FIB to issue debt securities worth BGN 2 bn

First Investment Bank (FIB) will be able to issue debt securities worth up to BGN 2 bn. This will become possible as a result of changes in the Statutes of the Bank, included as the primary issue in the notification for convening of a general meeting of shareholders on October 24, published by the Bulgarian Stock Exchange.

The Bank management will issue the debt instruments for a 5-year period. On the question of Klassa daily what necessitated these changes and for what the funds will be used, FIB replied that this was not a new decision, but a deadline extension of an existing decision.

The meeting's agenda also includes changes in the Bank Supervision Department. The hitherto members Todor Breshkov, Nedelcho Nedelchev and Kaloyan Ninov will be dismissed from service on January 24, 2012. It was proposed that their vacant posts at the Bank Supervisory Council (BSC) should be occupied by Evgeni Lukanov, Yordan Skorchev and Maya Georgieva. The financial institution indicated that the reason for the reshuffles was the fact that at the beginning of next year the mandate of the hitherto BSC members expires. The general meeting of shareholders will also vote on the actual amount of the remuneration for the members of the Bank Management and Supervisory Board.

According to the unconsolidated financial report of the bank for the first six months of the year, its profits increased by 35% on an annual basis up to BGN 20 mln. Its good fiscal performance is mainly due to the growth of BGN 7.09 mln in the net income collected from fees and commissions and as a result of the hike of BGN 21.5 mln of the net interest income. At the last general meeting, the shareholders of the financial institution decided not to pay dividends and to calculate no other deductions from the profits of 2011. In fact, it is already known that FIB financed completely the transaction on the purchase of the bankrupt Kremikovtzi metallurgical plant, providing the amount of BGN 316 mln. FIB was elected as the Best Bank in Bulgaria by the Euromoney magazine and received the prestigious award for market share in the rankings for annual bank awards dubbed Bank of the Year Award 2010.

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