Bulstrad has sold 5 per cent from the capital of Central Cooperative Bank (CCB) to Chimimport, Central Depository’s yesterday bulletin showed. The deal for 1.62 mln shares was registered as a block deal at a price of BGN 1.57 per share, where its total value stands at over BGN 2.5 mln. The Central Cooperative Union has also sold 3.79 mln (11.73 per cent) CCB shares to the foreign trade company, at a price of BGN 1 per share. Thus, Chimimport already holds 51.76 per cent from CCB’s capital directly, and more than 90 per cent through connected entities.
Source: Monitor (04.01.2005)

CCB Group Asset Management acquired 46.76% in the central Co-operative Bank after contribution in kind to the share capital made by Chimimport, the owner of CCB Group, it emerged yesterday. After the deal, CCB Group Asset Management, formerly known as Newton Financial Management, already controls 67.44% stake in CCB. According the Bulgarian Legislation, an owner of more then 50% in a company is required to make a buyout offer to the minority shareholders. However, since the movement concerns reschuffles in connected persons, no buyout offer is expected. Chimimport as a whole holds 96.06% interest in CCB.
Source: Pari (07.01.2005)

Sofia City Court registered changes for Central Cooperative Bank JSC: registered an increase in the company capital from BGN 169 564 to BGN 32 338 128, through issuing 16 168 564 new dematerialized shares, which give voting rights and have a nominal value of BGN 1 each; registered changes in the company regulations, adopted on the general meeting of shareholders held on the 30 IX.2004.
Source: State Gazette (14.01.2005)

The former boss of the Suhindol-based LVC-Gamza Mr. Trifon Dragiev will be put into the court for malfeasance. Veliko Tarnovo prosecution accused him of exceeding his rights and causing damages to the Pavlikeni-based company Loviko-Rosina. On December 17 1999 singly, without having a decision of the cooperations’ General Meeting Mr. Dragiev has concluded a contract for receiving a bank credit from Central Cooperative Bank amounted to BGN 1.9 mln for purchasing wine-production technologies. Later, on December 20 1999, without a decision of the General Meeting again, he concluded a credit contract between the company and Activa-Privat SPLTD as receiver, and he granted the amount of few-days-ago received credit to the Sofia-based company.
Source: Monitor (24.01.2005)

One fifth of the top 50 most dynamic banks in Central Europe are Bulgarian, a research of The Banker magazine showed. It includes 377 institutions in the countries where the European Bank for Reconstruction and Development operates. The chart was prepared on the base of the banks’ development in 2003 and is divided into two parts – for the countries of the CIS and for the countries of Central Europe (Bulgaria, Baltic republics, Czech Republic, Poland, Slovakia, Hungary, Romania, the former Yugoslavia, and Albania). The assets of the 377 institutions are amounted to USD 548 bln. ProCredit Bank (Bulgaria) is the top one in the chart for the most dynamic banks in Central Europe. The other banks included there are Raiffeisenbank- Bulgaria, Economic and Investment Bank, HVB Bank Biochim, Allianz Bulgaria CB, Bulgarian Post Bank, International asset bank, Central Cooperative Bank, Bulgarian-American Credit Bank, and First Investment Bank.
Source: Sega (26.01.2005)

NSSI announced the top 20 most loyal employers with a personnel of 500 to 1000 people for 2004, insuring a total of 39 148 men with an average insuring income of BGN 562. The company is included in the list.
Source: Other (08.02.2005)

Around 500 of the employees of Blagoevgrad BT will be discharged by the end of this year. They account for 1/3 of the plant’s total number of employees. The reason for the planned dismissals is the fact that the company no longer processes tobacco.
Source: Standart (16.02.2005)

On February 17 the Sofia City Court filed in BNB the proposal of Central Cooperative Bank to acquire the assets of the Capitalbank. Capitalbank was claimed insolvency in 1997. The notorious businessmen Mr. Angel Parvanov and Mr. Krassimir Stoichev founded it in 1993. Central Cooperative Bankhas offered to pay the creditors of the bankrupted institution BGN 3.2 mln. This is quite a solid amount for the few Capitalbank’s assets. In fact its most precious “jewel” is the building situated on Vrabcha Street in Sofia. Its recent estimation made in the middle of 2004 is stated to be slightly over BGN 2.5 mln. According to Mr. Bogdan Ugarchinski, the manager of Velgraf – bank’s biggest creditor, the building area used for office is no more than 300 sq. m.
Source: Banker (21.02.2005)

The National Bank of Serbia deprived second local bank with Bulgarian shareholders of its operative license. This is Credit-export bank – Belgrade and the Bulgarian shareholder is TBI Bulgaria. The bank was declared liquidation and its accounts were distrained. According to the official information provided by Belgrade, TBI Bulgaria and BFG SPLTD, managed by Mr. Plamen Grozdanov, are among the shareholders. TBI is only one of the shareholders in Credit-export bank, Mr. Evgeni Popov of the financial holding stated. We have no direct or indirect participation in the Serbian bank. We just hold less than 5 per cent in TBI, EIBank commented the claims that it also had interests in the Belgrade institution. This is the second case within two months when Serbian central bank deprives of license financial institutions related with Bulgarian companies. A few days before Christmas Rai bank was left with no license. The institution is close to Chimimport and Central Cooperative Bank, which are controlled by the Varna-based group TIM. There is no information if our Banking Supervision investigates the Rai bank case, although there are some statements that BNB was worried about the Credit-export bank case.
Source: Dnevnik (23.02.2005)

The Banking Supervision Department of the Bulgarian National Bank has approved the offer tabled by Central Cooperative Bank for the bankrupt Capitalbank. CCB will pay BGN 1 for the acquisition while assuming BGN 3.2 mln of liabilities. The bulk of the liabilities consist of a BGN 2.8 mln outstanding repayment to another bankrupt bank, TSBank.
Source: Dnevnik (14.03.2005)

The Budget and Finance Commission at the Supreme Judicial Court adopted the criteria for election of serving banks for the entire judicial authority. A procedure under the Public Procurement Law is to be announced. According to the supreme judges the number of the treasuries serving the courts and the investigation services, should be reduced from 24 to 3. Central Cooperative Bank, DZI Bank, Bulgarian Post Bank, and Bank DSK are the closest to the judges’ requirements.
Source: Pari (24.03.2005)

Up to 2007 all Chimimport’s major companies should be listed at the Stock Exchange, the member of the company’s managing board Mr. Alexander Kerezov stated. For the time being the management plans listing at BSE Chimimport’s and Hemus Air’s shares. However it is still unknown, which company will be listed first and when this will happen. Currently only two of the companies of Chimimport are traded at the Bourse - Central Cooperative Bank and Oil and Gas Exploration and Production.
Source: Dnevnik (24.03.2005)

Mr. Juli Popov, the CEO of Tokuda bank, has retired and as of April 1 is head of the Corporate clients directorate at Corporate Commercial Bank, the chair of the bank’s Supervisory Board Mr. Tzvetan Vassilev announced. Mr. Popov was CEO of Hebrosbank until 1998, then he held the same position in Central Cooperative Bank.
Source: Banker (04.04.2005)

Bulgarian foreign trade company Chimimport got a nod form the central bank on Wednesday, April 13, to own directly 5% of the voting shares of Central Cooperative Bank (CCBank) and to own up to 67.438% of voting shares via its subsidiary CCB Group Assets Management. The central bank also permitted CCB Group Assets Management to own directly 67.438% of the CCBank voting shares and to own up to 82.925% of the bank's registered capital via related entities Chimimport, Liechtenstein-based Chiminvest Institut, pension insurer CCB Sila and insurer Armeec.
Source: Dnevnik (14.04.2005)

Chimimport was allowed by BNB to own directly 5 per cent of the capital of Central Cooperative Bank. The company CCB group assets management will own 67.438 per cent of its capital. A total of 10.487 per cent of Central Cooperative Bank shares will be distributed among three other firms: Chim Invest Institute, CCB - Sila Pension Insurance and Armeec Insurance Company.
Source: Banker (18.04.2005)

Sofia City Court effaced Capitalbank from the companies' register after Central Cooperative Bank fulfilled its obligation to transfer BGN 3.25 mln to the bank creditors’ accounts.
Source: Banker (25.04.2005)

The court has approved the contract for sale of Bulgaria's Capitalbank (in bankruptcy) to Central Cooperative Bank (CCB), which was signed on January 31, 2005. CCB will buy the bankrupt institution as a whole enterprise for BGN 1 and a commitment to pay BGN 3.254 million to its creditors. The announcement was posted on the Bulgarian Stock Exchange's site, since CCP is a public company. The decision of the Sofia city court terminates Capitalbank's bankruptcy procedure, the distraint on its property and the powers of its trustees. The transaction has been already sanctioned by the Bulgarian National Bank and the Deposit Insurance Fund, which controls the bank bankruptcy process.
Source: Pari (29.04.2005)

The Central Co-operative Bank, co-owned by CCB Group Assets Management (67.38%, foreign trade company Chimimport and insurer Armeec, logged a Q1 profit of 2.655 mln levs, improving handsomely on the 1.13 mln lev year-ago profit showing. The bank reaped 9.6 mln levs in dividend and interest income vs 6.2 mln levs a year earlier. The bank's assets stood at 675 mln levs by end-March, up from 413 mln levs a year ago.
Source: Dnevnik (29.04.2005)

The bank supervision department of the Bulgarian National Bank has issued a permit to Central Cooperative Bank (CCB) to open a branch in Nicosia, Cyprus. The decision to expand activities to Cyprus was taken by CCB's management board in November 2004. The bank is yet to be licensed by the Cypriot central bank. In the middle of March 2004 CCB received permission to open a branch in Zurich.
Source: Pari (05.05.2005)

Central Cooperative Bank will be granted a syndicated loan of EUR 10 mln, one of the leading managers of the issue, Germany’s HSH Nordbank, announced. The bank will be able to dispose of the funds within a year with an option of extending the period by another 364 days. The interest equals 225 basis points above the EURIBOR. The transaction has already been completed. The official contract signing ceremony will take place on May 17 in Sofia.
Source: Dnevnik (12.05.2005)

The Financial Supervision Commission (FSC) has allowed insurer Allianz Bulgaria Life to invest USD 1 million insurance reserves in eurobonds issued by the Russian Federation. The company will have to submit monthly reports to the FSC about the volume of bonds, the issue, the par and market value of the bonds. The FSC licensed three new insurance brokers: Vip Brokers, Correct-Ins and Classic Services. The supervisory also approved the new members of management bodies of eight insurance companies and four new actuaries of insurance companies.
Source: Pari (12.05.2005)

Central Cooperative Bank (CCB) launched Credit Active for people not having labour revenues. The credit is directed to free lancets, private agricultural manufacturers receiving incomes of fees and rents, the bank announced. The credit is up to BGN 20 000 for a 7-year term. Dentists and doctors having contracts with the National Health-Insurance Fund may receive credits up to BGN 7000 with no guarantees.
Source: Sega (18.05.2005)

The Managing Board of Central Cooperative Bank JSC - Sofia convenes an Annual General Meeting of the shareholders on June 30 2005.
Source: State Gazette (20.05.2005)

Raiffeisenbank-Bulgaria, Hebrosbank, Bulgarian Post Bank, Trans Card, Central Cooperative Bank and First Investment Bank now offer to the card owners Bulgarian credit cards that successfully compete here the large names as Visa and Mastercard.
Source: 24 chasa (23.05.2005)

Central Cooperative Bank (CCB) bought the bankrupt Crystalbank for BGN 1. The deal was approved by the Smolyan district court on April 26. CCB will repay BGN 350,000 of Crystalbank's debts. A month ago CCB acquired the bankrupt Capitalbank also for BGN 1.
Source: Standart (27.05.2005)

Smolyan District Court approves the contract for the sale of a bank in insolvency as an enterprise, signed on the 15.III.2005 by the syndics of Crystalbank JSC, insolvent, as the selling party, and Central Cooperative Bank JSC, having its registered address and principal place of business in Sofia, 103 G.S. Rakovsky Str., as the buying party; the insolvency procedure for Crystalbank JSC (insolvent) is ceased, registered in the companies register with headquarters in Madan; invalidates the general ban on Crystalbank JSC property, insolvent; enacts the removal of Crystalbank JSC, insolvent, from the companies register.
Source: State Gazette (27.05.2005)

A nine-member Board of Directors to manage the card operator BORIKA, this was offered yesterday at the meeting in the Association of Commercial Banks (ACB). The bankers have discussed the company’s management structure. A week ago ACB received a proposal of the BNB for a seven-member Board of Directors. The letter points Mr. Dimitar Kostov as BNB’s representative, Mr. Alexander Matrozov as CEO, Bank DSK as representative of banks having their own card centers, HVB Bank Biochim – as representative of bank holding over 4 per cent of BORIKA’s capital, Bulbank, Central Cooperative Bank - as representative of bank holding less than 4 per cent of BORIKA’s capital, and Investbank.
Source: Pari (01.06.2005)

The Association of Commercial Banks (ACB) will meet the management of BNB Tuesday to discuss some arguable moments about the oncoming General Meeting of the shareholders of BORIKA, scheduled for June 14. Last week the bankers met each other to discuss the drafts for the meeting prepared by BNB. Then the structure of the card operator’s Board of Directors cause serious disputes. The following Board was promoted on behalf of BNB’s governor Mr. Ivan Iskrov: chairman – the future sub-governor Mr. Dimitar Kostov, CEO – Mr. Alexander Matrozov, Bank DSK as representative of the institutions having their own card centers (United Bulgarian Bank, Bank DSK, DZI, First Investment Bank); HVB Bank Biochim (Hebros), and Bulbank as representative of the institutions having a share of over 4 per cent, Central Cooperative Bank and Investbank as representative of the institutions holding less than 4 per cent of BORIKA.
Source: Dnevnik (07.06.2005)

A seven-member board of directors will manage Bulgaria's card operator BORICA for a term of one year. The shareholder banks will participate in BORICA's management on a rotation principle. The formula was approved in principle at a meeting of the Association of Commercial Banks Friday. The board members are expected to be approved at a general meeting Tuesday. They include BNB deputy governor Dimitar Kostov, BORICA current CEO Alexander Matrozov, DSK Bank CEO Violina Marinova, Bulbank CEO Levon Hampartsumyan, HVB Bank Biochim CEO Maria Ilieva, Central Cooperative Bank's Viktor Mihaylov and Investbank CEO Kiril Grigorov.
Source: Pari (13.06.2005)

The businessman Mr. Pancho Iliev was yesterday heard in the Plovdiv Regional Court because of unpaid credits, granted by three local banks 12 years ago. Mr. Iliev owes BGL (non-denominated) 14,128 mln to Bulgarian Post Bank, Agricultural Credit Bank (succeeded by Central Cooperative Bank), and to Touristsportbank. He has received the funds in the period November 10 1992 – April 7 1993. The credits have been covered with a mortgage of one and the same enterprise – the tinned food plant in Perushtitsa. He has signed a contract for purchasing the plant with the time liquidation council of the local agricultural organization, but has never paid and has no property documents, the police stated some time ago. The investigation about the lands started yet in 1993.
Source: Sega (14.06.2005)

Six bankers to enter BORIKA’s Board of Directors, the card operator’s general meeting decided. BNB’s deputy governor Mr. Dimitar Kostov, the managers of DSK Ms. Violina Marinova, of Bulbank Mr. Levon Hampatzumyan, of SG Expressbank – Mr. Krasimir Zhilov, of Central Cooperative Bank – Mr. Viktor Mechkarov, and the head of Investbank – Mr. Kiril Grigorov. Mr. Alexander Matrozov will remain company’s CEO.
Source: Standart (15.06.2005)

Western Union introduced lower fees for its money transfers within the territory of Bulgaria, company's representatives said. However, the new price list is applicable only for transfers in local currency. the fee for every transfer of up to BGN 500 will be BGN 15, while the tariff for transfers of between BGN 501 and BGN 1,000 will be BGN 35. The transfers of between BGN 1,001 and 2,000 will be charged by BGN 55, while those of between BGN 2,001 and BGN 5,000 - by BGN 80. Western Union offers its services through the branch office network of Postbank, SG Expressbank, United Bulgarian Bank, Central Cooperative Bank (CCB) and Cash Express Service.
Source: Pari (21.06.2005)

Sofia City Court registered the following changes for Central Cooperative Bank JSC - Sofia: Mr. Lazar Petrov Iliev and Mr. Viktor Ivanov Mechkarov were registered as members of the Managing Board; Mr. Lazar Petrov Iliev and Mr. Viktor Ivanov Mechkarov were registered as CEOs; the company shall be managed and represented together by the CEOs Mr. Borislav Yavorov Chilikov, Mr. Georgi Dimitrov Konstantinov, Mr. Lazar Petrov Iliev and Mr. Viktor Ivanov Mechkarov or each of them together with the prosecutor Mr. Tihomir Angelov Atanasov.
Source: State Gazette (24.06.2005)

Ivan Iskrov, manager of Bulgarian National Bank (BNB) NGO, and the finance minister Milen Velchev approved 26 financial institutions which will be primary dealers of DCK from the 1 of July 2005. These are: Bank DSK SPJSC, Bulbank, Bulgarian Post Bank JSC, Raiffeisenbank-Bulgaria SPJSC, SG Expressbank JSC, DZI Bank JSC, EIbank, Hebrosbank JSC, BNP PARIBAS (Bulgaria) SPJSC, Eurobank JSC, International Asset Bank JSC, Corporate Commercial Bank JSC, Municipal Bank JSC, Central Cooperative Bank JSC, CB Allianz Bulgaria JSC, Investbank JSC, Unionbank JSC, D Commerce Bank JSC. Present in the list are also Euro-finance FH JSC, Elana Trading (Elana FBH) JSC and Bulbrokårs JSC – Sofia.
Source: Banker (27.06.2005)

The assets of Bulgaria's Central Cooperative Bank (CCB) increased by 56% in 2004 to BGN 55.8 million, it emerged at a general shareholders' meeting Thursday. The profit of the bank for last year totals BGN 5.643 million and will be allocated to the Reserve Fund. The shareholders also approved changes to the supervisory board. Within a five-year period CCB's management board will have right to take decisions on the issue of mortgage bonds with a par value of BGN 15 million. In 2004 CCB extended credits totalling BGN 240 million, up by 43.8% on 2003. The deposits of the bank by the end of the year amounted to BGN 475.6 million, up by 65.34% year on year.
Source: Pari (01.07.2005)

Central Cooperative Bank JSC - Sofia, Bourse code CCB, the General Meeting of which was held on June 30 2005, shall not distribute dividends for 2004. Central Cooperative Bank JSC – Sofia reported a profit to the amount of BGN 6,116,000.
Source: Capital market (04.07.2005)

A masked man rushed into Bulgarian Central Cooperative Bank's (CCB) branch in Shumen Monday morning and demanded to be given all cash available, aiming a gun at the bank's officers. The security officer, Dian Hristov, and a colleague of his managed to successfully disarm the robber. The attempt was prevented, nothing was stolen thanks to the actions of the bank's guards, CCB's Dimitar Dimitrov told the PARI daily. After the incident the bank resumed normal operation and customer servicing. The man was detained, the local police office said. He is 27 years old and is jobless. This has been the fourth bank robber attempt for the last one year. In March 2004 a Sofia branch of HVB Bank Biochim was broken into and robbed. The branch of United Bulgarian Bank in Botevgrad was burglarised in February 2005, and in March robbers broke into one of ProCredit Bank's branches in Sofia. Amendments to the ordinance on bank security are being prepared at present, which will probably include the obligation for 24-hour security.
Source: Pari (12.07.2005)

Most of them are striving to keep database about their corporate clients. Some even have their own evaluation system to unify and fasten the credit granting process. In DSK Bank for example the application of credit rating of the corporate clients is an obligatory part of the credit analyses. As a part of ÎÒÐ Group DSK Bank will soon introduce a new system for evaluation of the bigger credit-receivers. UBB has two risk evaluation systems. One of them is applied for micro-credit deals up to BGN 50,000 and this is the credit scoring system. The rating system is used for evaluation of credits over BGN 50,000. For establishing the credit scoring system the experience of the UN company Bannock Consulting in Eastern Europe has been used. Corporate Commercial Bank has know-how for evaluation of the corporate clients. This is made under a rating system introduced in 2000, when the currently operating team entered the bank. The system is a local development as the maths model is adjusted to the terms of the credit institution. HVB Bank Biochim: Bank’s credit rating includes the evaluation of the credit risk figured as the possibility of the client falling insolvent in the next 12 months. This option is counted as a percentage for each class of the HVB Group’s master scale. Central Cooperative Bank applies its own system for evaluation of corporate clients. The analysis includes major quantitative and qualitative indexes featuring the client’s status, his development perspectives, and external factors’ influence over the risk. Investbank: When evaluating the corporate clients’ credit capacity the bank applies own system developed on the base of approved bank practices. Generally, the applied analytical model and proven evaluation approaches aim at generating a specific management portfolio about the actual financial and economical status of the client, the opportunities and the development potential, the perspectives of the branches where the client operates. ProCredit Bank: The bank uses the individual approach to examine each credit asking. The so-called relationship officers are responsible for the corporate clients. Encouragement Bank is a state-owned bank, which finances small and medium-sized enterprises. Its specific feature is the long-term investment crediting, when an entire business strategy is developed in a way to make the certain company competitive at the EU market. First Investment Bank applies rating model when evaluating small and medium-sized enterprises. The model includes some indexes formed on a given base, but the expert opinion of the credit specialists of the company’s assets quality and quantity, development potential, and management is also considered. CB Allianz Bulgaria: Starting in the end of 1999 the bank has been using the Credit capacity analysis system, and the evaluation risk, which automatically process the data received by the clients. It defines three rating types of credit askers: financial, qualitative and compensations rating giving.
Source: Cash (15.07.2005)

Coal Pernik LTD is offering coal on leasing, with a minimum quantity of coal worth at least BGN 200. The service is offered for coal worth up to BGN 3 000, and requires a minimum salary of BGN 120 and a signed employment contract; a warrantor is required for pensioners. The firm has its own mine- Bela Voda, and is the only firm to offer coal to private citizens. Applications for coal on leasing, are accepted in the mine and then transferred to Central Cooperative Bank JSC, which decides on who is eligible for the offer.
Source: Standart (20.07.2005)

Sofia City Court allowed the application of the audited and adopted annual financial report for 2003 of Central Cooperative Bank JSC - Sofia.
Source: State Gazette (09.08.2005)

Central Cooperative Bank is launching a new Market credit card, the company announced. it has a limit up to BGN 11,000 and may be used in over 7000 stores, oil stations, and all other local facilities in the BORIKA system. All the payments are free of charge and the client may use a gratis period to 60 days.
Source: Dnevnik (12.08.2005)

Bulgaria's Central Co-operative Bank (CCB) will allocate BGN 100,000 in financial aid to the affected by the summer floods, following a decision of the bank's board of directors. The money will be directed to individuals in the damaged regions. The specific extent will be determined by the needs of those who were most affected by the floods. Detailed criteria will be discussed after research carried out by the directors of the regional branch offices at meetings with the local authorities.
Source: Pari (19.08.2005)

The local Central Cooperative Bank (CCB) will ask its shareholders on October 21 to approve the issue of 16,169,064 new shares with a nominal value of BGN 1 each. The issuance will raise the bank's capital from BGN 32,338,128 to BGN 48,507,192. The news of the capital raise lifted the bank by 2.87% on the local bourse Friday on a turnover of 20,000 shares. In late 2004, CCB enlarged its capital from BGN 16,169,564 to BGN 32,338,128. CCB Group Assets Management, wholly-owned by foreign trade company Chimimport, owns 67.38% of CCB. CCB posted a net profit of BGN 555,000 in the first half of 2005, down 58% year-on-year. CCB ranks as the nation's 11th biggest bank with assets of BGN 680.5 mln. Commercial credits disbursed in the first half of the year totalled BGN 236 mln while consumer credits topped BGN 50 mln.
Source: Dnevnik (07.09.2005)

The Managing Board of Central Cooperative Bank JSC - Sofia convenes an Extraordinary General Meeting of the shareholders on October 21 2005.
Source: State Gazette (13.09.2005)

The Central Co-operative Bank (CCB) will use the funds raised through the share capital increase to expand its mortgage, corporate and consumer crediting, as well as for the improvement of its portfolio's efficiency, Peyo Yordanov of the bank said. The share capital increase move, which will augment the bank's capital by some BGN 16.2 million, is to be voted at an extraordinary shareholders' meeting. At present, CCB has a share capital of BGN 32.3 million after raised it twofold at the end of 2004 it. 'The restriction measures imposed by the Central Bank earlier this year did not affect our credit portfolio, so that there is no problem for our credit volume to generate a rise now,' Yordanov added.
Source: Pari (14.09.2005)

The Managing Board of Central Cooperative Bank JSC - Sofia convenes an Extraordinary General Meeting of the shareholders on October 21 2005.
Source: State Gazette (20.09.2005)

Bulgaria's Central Co-operative Bank (CCB) will increase its share capital to BGN 48.5 million, up from the present BGN 32.3 million through issuing some BGN 16.2 million new shares at a par value of BGN 1.0. The decision was taken by the bank's general shareholders' meeting that took place last Friday. The meeting approved some changes in CCB's statutes and carried out reshuffles in the supervisory board. CCB Group Asset Management EAD has been replaced as a member of the board by Marin Mitev.
Source: Pari (24.10.2005)

The trade in rights to the share capital increase of the Central Cooperative Bank (CCB) will start on November 14. On that date will start the subscription procedure for the shares as well. The rights will be traded on the Bulgarian Stock Exchange (BSE) by November 25. Transfer of rights will be allowed until November 19. An auction for the unsubscribed rights will be held at December 6. The shares will be subscribed for until December 21. A BGN 1.0 share can be subscribed against two rights.
Source: Pari (07.11.2005)

Twenty banks, Visa International and American Express set up a Bulgarian association for security of card payments. The founding banks are members of international card organisations and actively develop card products and services. The management board of the association includes representatives of First Investment Bank, United Bulgarian Bank, HVB Bank Biochim, Postbank, DSK Bank, Bulbank and Central Cooperative Bank. The organisation will aim to provide security and prevention of frauds and protect the rights and interests of its members and other participants in card payments.
Source: Pari (24.11.2005)

The Board of Directors of St. Constantine and Helena Holding JSC - Varna, announced the concluded bond loan with the following parameters: ID number BG 2100031058; amount of the loan – EUR 5,000,000 åâðî; term - 5 years; annual interest - 7,5 per cent; initial date – November 18, 2005; payment dates: for the principal- once, at the maturity; for the interest payments: May 18, 2006, November 18, 2006, May 18, 2007, November 18, 2007, May 18, 2008, November 18, 2008, May 18, 2009, November 18, 2009, May 18, 2010, November 18, 2010; serving bank - Central Cooperative Bank JSC. The Board of Directors convenes first general meeting of the bondholders on December 9, 2005 in Varna.
Source: State Gazette (29.11.2005)

573,055 rights of the capital increase of Central Cooperative Bank are not subscribed, Bulgarian Stock Exchange announced. The pool, representing 1.77 per cent of all the issued rights, will be offered at a special auction in Tuesday (December 6). The bank’s general meeting of the shareholders, held on November 21, decided on increasing the capital from BGN 32,338 mln up to BGN 48.5 mln through the issue of 16,169 mln shares with par and issue value of BGN 1 each. The proportion right/share is 2/1. This means that a total of 286,527 shares could be subscribed for the remained rights that are to be offered at the auction.
Source: Dnevnik (05.12.2005)

Trans Investment and Capital Management are the latest Special Purpose Vehicles (SPVs) awaiting a nod form Bulgaria's Financial Supervision Commission. Trans Investment, co-owned by Petrol Holding (70%) and Greece's Emporiki Bank (30%), will engage in the securitisaiton of consumer credits, Nikolai Maister, a consultant on the project said. The company prospectus has been submitted for approval to the financial regulator. The SPV intends to raise its capital from 500,000 to 650,000 levs. Initially, Trans Investment will securitise the credit card receivables of Transcard, the credit card company owned by Petrol Holding. After the capital raise, the SPV intends to borrow cash form the bond market, said Maister. Capital Management was co-founded by CCB Group Assets Management and insurance company Armeec. The same to originators own CCB Real Estate Fund which will securitise immovable properties. The two newly set-up companies were registered by the Central Depository last week and will promptly submit their prospectuses for approval to the FSC, said Ivailo Valkov, executive director of CCB Group Assets Management.
Source: Dnevnik (07.12.2005)

Bulgaria's Central Cooperative Bank (CCB) will operate in Cyprus after that nation's central bank issued the relevant licence last Friday. In 2004, the Bulgarian National Bank gave the go-ahead to CCB to open an office for corporate clients in Zurich, Switzerland. The office is expected to start operation soon. The idea is to populate with CCB offices all destinations covered by the Hemus Air carrier, Ivo Kamenov, managerial agent of Chimimport, said. Chimimport and CCB are both affiliated with Varna-based economic group TIM. In Cyprus, CCB will offer corporate as well as retail services, targeting some 10,000 expatriate Bulgarians. First Investment Bank is the other Bulgarian bank operating in Cyprus. CCB, the nation's 12th biggest bank, managed assets worth BGN727 mln at end-September. The credit portfolio of the bank was worth BGN375 mln while deposits totaled BGN600 mln. Nine-month net profit came in at BGN4.4 mln.
Source: Dnevnik (12.12.2005)

Bulgaria’s Central Cooperative Bank (CCB) will open second branch office outside Bulgaria, selecting this time Cyprus, an announcement published on the Bulgarian Stock Exchange site reads. CCB has received a licence for operating a branch office from the National Bank of Cyprus. Last year, CCB opened such an office in Switzerland. In Cyprus, there is another Bulgarian bank operating – First Investment Bank.
Source: Pari (19.12.2005)

St. Constantine and Helena Holding took a new debenture loan, amounted to EUR 5 mln, the leading manager of the issue, Central Cooperative Bank announced. The debenture issue is the term of 6 years, unsecured, with a maturity on December 20, 2011. The interest payments are in a 6 months period, the principal shell be paid on one installment on the maturity.
Source: Monitor (22.12.2005)

Mining and processing company Kaolin, tapped to acquire a 70% stake in the Bulgarian River Shipping Corporation (BRSC), said it is backing out of the deal. Kaolin, owned by Alpha Finance Holding, said the move was prompted by the ongoing litigation of the privatisation procedure which has made impossible the closure of the deal in the foreseeable future. Alpha Finance Holding said it will not renew its offer for BRSC after it expires on December 31. It is unacceptable for an acquisition to be bogged down by litigation for years, said Alpha Finance Holding board chairman Ivo Prokopiev, adding that the winning BGN13.162 mln bid submitted by the company is unlikely to be topped. In May, Alpha Finance Holding sold on the local bourse its 29% interest in BRSC. The equity was picked up by a client of Central Cooperative Bank which is affiliated with one of the failed bidders for BRSC, Chimimport. The state floated 30% of the river fleet on the non-cash segment of the Bulgarian stock exchange in early 2004. Kaolin is the regional leader in the mining, processing and logistics of various industrial minerals. The company's structure includes ten manufacturing units in different parts of Bulgaria, including Vetovo, Senovo, Ignatievo and Kaolinovo, among others.
Source: Dnevnik (22.12.2005)