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Bulgarian energy tycoon Hristo Kovachki has lost control of Sofia's Municipal Bank AD. Photo by BGNES
The Sofia Municipality managed to regain control of Municipal Bank AD after a general shareholders' meeting held on Friday.
On Thursday, the Bulgarian National Bank (BNB) deprived from voting rights five of Municipal Bank's minority shareholders - companies connected to businessman Hristo Kovachki - thereby invalidating the blocking quota in the general shareholders' meeting, where decisions are taken with a ? majority of the represented capital, dnevnik.bg reported.
At Friday's general shareholders' meeting, the representatives of the Sofia Municipality voted for an amendment to the articles of association providing that decisions shall be taken by a majority vote, while decisions involving changes in the capital or the articles of association, etc, shall require a 2/3 majority to pass.
The Sofia Municipality holds a 67.51% stake in Municipal Bank AD, meaning that it can already take key decisions single-handedly.
The general shareholders' meeting also removed Nikifor Vangelov and Dimitar Kolev from the Supervisory Board of the bank and replaced them with Post Bank CEO Petya Dimitrova and Stefan Nenov, a former employee of PricewaterhouseCoopers.
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