As a whole, the bank system reported a 45.6 per cent profit growth compared to the end of September 2002, according to BNB data. The positive financial result for the third quarter of 2003 is BGN 293.7 million. Three banks, however, registered losses. They are Commercial Bank of Greece (BGN 1.661 million), Teximbank (1.213 million) and Investbank (BGN 644 000). The data is based on the official quarter reports, provided by the commercial banks to BNB. According to it, the bank system is managing assets of BGN 16.386 billion. The credits granted to non-financial institutions and other clients over the review period are over 50 per cent, compared to the assets of the system for the first time since the currency board was introduced in Bulgaria. In the end of September 2003, the banks’ credit portfolio amounted to BGN 8.291 billion, which represents 50.6 per cent of the assets.
Source: Pari (05.01.2004)

At the Annual General Meeting of Teximbank JSC – Sofia, which was conducted on May 28, 2004, was decided that a quarter of the net profit of the bank will be distributed as dividends. The sum which will be distributed is BGN 30 800. The total amount of the assets of Teximbank JSC – Sofia during 2003 – eleven years since it has been established is estimated to BGN 30.6 million. The credit institution reported net profit in amount of BGN 140 850 as of 2003.
Source: Banker (31.05.2004)

First Financial Brokerage House heads the rank list of the investment intermediaries by turnover for the first half of the year, according to the Bulgarian stock exchange data. The company has made over 1700 deals totaling BGN 84.3 mln. FFBH’s leadership for the period owes to the considerable turnover in the shares of Bulgartabak Holding and the other tobacco companies, as well as to the foreign investors, with which the intermediary works. The total turnover of the investment intermediaries for the first half-year was some BGN 680 mln. After FFBH in the rank list by turnover come Economic and Investment Bank, Bulbrokårs, Capman, Karol and Elana Trading. Karol has registered the largest number of deals and Capman leads in the number of lots traded. Teximbank ranks last with only nine deals and a turnover of slightly above BGN 1000.
Source: Dnevnik (19.08.2004)

All mortgage bonds from TEXIMBANK's first issue of EUR2MN total face value have been sold, the bank's Management Board informed. Between 7 and 21 September the bank found buyers for 2,000 of these bonds, each of BGN1,000 face value, and the applications exceeded the number of bonds offered for sale. The bank is going to pay a 7% annual interest to the bondholders. On September 24, 2007, it will pay the EUR2MN principal as well. The bonds are guaranteed by real estates pledged in favour of the credit institution. During the first general meeting of TEXIMBANK bondholders scheduled for November 3, 2004, the holders are expected to give their consent for registration of the bonds on the stock exchange. The secondary trade of the bonds will be carried out there and the Elana investment agent will manage the issue.
Source: Banker (04.10.2004)

The report and the program project of Mr. Rumen Bikov are the only serious document over the “companies and money abroad” affair. These two documents have been put forward in the Bulgarian parliament and were presented to the Parliament’s chair Mr. Stefan Savov, to the president Mr. Zhelyu Zhelev and to the PM Mr. Philip Dimitrov. Non of them helped to discuss and implement the report and program. In the program project Mr. Bikov noticed that the number of companies abroad was 395, as USD 350 mln have been invested in them. Looking for the truth for the money of the companies abroad, I came upon a list of the foreign companies where the mother companies, established these companies, were short-listed. According to him some of the mother companies and owners to June 1991 are: State-owned company Vamo.
Source: Monitor (04.10.2004)

Teximbank announced the emission of its first issue of mortgage-backed bonds par valued at EUR 1000. Its amount is EUR 2 million. The securities’ term is 3 years, the interest is 7 percent annually with voucher payments on each 6 months. The first General Meeting of the bondholders will be held on November 3.
Source: Pari (25.10.2004)

ProCredit Bank is issuing 5000 bonds with a par value of EUR 1000. The prospect for their floating has been adopted by BNB’s Financial Supervision Commission. The interest rate of the bonds is 6.45 per cent, and their maturity is 36 months following their issuing. FSC also adopted a prospect for the floating of 2000 bonds with a par value of EUR 1000, issued by Texim. The annual interest of the bonds is 7 per cent.
Source: Standart (23.12.2004)

The Financial Supervision Commission (FSC) approved the prospect of Teximbank JSC for secondary public offering of 2000 common, registered, dematerialized, transferable, interest bearing, secured bonds. The par value of the securities is EUR 1000 each, with an annual interest rate of 7 per cent, with a maturity term of 36 months and 6 interest payments to the maturity.
Source: Monitor (23.12.2004)