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Business | September 10, 2002, Tuesday // 00:00
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Following EBRD's acquisition of a 15% stake in Bulgaria's Unionbank, the European Bank for Reconstruction and Development will designate a representative on the supervisory council of the financial institution. This was announced by Unionbank's Chief Secretary Ivaylo Donchev September 10. The project for EBRD's acquisition of a 15% stake in Bulgaria's Unionbank was approved by the bank's general shareholders' meeting July 5, 2002. The shareholders also decided on a capital-raising share issue from BGN 13,1 M to BGN 15,4 M. The contract is expected to be signed on September 15, 2002. Along with its representative, EBRD will also designate one or two consultants at Unionbank. The bank, to celebrate its 10th anniversary in November, will not open new branches till the end of the year.
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