Bulgarian Development Bank Appoints Third CEO
The Bulgarian Development Bank announced it has appointed Ivan Hristov as executive director, its third.
Prior to this appointment Hristov has been serving as member of the Board of Directors.
The bank has two more executive directors – Dimo Spasov and Bilyan Balev, who is also chairman of the Board of Directors.
The Bulgarian Development Bank AD is the successor of Encouragement Bank set up in 1999.
The latter was transformed into a development bank after the adoption of a special law by the Parliament of Bulgaria in April 2008.
BDB's mandate is to provide loan financing to domestic SMEs, either directly, or through the provision of wholesale earmarked funding for SMEs through local commercial banks.
The bank also acts as the preferred agent for various government lending programs, including the assimilation of EU funds.
The bank has two wholly-owned subsidiaries, the National Guarantee Fund and the JOBS Microfinance Institution.
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