The bank system for non-cash payments "Borika" will be transformed into a joint-stock company. Instead of affiliation fees the banks will buy bankomats. So far only the United Bulgarian Bank is granted a license for distributing the bank cards "Borika". The Central Cooperative Bank, First Investment Bank and the State Savings Bank have also applied for licenses.
Source: Pari (04.01.1996)

Bulbank (the Bulgarian Foreign Trade Bank) has prepared a project for the sanation of the United Bulgarian Bank, Mineralbank, and the Economic Bank. The project provides for Bulbank to strike off Bad debt bond denominated in USD for the total of BGL 400 mln, which will be bought by the State Fund for Reconstruction and Development at 50 per cent of their price. UBB, Mineralbank and the Economic Bank will get BGL 100 mln each and will transform them as provisions by Law. Thus they will write off Bad debts. Bulbank will deposit the money with the Bulgarian National Bank.
Source: Standart (09.01.1996)

The United Bulgarian Bank, CB Biochim, TSBank and First Private Bank have approved credit lines for "Plama" EAD - Pleven. The oil refinery has been in idle time because of lack of supplies for three times now.
Source: Other (17.01.1996)

The Ministry of Industry intends to reduce the debts of some of the industrial enterprises to the commercial banks, said officials from the ministry. Among the biggest creditors are United Bulgarian Bank JSC, Balkanbank JSC, and Hebrousbank JSC. The Ministry of Industry will propose to Balkanbank two options for the reduction of the debt of "Balkancar" JSC to the bank. The first one stipulates the bank to be given a participation in the management of the company, and the second one - the ownership of "Balkancar" to be transfered to Balkanbank.
Source: Pari (19.01.1996)

The United Bulgarian Bank is ready to efface 45 per cent of the principal of "Balkancar" 's debt to the bank. The debt totals BGL 570 m. It is anticipated the remaining of the principal to be restructured and transformed into a FX credit, and the unpaid interest to be transformed into an interest-free loan.
Source: Pari (22.01.1996)

The Board of Governors of the Bulgarian National Bank licensed the First Investment Bank to issue debit cards. So far such a license was granted to the United Bulgarian Bank only.
Source: Capital (22.01.1996)

The State Fund for Reconstruction and Development may pay Bulbank the money needed for the sanation of Mineralbank and Economic Bank without canceling the other credits, said Todor Palazov General secretary of the fund. The fund has granted credits totaling BGL 8 billion, USD 65 million, and DEM 35 million in 1995.
Source: Other (24.01.1996)

Vladimir Georgiev former Head of "FX Operations" Division with the United Bulgarian Bank was appointed executive director of CB "Biochim".
Source: Capital (29.01.1996)

The Bank Consolidation Company submitted Bulbank's programme for the sanation of the banking system to the Parliament. The programme is adopted on principle by the govenment and has to be approved by the National Assembly.
Source: Standart (01.02.1996)

The EBRD will finally approve the project for USD 100 million credit for the "United Bulgarian Bank" at the end of March. This was announced after the meeting of Deputy Prime Minister Roumen Gechev and the EBRD's Director Larosier. It is anticipated the contract to be signed in the eve of the EBRD's annual meeting, that is going to take place from April 12 to April 14, 1996 in Sofia.
Source: Other (12.02.1996)

"United Bulgarian Bank", "Teximbank", "Economic Bank", and CB "Biochim" will make a financial analysis and a complex check up of the activities of "Rousse Sipyard" which was recently adjudged bankrupt. The above-mentioned commercial banks consider the establishment of a committee of creditors and replacement of the management of the company.
Source: Pari (15.02.1996)

'Lateks" Bjala has paid up BGL 17 million debt to 'United Bulgarian Bank". The remaining BGL 18 million will be paid in 1996. "Lateks" is the sole producer in Bulgaria of transportation bands for the mining industry.
Source: Kontinent (21.02.1996)

The debt of the state-owned cannery "Maritsa" to "United Bulgarian Bank" exceed BGL 70 million. The principal of the debt amount BGL 44 million.
Source: Standart (27.02.1996)

The Ministry of Transport announced the establishment of the privatisation fund Trans-privat. The fund is established with the purpose of privatising transportation companies through the mass privatisation, said from the ministry. It is anticipated the United Bulgarian Bank and the First East International Bank to join the shareholders structure of the fund.
Source: Other (27.03.1996)

The Committee of the Banks Creditors of the joint stock company Russe Shipyard, which members are the United Bulgarian Bank, the Economic Bank and Teximbank agreed with part of the programme for the rehabilitation of the company and rescheduled its debts. It is anticipated the State Fund for Reconstruction and Development to grant additional USD 8 million credit to the shipyard.
Source: Trud (04.04.1996)

The State Savings Institute will participate two privatisation funds, said Maxim Sirakov Chairman of the management board of the SSB. The first one is the United Privatisation Fund where the State Savings Institute holds 2 per cent of the capital together with the United Bulgarian Bank. The second one will be established together with the Bulgarian Agricultural and Industrial Bank.
Source: Trud (04.04.1996)

The constituent agreement of the privatisation fund United Bulgarian Privatisation Fund was signed by seven companies. Shareholders of the fund are the United Bulgarian Bank with a stake of 8 per cent of its capital, the State Savings Institute - 2 per cent, FBH Ever - 1.07 per cent, Limeks - 1.07 per cent, Darik Radio - 1 per cent, Andema - 0.9 per cent, and Cresta Consulting - 0.3 per cent. The fund will be managed by seven-members board of directors. Chairman of the BdD is elected Oleg Nedyalkov. Executive directors of the fund are Bojidar Ceremedchiev and Andrei Evtimov.
Source: Pari (05.04.1996)

The procedure for the liquidation of Kamet EAD was initiated. The enterprise is the sole producer of some kinds of steel and profiles for the car-building industry in the country. The debts of Kamet exceed BGL 7 billion. The major parts of the debts of the company has been allocated to the modernisation of its technological lines. The liquidation procedure has been opened in 1994 by the United Bulgarian Bank. Other major creditors of Kamet are TSBank and Balkanbank.
Source: Trud (17.04.1996)

Only state-owned banks will service the national budget, the Ministry of Finance decided. These are Balkanbank JSC, Economic Bank JSC, Hebrosbank JSC, Bulgarian Post Bank JSC, United Bulgarian Bank JSC, Expressbank JSC, CB Biochim JSC, and Bulbank JSC. .
Source: Other (19.04.1996)

The State Fund for Reconstruction and Development will grant Bulbank USD 50 million as provided by the same bank's programme for the rehabilitation of the commercial banks, said Minister of Finance Dimiter Kostov. Because of insufficiency of funds, only Bad debt bonds denominated in US Dollars will be taken from Bulbank's portfolio. The total amount of the above bonds is USD 100 million, and they will be used for the sanation of the United Bulgarian Bank only.
Source: Standart (29.04.1996)

The State Fund for Reconstruction and Development will buy up from BulBank the debt bonds in foreign currency for USD 200 million. Apart of the debt bonds will be spent on the stabilization of the United Bulgarian Bank. Another part of the debt bonds will be used for the recovery of the Economic Bank. In the middle of March the external debts of the Economic Bank amount to USD 240 million. Probably the bank will report a loss of USD 4,5 billion on the coming general meeting.
Source: 24 chasa (28.05.1996)

The general meeting of the shareholders of the United Bulgarian Bank voted for the increase of the capital of the bank from BGL 679,470 thousand up to BGL 16,307 million through the release of a new issue of shares. The Bank Consolidation Company's participation in UBB's capital - USD 100 million, according to the Bulbank's scheme, will be in the form of Bad debt bonds denominated in USDollars. The BGLeva equivalent of those BDBonds is BGL 14.5 billion. The UBB reports a negative financial result of BGL 4.021 billion in 1995. The UBB's management points out the major reason for the above loss to be the low profitability of the Bad debt bonds and the servicing of state-owned enterprises which areof a key importance for the national economy. BGL 3.968 billion of the fore-mentioned loss will be covered by equal instalments and the rest of it by the complementary capital.
Source: Banker (03.06.1996)

United Bulgarian Bank has included the USD 100 million, promised by the government in accordance with the Bulbank's scheme in its balance sheet. After this operation the capital of the bank will become BGL 16,835 billion and the participation of the main shareholder- the Bulgarian Consolidation Company will become 87,72 per cent.
Source: Pari (24.06.1996)

The Board of Governors of the Bulgarian National Bank together with the MOF approved the primary dealers of T-bills. These are: the Bulgarian-Russian Investment Bank, the Bulgarian Post Bank, Balkan Universal Bank, the State Insurance Institute, the State Savings Bank, ING Bank, the International Orthodoxal Bank "St. Nikola", the United Bulgarian Bank, Trakiabank, First Investment Bank, First Financial Brokerage Hose, CB Biochim, Bulbank, Expressbank, CB Credit Express, FBH Eurofinance, and Unionbank.
Source: Pari (28.06.1996)

The increase of the capital of the United Bulgarian Bank from BGL 679,470,000 up to BGL 16,307,280 was promulgated in the State Gazette. The increase of the capital will be realized through the issue of 627,810 voting shares with a nominal value of BGL 1000. The general meeting of the bank dismissed from the supervisory board Dimitar Dimitrov and Ilia Iliev and elected members of the supervisory board Stoyan Krastev and the Bulgarian Consolidation Company as a legal entity.
Source: State Gazette (26.07.1996)

The credit for the United Bulgarian Bank (UBB) from the European Bank for Reconstruction and Development (EBRD) depends on the internaional audit. The UBB will be granted USD 100 million. According to the programme of the UBB, BGL 2 billion operative profit is expected till the end of the year. The bank ended 1995 with a loss of BGL 4,022 billion.
Source: Kontinent (19.08.1996)

The United Bulgarian Bank has granted a credit of BGL 100 million to "Oliva" Ltd (Knezha) for the buying of sunflower. The plant needs another BGL 100 million to provide the necessary 25,000 tons of sunflower seeds per year.
Source: Standart (20.08.1996)

The state-owned "Petrol" JSC will receive a credit of BGL 600 million till the 1st of September 1996. This credit will be granted by the United Bulgarian Bank. The company will use BGL 300 million to pay its debt to "Neftochim".
Source: Standart (27.08.1996)

Tezhko Mashinostroene SPJSC (Radomir) paid a debt of BGL 23 million to United Bulgarian Bank. According to the Executive Director Engineer Mr. Ivan Milchev, in October the company will pay its debts to the Bulgarian state, which amount to BGL 15 million.
Source: Pari (19.09.1996)

The banks, in which the Bulgarian state has the major part are on the scheme for privatisation, which is prepared by the Bulgarian Consolidation Company. It is expected that the only state-owned bank will be Bulbank JSC. In October will be fulfilled the project between the United Bulgarian Bank and the European Bank for Reconstruction and Development. "ABN-AMRO" and CB "Biochim" JSC will co-operate on the Twinning Agreement.
Source: Pari (20.09.1996)

The General Meeting of the creditors of the "Rousse Shipyard" Ltd passed a rehabilitation programme for the company. This executed the clause that the Rousse District Court cancels the law suit for the proclamation of the company insolvent. The United Bulgarian Bank and the Economic Bank are the main crediors.
Source: Pari (23.09.1996)

The Managing board of the State Fund for Reconstruction and Development allowed the National Electrifical Company (NEC) to reconstruct 3 credits, serviced by the United Bulgarian Bank JSC and Elitbank JSC. The reconstructure will be realized without an amendment of the sinking plans of the credits. The request of "Arcus" Ltd has been satisfied: the term for the payment of a debt in the amount of USD 8 million has been prolonged. The debt of the state-owned "Beta" JSC has a prolonged term for payment of 1 year.
Source: Other (25.09.1996)

"Informazionni Nositeli-Dragor" owes BGL 2,5 billion to Bulgarian banks. The major creditors are CB "Biochim" JSC, United Bulgarian Bank JSC (UBB), Mineralbank JSC and "Economic Babk" JSC.
Source: 24 chasa (27.09.1996)

Bulbank bought on an open auction a building, which was a property of the Sofia Municipality and was the head office of Mineralbank. The transaction amounts to BGL 632 million. The other participant in the bidding was the United Bulgarian Bank.
Source: Pari (01.10.1996)

80 per cent of the cash incomes from sales of detatched parts of the state-owned "Mikroelektronika" JSC (Botevgrad) will be returned to the enterprise, reported the Privatisation Agency. The money will be spent on payments to the creditors- the United Bulgarian Bank JSC, the state-owned "Bulgargas" JSC and "Elektrosnabdiavane" (Botevgrad).
Source: Standart (02.10.1996)

"Post Bank" JSC and the United Bulgarian Bank JSC will pay T-bills, which are sold by the 9 banks put under special control, reported the Ministry of Finance.
Source: Trud (08.10.1996)

The Board of the Governors of BNB canceled the restriction for the the granting of credits by the commercial banks for the financing of the autumn sowing. Probably money will be granted by the Central Cooperative Bank JSC, United Bulgarian Bank JSC, Hebrosbank JSC, Expressbank JSC and Post Bank JSC.
Source: Pari (11.10.1996)

"United Bulgarian Bank" JSC joined the claim of the First Private Bank JSC for the proclamation of "Plama" JSC (Pleven) insolvent. The rafinery owes the "United Bulgarian Bank" JSC BGL 25 million and USD 2,25 million.
Source: Pari (17.10.1996)

The incomes of the "Alumina' SPJSC (Shoumen) amount to BGL 1,2 billion for the passed 9 months of the year. At the present moment the plant is working with 25 per cent of its capacity and has debts of USD 500,000 to "United Bulgarian Bank" JSC. The factory ends the production of 17,000 tons alluminium folio for Great Britain.
Source: Standart (17.10.1996)

United Bulgarian Bank and Hebrosbank JSC start procedures for the juridical collecting of unserviced credits from "Targovska Baza" (Rousse) and "Bulgartzvet-Rakovski", which amount to USD 312,000.
Source: Kontinent (04.11.1996)

United Bulgarian Bank JSC, CB Biochim JSC, Post Bank JSC, Hebrosbank JSC, Expressbank JSC and Bulbank JSC report profits in the amount of BGL 8,2 billion for the passed 9 months of 1996. Only for the period July-September, the acting banks have accumulated a positive financial result in the amount of BGL 5,6 billion.
Source: 24 chasa (12.11.1996)

The Board of the Directors of the European Bank for Reconstruction and Development approved its strategy concerning Bulgaria. The major priority of the bank is the stimulation of the private sector. It is expected that during 1997 will be completed the project for the privatisation and recapitalization of the United Bulgarian Bank.
Source: Pari (13.11.1996)

The United Bulgarian Bank and Finance House "Eurofinance" began to sell T-bills with revenues according to the inflation. The T-bills are with 6 months term and the interest on them will be calculated by the National Statistical Institute according to the inflation. The T-bills will not be sold before their maturity date.
Source: Standart (19.11.1996)

The debts of the state-owned "Informazionni Nositeli" JSC to the United Bulgarian Bank JSC, CB "Biochim" JSC, "Economic Bank" JSC and "Bulbank" JSC amounts to BGL 2,5 billion. The MInister of Industry canceled its order for liquidation of the company.
Source: Kontinent (21.11.1996)

The company "Lecko-Co" paid all its debts to the United Bulgarian Bank (Pernik), which were fixed in the agreement report, signed between the bank and the company, reported the Executive Director of the company Sabi Spahiev. The debts to the republic and local budget have also been paid. 70 per cent of the production of the enterprise is provided for export. Most of the external customers have made their orders for goods produced in 1997.
Source: Pari (03.12.1996)

The shareholders of "United Bulgarian Bank" JSC decided to increase the capital of the bank up to BGL 21,070 billion. The Bank Consolidation Company (BCC) took part in the increase through a payment with foreign exchange ZUNK bonds, according to the "Bulbank"-scheme. Some of the smaller shareholders have bought shares from the increase. The sole trader "Tradeconsult" has paid USD 7,000 in the form of ZUNK bonds and the company "Podemengineering" has paid USD 400. More than 90 per cent of the shares of the bank are owned by the BCC. The gross profit of the bank amounts to BGL 20 billion.
Source: Pari (05.12.1996)

It is expected that today, December 6th 1996, the cannery factory "Dunavia" (Rousse) will be proclaimed bankrupt. The factory has debts to the Bulgarian budget, Hebrosbank JSC, Economic Bank JSC and United Bulgarian Bank JSC in the total amount of BGL 510 million.
Source: Trud (06.12.1996)

The Securities and Exchange Commission issued licences as investment intermediary to the following companies: "Ulpia Management and Investments" JSC (Sofia), "Eurofinance" JSC (Sofia) and the Financial House "Ever" JSC (Sofia). On the same meeting the commission decided to confirm a prospect for public offering of the shares of the United Bulgarian Bank.
Source: Other (20.12.1996)