao in Poland.
Source: Capital (25.08.2003)

The assets of bank Biochim for the first half of 2003 exceed BGN 1 billion, according to a statement published by the bank. Its credit portfolio has grown to BGN 616 million in the end of June 2003 or 44 per cent more than in the end of 2002. The bank’s pre-tax profit for the first half of 2003 is in the amount of BGN 18 million or BGN 13.7 million after taxation. BGN 70 million have been granted by the bank so far in the form of consumer credits.
Source: BTA (27.08.2003)

Rating Agency Standard & Poor's raised the long-term credit rating of Bulbank from BB to BB+ with stable perspective. Bulbank is the only Bulgarian bank with credit rating equal to the credit rating of the country. The advantages of Bulbank are its strong financial structure, the high level of capitalization and profit. The credit rating of the bank is limited by the relevantly risky environment in Bulgaria.
Source: Standart (28.08.2003)

The collapse of a big company is always a burden for its creditors. In the case with Financial-industrial group Ray holding (renamed in Bartemex holdiong one week ago) 6 banks are enduring the losses. The bank-creditors refused to discuss the state of its debtors – the companies of Financial-industrial group Ray holding (now Bartemex holding) and the measures, taken for the gathering their receivables.
Source: Banker (01.09.2003)

Teximbank is the only financial institution, which reported a loss as of the end of the first six months of the year. The bank, which is managed by the daughters of the late Mr. George Naidenov reported a loss of BGN 1.197 million as of the first half of the year. The banks have reported a profit of BGN 218.487 million, which is about 82 per cent of the profit of the bank system as of 2002. The main part of the profit is due to the re-integrated provisions because of the implementation of the international accountant standards. The data show that Bulbank has reported a profit of 33.5 per cent of the net profit of the bank system, followed by DSK Bank with 12.4 per cent and United Bulgarian Bank - 11.4 per cent of the profit in the sector.
Source: Capital (08.09.2003)

Biochim is the bank of the year for Bulgaria, according to the British magazine The Banker. At a ceremony in London the magazine declared the owner of Biochim – Bank Austria Kreditanstalt for bank of the year for Central and Eastern Europe. The assets of Biochim are in amount of over BGN 1 billion. The bank holds a market share of 7 per cent.
Source: Standart (11.09.2003)

The average insurance in the 20 most loyal companies insuring a staff to 15 employees is BGN 898, the National Social Security Institute’s information showed. 263 people work in these companies. The companies with a staff of 100 to 250 people employ a total of 4252. The average insurance income there is BGN 699. Top 20 of the most loyal employers in these criteria includes the names of Media Holding, Sheraton ­ Sofia-Balkan, publishing house 168 Hours, Tax Administration, Central Cooperative Bank, Bulgartabac Holding, Economic and Investment Bank, Municipal Bank, Privatization Agency. Etc.
Source: Pari (17.09.2003)

As of Wednesday Bank Austria Creditanstalt Leasing also has its subsidiary in Bulgaria, which is established in cooperation with Biochim bank. This is the consecutive leasing company, in which Bulgarian bank has a share. At the same time, this is the twelfth leasing company of the Austrian bank abroad. The main groups of clients, to which the leasing company aims, are big and medium-sized Bulgarian companies in the sphere of the manufacture, transport and services, foreign companies in Bulgaria and also international companies that plan to start activity in Bulgaria.
Source: Dnevnik (25.09.2003)

The American Agency for International Development will guarantee credits in amount of up to USD 750 000, which are granted to farmers by Bulgarian Post Bank and Hebrosbank. Farmers as well as producers of agricultural equipment will have access to the credits. The American Agency for International Development and both banks signed an agreement at a value of USD 20 million yesterday.
Source: Monitor (25.09.2003)

Bulbank was declared for a Bank of the year 2003 by the international edition Global Finance, was reported from the bank. The magazine gives this prize for Bulgaria to Bulbank for a third consecutive year. The financial magazine Euro Money gave to the bank the prize Excellence 2003.
Source: Pari (25.09.2003)

Mr. Paolo Fiorentino takes the supervision of Bulbank. He replaces Mr. Roberto Nicastro. The former Prime Minister of Poland Mr. Yan Bieletzki is also included in the Supervisory Board. The shareholders also met the new CEO of the bank Mr. Alesandro Decho.
Source: Standart (26.09.2003)

Razvitie - Industry Holding (which General Meeting was held on September 17) started a EUR 1.5 million investment program in the holding's companies. The funds for its first stage will be provided through a credit granted by Bulbank. The financing will be implemented in several stages and will be used for modernization of the machine park.
Source: Capital (29.09.2003)

The quality of the separate segments of the bank structure were one of the topics discussed at the consecutive annual meeting of the managers of Bulbank and the banks from the group New Europe of UniCredito, which was held between October 1 and October 6 in Rome. The strategic trends in the development of each bank and New Europe as a whole are determined on those meetings.
Source: Pari (07.10.2003)

The Managing Director of Bank Austria Creditanstalt Leasing /BA-CA Leasing/ Mr. Helmut Horvat was selected for a Chairman of the Supervisory Board of Biochim leasing-Bulgaria at the first meeting of the Board on October 14, 2003. Mr. Rumen Beremski who is a CEO and Chairman of the Managing Board of Biochim, is selected for Deputy Chairman of the Supervisory Board. The third member is the Head of Foreign companies department in BA-CA Leasing Mr. Michael Hackel.
Source: Pari (17.10.2003)

Mr. Helmut Horvat - Managing Director of Bank Austria Kreditenstalt Leasing, was selected on October 14 as Chairman of the Controlling Council of bank's subsidiary Biochim Leasing Bulgaria JSC, which was registered in August 2003. The company's capital is BGN 400 000, 80 per cent of it is ownership of Bank Austria Kreditenstalt Leasing, and the remaining 20 per cent - of Biochim.
Source: Banker (20.10.2003)

The Greek company Viohalko has signed this week an agreement with the International Finance Corporation (IFC) - a structure within the World Bank - for the release of an EUR18.5MN credit. The company will get the same amount from Biochim Commercial Bank. The funds are earmarked for implementation of Viohalko's investment programme for its main enterprises in Bulgaria - Stomana Industry, Sofia Med and Steelmet. The programme projects investments of EUR88MN in Sofia Med alone. Two thirds of them have already been made. As a result a new production line will be launched in the beginning of 2004. It will increase the capacity of the metallurgy enterprise more than four times and the annual output will reach some 130,000-140,000 tons. Despite the increased production, only 5-6% of it will be sold on the domestic market. With the new line Sofia Med will launch the manufacture of copper foil, which is produced in just a few countries. Sofia Med was founded in 2000 by Viohalko's subsidiary Halkor, which purchased some of the assets of the Gara Iskar-based Non-ferrous Metals Processing Plant. According to Viohalko's representative for Bulgaria Anton Petrov, the investment has been delayed due to legal arguments about the initial date of the insolvency of the enterprise of Gara Iskar. Had the magistrates ruled that the plant went bankrupt before some of its assets were bought by the Greek company, the deal would be nullified (as its managerial bodies would had been deprived of their rights). Finally, the legal dispute was solved on January 21, 2003. This cleared the way for the Greek company, which began to fulfill its investment program, though with a one-year delay. Viohalko projects to launch a new production in Steelmet (near Sofia) as well. BGN30MN has been invested in it so far and another EUR18MN is to be invested within a year and a half. The new line will raise the annual output of shaped aluminum to 15,000 tons. The production cycle will be closed by the line for continuous molding of aluminum. Presently, the ownership of the enterprise is evenly distributed between: Euromerchant Balkan Fund (managed by Global Finance), Etem and Steelmet. The latter two companies are part of Viohalko's structures. Etem will buy out the fund's share next year when the term elapses, in which the Greek company may use that right, stipulated in the firm's articles of association. Euromerchant Balkan Fund has a fixed term of existence, expriring in 2004. Steelmet exports 70% of its output and the company's Bulgarian clients buy 30% of it. In spite of that the company's market share in Bulgaria is about 50 per cent. "Our aim is to gain 60-70% of the domestic market", Mr. Petrov noted. The Shoumen-based Alkomet is the only Bulgarian competitor of Steelmet. "We may achieve even better performance if illegal imports are limited", Viohalko's representative told the BANKER weekly. According to him, no VAT is paid for a large part of the import. Moreover, the Bulgarian market is very small and when it doesn't get the necessary protection from the State it repulses foreign investors. The entire domestic market demand is around 6,000-7,000 tons of aluminum window and door frames, while Steelmet's output alone will reach 15,000 tons. Turkish companies are its main competitors. Another source of unfair competition is non-payment of insurance contributions on the part of employers. Thus, by reducing the expenses they cut down the product's prime cost and its price, respectively. According to Mr. Petrov, this is most frequently done by trade companies. They often move their locations while producers cannot afford that, Mr. Petrov points out. Data about gray economy on the metals market are fluctuating. They vary from 20% to 50-60 per cent. Its real share according to participants in the market is around 30 per cent.
Source: Banker (20.10.2003)

Companies from North Italy are interested in investing in Bulgarian energetics, ecology and textile and food manufacture. On Monday, Bulgarian- Italian business forum was held, organized by the Italian Chamber of Commerce in Bulgaria. Representatives of 50 North Italian companies took part in the forum. The companies stated they would invested in agriculture, wood processing, food industry and shoe manufacture. According to the Executive Director of Bulbank Mr. Alexandro Decho, the commodity exchange between Italy and Bulgaria for the past year is in the amount of USD 1.6 billion, and for the six months of this year – USD 1.061 billion. The growth for the first half of 2003 compared to the same period of last year is 23 per cent.
Source: Dnevnik (21.10.2003)

The foreign investments in Bulgaria are in amount of over USD 1 billion, announced in Varna the Director of the Foreign Investments Agency Mr. Pavel Ezekiev. By the end of the year there will be a significant growth and their amount will exceed USD 1 billion. The leading investors in Bulgaria are companies from Italy, Greece and Germany. The total amount of these investments is between USD 600 million and USD 700 million. The other large-scale investors are Belgium, the USA and the countries from the European Union. For the last 18 months the most significant investment was made by LUKoil – Bulgaria. The money were registered by Russian and Swiss companies. They will be used for the renovation of the refinery and for construction of new oil stations. Another large-scale investor is Miroglio in the textile industry and Viohalco group, which holds nine plants in Bulgaria. As a foreign investment is calculated the raising of the capital of several foreign banks in Bulgaria. Among them are Bulbank, Raiffeisenbank, Biochim. In the sum of USD 1 billion are included the money of OTP for the purchase of State Savings Bank DSK, explained Mr. Ezekiev who was a guest at the opening of the oil platform of Petreco, which was built on the territory of Terem SPJSC, Varna.
Source: Pari (22.10.2003)

Hebrosbank JSC reported a pre-tax profit in amount of BGN 10.4 million as for the first nine months of the year. There is a growth of BGN 7.7 million or 290 per cent as compared to the same period of last year. The net profit of the bank is in amount of BGN 8.2 million. The credit portfolio of Hebrosbank increased with 50 per cent as compared to 2002. In the end of September it reached BGN 296 million. The growth in the individual credits is 750 per cent. The amount of the credits for small and medium-sized enterprises has grown with 89 per cent.
Source: Pari (22.10.2003)

Mr. Alessandro Deco, the new Deputy Chairman of Bulbank’s Managing Board received a cerificate from Bulgarian National Bank (BNB) and officially assumes the position Chief Operative Director. He replaced Mr. Luigi Lovalio, who became Vice President of Bank Pekao S.A., Poland. Previously, Mr. Deco was Chief Operative Director of Zagrebacka Banka, which is also a part of UniCredito. In his professional career, he was also Director of the Strategies, Planning and Control Department in UniCredito, and was responsible for macroeconomic analysis and research, mergers and acquisitions and coordination of the restructuring programs of the New Europe banks.
Source: Dnevnik (23.10.2003)

Commercial bank Biochim has doubled its market share in mortgage crediting over the first eight months of the year. In January, the mortgage loans credit portfolio was BGN 4.53 million. In the end of August, the amount of mortgage loans was BGN 13.3 million, which represents an almost 200 per cent growth compared to the beginning of the year. The bank has presented its mortgage crediting program in the 21st exhibition for architecture, building and furnishing Stroiko 2000.
Source: Pari (23.10.2003)

Intransmash – Engineering is going to sign a contract for EUR 150 000 investment credit from Bulbank, the company announced. The loan will be secured with a note avalled by the major shareholder Razvitie Industry Holding.
Source: Pari (24.10.2003)

The first secret tender for the sale of the property of the insolvent shoe factory Dobrich JSC will be held in the end of November. The factory will be sold in 8 isolated parts. The company’s assets have been evaluated to over BGN 7.4 million. Dobrich JSC has accumulated debts reaching BGN 10 million. The list of creditors is topped by bank Biochim with a receivable of BGN 5 million, followed by Bank DSK.
Source: Pari (24.10.2003)

Biochim Bank manages its human resources by the HeRMeS system of TechnoLogica SP Ltd. Apart from credit institutions like BNP Paribas (Bulgaria), Bulbank, Postbank, TB Allianz Bulgaria, companies, state authorities, companies HeRMeS automated all activities on planning, hiring, estimation, healthcare, organization, communication and use of the human resources.
Source: ComputerWorld e-Daily (29.10.2003)

On Tuesday Mr. Rumen Beremski, Chairman of Biochim's Managing Board and Mr. Bozhidar Bozhinov, Chairman of Bulgarian Chamber of Commerce and Industry, are going to sign an agreement for the joining of BCCI's Euroclub to the network of European clubs of Bank Austria Creditenstalt in Austria, Belgium and Central and Eastern Europe.
Source: Pari (17.11.2003)

The Deputy Governor of Bulgarian National Bank and the Manager of Bank Supervision department Ms. Emilia Milanova issued certificates for Executive Directors and members of the Managing Board of Hebrosbank to Mr. Veselin Denchev and Mr. Alexander Tzachev. By this moment Mr. Veselin Denchev was Financial Director of the Bank and Mr. Alexander Tzachev - a Procurator and Manager of Corporate banking department.
Source: Banker (17.11.2003)

TBI Credit SP JSC issued its second bond issue on November 17, 2003. Biochim bank and TBI Invest are managers of the issue. The papers are the first Asset Backed Securities on the Bulgarian market. The issue is for a period of 3 years, with volume BGN 8 million and a coupon of 7.50 per cent. The interest payments are executed two times per year. The par and issue value of the bonds is BGN 1000. 115 per cent of the amount of the bond loan are for compensation of the issue. The funds are receipts of the issuer on leasing contracts and contracts for financing.
Source: BTA (19.11.2003)

Bulgarian economy is in generally good shape but that should not reduce the stimuli for pressing on with the structural reforms. This is one of the conclusions in the latest report of Bank Austria Creditanstalt (BA-CA), which was presented by Biochim CEO Rumen Beremski. The dynamic development of the Bulgarian economy will be preserved and increased growth is expected next year, the bank forecasts. The report underscores that the political stability is crucial and that possible changes in the sector will delay key structural reforms. The current account deficit for 2003 will increase to 6.1% of GDP, mainly due to a rise in interest and principal payments this year, the increased domestic consumption and the lack of sufficient foreign investment to compensate the imbalance. Deficit in 2002 was 4.4% of GDP, next year it is projected to stand at 4.7%. BA-CA's report points out the debates between the ministry of finance and the International Monetary Fund on the 2004 budget deficit. According to the bank, whether the gap will be 0.5% or 0.7% will not have a big influence on the current account. In the field of politics, BA-CA says that internal tension is observed following the local election results. For 2002 and 2003 Bulgaria is fourth among the countries in Central and East Europe in terms of GDP growth. Last year GDP rose 4.8%, this year, 4.3%, in 2004 growth is projected to be 4.7%. According to BA-CA, inflation in Bulgaria this year will be 2.5%, compared to 5.8% in 2002 and a projected 3.8% for 2004. Inflation next year will rise due to the increased domestic consumption, the higher wages and imports. Bulgaria's macroeconomic performance is above the average for Central and Eastern Europe.
Source: Pari (19.11.2003)

Bank supervision department allowed Bulbank JSC to acquire 100 per cent from the capital of Unileasing Ltd., was reported from BNB. The license was issued by Ms. Emilia Milanova who is a Deputy Manager of Bank supervision department in BNB.
Source: Dnevnik (01.12.2003)

Mr. Emil Kyulev received the award for best bank manager of the biggest Bulgarian financial group DZI-Roseximbank. The award was granted by the newspaper Banker for the tenth consecutive year. The issue granted a total of four awards. The second one was granted to Mr. Rumen Beremski and Mr. Lyudmil Gachev for the merger of Biochim and Hypovereins bank. The Director of Allianz Bulgaria Mr. Dimitar Zhelev received a prize because the bank he established – Bulgaria Invest, is the first in the world to carry the name of the insurance giant Allianz. Mr. Rayko Karagyozov was awarded for his overall contribution to the development of the bank system in Bulgaria.
Source: Standart (02.12.2003)

Wholesalers occupied the bankrupt shoe factory Dobrich, where a tender for not sold goods. Almost 100 000 pairs of juvenile and children’s shoes will be sold. The initial prices vary between BGN 2.50 and BGN 11. The goods will be distributed in groups of 100 pairs. The models are old, but are of high-quality, according to specialists.
Source: Standart (09.12.2003)

Biochim already has a detatched department Private Banking, as a part of the company’s new organizational structure. It serves VIP clients and offers asset management, individual solutions, preferential services.
Source: Pari (17.12.2003)

On December 19 Ministry of Finance approved the list of the initial dealers of state securities, exclusively authorized to take part in the tenders for purchase of state securities. It includes Bulbank, Bank DSK, Hebrosbank, BNP Paribas (Bulgaria), Post Bank, Demirbank (Bulgaria, Eurobank, Investbank, ING bank – branch Sofia, Corporate bank, UBB, Municipal bank, First East International Bank, First Investment Bank, Raiffeisenbank (Bulgaria, Roseximbank, SG Expressbank, Citybank – branch Sofia, EIBank, Biochim, Allianz Bulgaria, Unionbank and Central Cooperative Bank. The financial houses Elana, Euro-Finance, and Bulbrokers, keep their statute of initial dealers for another six months.
Source: Banker (22.12.2003)

Today in Vladislavovo complex in Varna will be opened the fourth supermarket from the Pikadili chain. Bulbank financed the project for the construction of the supermarket. As well as the other supermarkets of from the chain the new one was built in accordance with the modern standards and is equipped with the best technologies in the branch.
Source: Black sea (30.12.2003)