"State Savings Bank" started to pay back deposits of juridical entities in the insolvent "Economic Bank" JSC, said the Deputy Director of SSB, Mrs. Violina Marinova.
Source: 24 chasa (06.01.1998)

The capital basis of "State Savings Bank" will amount to over BGL 60 billion after capitalization of the net profit for 1997. At the present moment its capital basis amounts to BGL 25 billion.
Source: Pari (06.01.1998)

"Credit Bank" JSC (Sofia) initiated proceedings against "Multigroup Holding" JSC for BGL 3,5 million."Multigroup Holding" is major shareholder in "Credit Bank" JSC.
Source: Trud (13.01.1998)

The gross profit of "State Savings Bank" JSC for 1997 amounted to BGL 106 billion, the Chairman of the institution, Mr. Ivan Iskrov said. BGL 46 billion of the profit will be spent on payment of taxes and the remaining part of it will be used for an increase in the bank's capital.
Source: Standart (15.01.1998)

State Savings Bank will trade on the stock exchange, its Deputy Director, Mr. Ivan Iskrov announced. SSB is a member and shareholder in "Bulgarian Stock Exchange - Sofia" JSC and after it receives a bank statute, the savings bank will receive a licence as investment intermediary. SSB has already filed its documents for licence in Securities and Stock exchanges Commission.
Source: Standart (19.01.1998)

Experts from IMF and "World Bank" recommended a fast transformation of "State Savings Bank" into a commercial bank. The risks for "State Savings Bank" to act as a bank are the more available funds and difficulties by start of granting credts. There is a controversy between "Bank Consolidation Company" (BCC) and the IMF for the way, in which banks should be sold, the Chairman of BCC, Mr. Petar Zhotev announced. Experts from the IMF think that first should be sold 60 per cent of the shares of a certain bank to a strategic investor and then the remaining shares should be offered for sale on the stock exchange. According to BCC the sales should be done in the opposite way. Till the end of 1998 is expected to be sold "Expressbank" JSC (Varna) and "Bulbank" JSC (Sofia) will be sold till the end of 1999.
Source: Standart (11.02.1998)

"State Savings Bank" JSC (Sofia) is transformed into a single-person joint-stock company, according to the bill approved by the Government yesterday. The amendments stipulate for "SSB" to be transformed into a commercial bank. The 100 per cent state guarantee on the bank deposits will be preserved for two years after the transformation. The control functions of BNB Banking Supervision Department will be strengthened during the transition period. All credit activity of "SSB" will be also under a special supervision.
Source: Pari (24.02.1998)

"State Insurance Institute" (SII) separated the general insurance and re-insurance in a subsidiary, the Chairman of the Board of Directors of "SII" Mr. Radoslav Mihailov reported after a Government decision. The new company's capital will be in the amount of BGL 10 billion and its shareholders are "SII" - 95 per cent and "State Savings Bank" - 5 per cent. "SII" increased its capital up to the amount of BGL 38,6 billion.
Source: Pari (24.02.1998)

The Ministry of Finance approved a list of primary dealers of government securities. These are: State Insurance Institute, Eurobank JSC, Raiffeisenbank JSC and Societe Generale JSC (for the period April 1, 1998 - June 30, 1998). From April 1 till December 31, 1998 dealers of government securities will be: CB Biochim JSC, Bulgarian Post Bank JSC, Bulgarian-Russian Investment Bank JSC, "Bulgaria Invest" JSC, Bulbank JSC, State Savings Bank JSC, Expressbank JSC, INGBank JSC, International Bank for Trade and Development, United Bulgarian Bank JSC, First Investment Bank JSC, Sofia Municipal Bank JSC, Hebrosbank JSC, FH "Eurofinance" JSC, and FH "Elana" JSC.
Source: Pari (01.04.1998)

"Mraz" JSC will start selling refrigerators with prolonged term of payment. This scheme of sale is possible because of a contract concluded between the company and State Savings Bank JSC.
Source: Kontinent (13.04.1998)

State Savings Bank will be registered as SPLtd. under the name of SSBank JSC, according to Commerce Law. These amendments will underlie the new law for State Savings Bank. After the adoption of this law, the newly established bank will be privatized.
Source: Kontinent (15.04.1998)

Within 6 months the government will adopt a statute and will fix the capital and management bodies of the new commercial bank, that will replace State Savings Bank JSC (SSB). This is envisaged by the Transformation of SSB Act, that was adopted on April 15, 1998. The future commercial bank will preserve its present name. Full state guarantee on BGL deposits will be preserved in the next two years.
Source: Pari (16.04.1998)

The positive financial result of State Savings Bank JSC (SSB) for the first quarter of 1998 is in the amount of BGL 3,675 billion, announced Mrs. Violina Marinova, Deputy Chairman of the bank. Collected funds amount to BGL 806,860 billion. The deposits in SSB are 17.75 per cent of the total deposits in Bulgarian bank system. SSB's stake in the loans granted by March 31 is 11.52 per cent
Source: Pari (16.04.1998)

European Union will grant ECU 10.8 million as a support to the structural reform in Bulgaria, said the representative of PHARE and SARA programs for Bulgaria, Mr. Georgi Paplomatas. With this money in Bulgaria will start SARA - 2 program. EU will grant about ECU 4 million for restructuring of State Savings Bank JSC into a commercial bank. By the end of July 1998 will be ready a report on how much money will be needed. This report will be written by experts of Deutsche Sparkasse. SARA will support the preparations for privatization of 150 Bulgarian enterprises. For this purpose will be granted ECU 1 million.
Source: Kontinent (07.05.1998)

In two months Hebrosbank JSC will be included in the system for bank payments BORIKA. By the end of 1998 is expected Unionbank JSC to join the system, announced Mr. Alexander Morozov, Executive Director of the company. At the present moment in BORIKA system are working CB Credit Express JSC, United Bulgarian Bank JSC, State Savings Bank JSC, BNB, First Investment Bank JSC, Post Bank JSC, Bulbank JSC, CB Biochim JSC, Central Cooperative Bank JSC and First East International Bank JSC.
Source: Democracy (07.05.1998)

Biochim JSC, Bulgarian Post Bank JSC, Bulgaria - Invest JSC, Bulbank JSC, State Savings Bank JSC, Expressbank JSC, United Bulgarian Bank JSC, Municipal Bank JSC, First Investment Bank and CB Hebros JSC will be the banks-correspondents of BNB, that were selected by the Ministry of Finance and the Governor of BNB. Through these banks BNB will service the state budget, state universities, municipalities and non-budget accounts and funds.
Source: Pari (18.05.1998)

State Savings Bank must be privatized in long-term plan, recommended the director of World Bank for Central and Eastern Europe Mr. Kenneth Lay. The experts of World Bank recommended 50 per cent of the state property to be privatized by the middle of 1998.
Source: Standart (22.05.1998)

BGL 14,287 billion is the net profit of Post Bank JSC for 1997, said the Chairman of the Board of Directors Mr. Vladimir Vladimirov. The before-tax profit amounted to BGL 24,156 billion and the paid taxes were in the amount of BGL 9,869 billion. BGL 9,579 billion of the net profit will be used for increase in the capital of the bank from BGL 2,421 billion up to BGL 12 billion. The number of shares will be increased from 484,104 up to 2,400,000. 78.23 per cent of the capital of Post Bank JSC are owned by Bank Consolidation Company (BCC), State Savings Bank, State Insurance Institute, "Bulgarian Posts" JSC and Bulgarian Telecommunication Company own 5.03 per cent, and National Palace of Culture owns 1.65 per cent of the capital of Post Bank JSC. At the end of 1997 the bank's balance amounted to BGL 430,875 billion and in 1996 it amounted to BGL 110 billion.
Source: Capital (25.05.1998)

Till April 30 State Savings Bank JSC has granted credits of BGL 401 billion, announced Mrs. Violeta Marinova, Deputy Chairman of the bank. At the end of April the bank has collected funds of BGL 804 billion and its balance amounted to BGL 918 billion. The consulting services are financed on CAPA program which is a part of PHARE program financed by EU.
Source: Pari (03.06.1998)

State Savings Bank will register as a commercial bank with a capital of BGL 90 billion, said Mr. Asen Drumev - Deputy Chairman of the bank. The law for SSB, which was passed by the Parliament in April, anticipates for a 6-month term for the bank to make its statute and register as a financial-credit institution, according to Bank Law. Owner of the bank's capital will be the government.
Source: Pari (08.06.1998)

First Private Bank JSC, Agrobusinessbank JSC, Bulgarian Agricultural Company JSC, Elitbank JSC, Biohim JSC, BNB, State Savings Bank JSC, Bulbank JSC, United Bulgarian Bank JSC, Mineralbank JSC, Economic Bank JSC, Hebrosbank JSC, Capitalbank JSC and TSBank JSC have granted the most credits, according to the list of unserviced credits, made by BNB. The list contains information about 356 unpaid credits.
Source: Pari (10.07.1998)

State Savings Bank JSC (SSB) will grant agricultural credits in the maximum amount of BGL 1 billion. Permission for the loans may be given only by the Board of Directors of SSB.
Source: Pari (14.07.1998)

At the end of July will expire the term in which Zemedelie Fund and "Zurneni Hrani" SPJSC have to pay back the credits for grain in 1997, the Minister of Agriculture Mr. Valentin Vurbanov stated. State Savings Bank JSC will prolong the term for payment till October 31 because the fund and the company cannot pay back the money in due course.
Source: Pari (22.07.1998)

"Zurneni Hrani" SPJSC (Sofia) owes BGL 29,5 billion to State Savings Bank JSC, reported the Deputy Chairman of the bank Mr. Asen Drumev.
Source: 24 chasa (24.07.1998)

"Credit Bank" JSC began to pay its debt to State Savings Bank six months before the term set, reported from the bank. The debts amount to USD 14.45 million in Government Bonds. The two banks have negotiated the amount to be paid up to December 31, 1998.
Source: Standart (28.07.1998)

By the next two months must be ready the programme for work of State Savings Bank after its transformation into a bank, was reported by the Deputy Chairman of the credit institution Mrs. Violina Marinova.
Source: Kontinent (04.08.1998)

The net profit of "State Savings Bank" for the first seven months of the current year is in the amount of BGL 9.863 billion, the bank's Deputy-Chairman Mrs. Violina Marinova reported. The bank's assets till July 31, 1998 amount to BGL 950 billion and its capital - BGL 103.605 billion. The collected funds from citizens and non-financial institutions for the same period are in the amount of BGL 825 billion. The bank granted credits for the amount of BGL 451 billion.
Source: Pari (26.08.1998)

The state-owned corn company "Zarneni Hrani" JSC (Sofia) owes still about BGL 30 billion to "State Savings Bank" and other banks under the last year state guaranteed credits, reported the Minister of Agriculture Mr. Ventzislav Varbanov. The company has already exported 10,000 tons of wheat. There are exported also 45,000 tons of grain fodder. Another 60,000 tons have loaded at Varna port. "Zarneni Hrani" JSC is the biggest debtor of the banks for the last year.
Source: BTA (10.09.1998)

"Doverie United Holding" JSC will pay a dividend to its shareholders after tax deduction in the amount of BGL 761. All shareholders that had owned shares till May 31, 1998 have the right to receive dividend. The dividends will be paid in "Bulbank" JSC and "State Savings Bank".
Source: Democracy (10.09.1998)

The Board of Directors of "State Savings Bank" JSC approved the new bank's name "Bank DSK" JSC.
Source: Pari (02.10.1998)

Bulgarian Industrial Association and State Savings Bank will sign an agreement for financing small and medium-size business. The size of crediting will vary between BGL 5 millon and BGL 50 million. The first approved project is expected to be launched in November.
Source: Pari (06.10.1998)

Four banks, some of them bankrupt, have paid 100 per cent of their debts to State Savings Bank JSC, was reported from the bank. These are Yambolska bank, Elitbank JSC, Eurobank JSC (former bank Mollov), and Bulgarian Universal Bank. It is expected that by the end of 1998 Credit Bank JSC will have paid its ZUNC debts to SSB.
Source: Pari (30.10.1998)

The Council of Ministers took a decision for "State Savings Bank" JSC to be transformed into "Bank DSK" SPJSC. The bank's capital will amount to BGL 70 billion, allocated into 7 million shares with face value of BGL 10.000. The bank will have a two-tier management system - three members of the Supervisory Board and five members of the Board of Directors. The members of Supervisory Board will be appointed by the Council of Ministers.
Source: Pari (10.11.1998)

The Chief Accountant of "Bulgarian Telecommunication Company" JSC Mrs. Tzenka Ilcheva is the third member of the Supervisory Board of "Bank DSK" JSC. Chairman of the bank's Supervisory Board will be the Deputy Minister of Finance Mr. Kiril Ananiev, and Deputy Chairman will be Mrs. Eliana Maseva from the Law Department in the Council of Ministers.
Source: Pari (26.11.1998)

"Bank DSK" JSC will grant credits of BGL 90 million to two companies from the light industry and crediting projects are discussed for another BGL 680 million, was reported after a meeting between representatives of DSK and Bulgarian Industrial Association. There is an agreement between the two institutions for crediting of small and medium-size business.
Source: Pari (17.12.1998)

The Supervisory Board of "Bank DSK" JSC elected a five-member Board of Director of the bank. The members are Mr. Spas Dimitrov, Mrs. Violina Marinova, Mr. Asen Drumev, Mr. Hristofor Pavlov, and Mr. Nikolai Kavurdzhiev. The new Board of Directors must elect Chairman and Executive Director.
Source: Pari (21.12.1998)

Grand-hotel "Varna" may become property of "Bank DSK" SPJSC, this envisages a project for prolongation of the term for payment of the debt of "Credit Bank" JSC to "Bank DSK" SPJSC. Up to the present moment the draft agreement has been only approved by the Board of Directors of "Bank DSK" SPJSC.
Source: 24 chasa (29.12.1998)

20 financial institutions will be primary dealers of government bills during the first six months of 1999. The list of dealers was confirmed by the Minister of Finance Mr. Muravey Radev and the Board of Governors of BNB. These are "Biochim" JSC, "BNP Dresdnerbank Bulgaria", "BRIBank" JSC, "Bulbank" JSC, "Bulgaria Invest" JSC, "Bulgarian Post Bank" JSC, "Evrobank" JSC, "Expressbank" JSC, "INGBank" JSC, "UBB" JSC, "Municipal Bank" JSC, "First Investment Bank" JSC, "Raiffeisenbank Bulgaria" JSC, "Roseximbank" JSC, "Societe Generale", "Bank DSK", "Hebrosbank" JSC, "Unionbank" JSC, "Evrofinance", "Elana" JSC,
Source: 24 chasa (30.12.1998)