Bulgarian Development Bank Welcomes New Supervisory Board

The Bulgarian Development Bank (BDB) has a new Supervisory Board.

The new members of the Supervisory Board of the BDB are Nikolay Nenovski, economist, Denitsa Kirova, head of the political office of the Finance Minister, and Emil Karanikolov, Executive Director of the Privatization and Post-Privatization Control Agency (PPCA), according to sources close to the matter, as cited by Capital weekly.

The new members of the supervisory board were elected at a general meeting of shareholders on July 4, 2014.

The three new members of the Supervisory Board of the BDB replace Diyana Dragneva-Ivanova, Rumen Porozhanov, and Stefan Belchev, who were elected in the spring of 2013.

The reshuffle comes at a decisive moment for BDB and Bulgaria's banking system.

The BDB and the Bulgarian Deposit Insurance Fund (BDIF) are to enter the Corporate Commercial Bank (KTB) as shareholders.

KTB was placed under conservatorship on June 20 by the Bulgarian National Bank (BNB). Credit Agricole Bulgaria, a subsidiary of KTB, was also placed under conservatorship on June 22.

The BDB and the BDIF are to intervene after the completion of the audit of KTB.

The audit, which is to be wrapped up on July 4, is to shed light on the capital and liquidity support needed to stabilize KTB so that it manages to meet the needs of its customers upon reopening offices in July 21.

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