EIBank CEO to Replace Bulgaria Central Bank Governor - Report

Business » FINANCE | July 17, 2009, Friday // 11:27
Bulgaria: EIBank CEO to Replace Bulgaria Central Bank Governor - Report Petar Andronov was appointed chief executive of EIBank in March 2008. Photo by EIBank

The chief executive of EIBank, majority-owned by Belgian KBC, has been tipped to replace Ivan Iskrov as Bulgaria's central bank governor, reports say.

Petar Andronov, who has had one of the most dashing careers in the country's banking sector, will be elected governor of the Bulgarian National Bank (BNB), Klasa business daily reported, citing unnamed sources.

The news comes shortly after Boyko Borisov, Bulgaria's next prime minister, whose centre-right GERB party swept the general elections on July 5, made it clear that the central bank governor Ivan Iskrov, reelected in a highly controversial parliamentary vote just before the elections, will be ousted.

The reelection of Ivan Iskrov, member of the centrist party of Simeon Saxe-Coburg, at the end of May was believed to be a trump card for pressing the formation into making concessions in the sharing out of key posts in the state among members of the ruling coalition.

This scenario failed after the ruling Socialist-led coalition suffered a crushing defeat in the general elections on July 5, while the centrist party of Saxe-Coburg even did not manage to make it to the next parliament.

Petar Andronov is former head of the Bank Supervision unit at BNB. Has been part of the working group that was in charge of Bulgaria's negotiations for EU accession under chapter 3 of the acquis "Freedom to provide services". Has been involved for years in the preparation of legislation dealing with the Bulgarian banking system. Chief executive of EIBank since March 2008.

 

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Tags: Ivan Iskrov, Central Bank

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