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NEW BANK STARTS OCTOBER 1
Business | August 26, 2001, Sunday // 00:00
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A new ProCredit Bank will be formally opened on October 1. ProCredit has already filed all the documents required for the issuance of a banking license, and has deposited the whole amount of the initial capital of BGN 12 million, ProCredit sources announced. The bank was established by Komerzbank, by the International Finance Corporation, the International Investment Fund, the German Investments Agency, and the European Bank for Reconstruction and Development. Each of the five shareholders has a 20% stake in bank`s capital. The bank has already received a letter of intentions from the Bulgarian National Bank which indicates that the license will be duly awarded. ProCredit Bank will be specialized in microcrediting and loans tosmall and medium businesses. It will have a two-tier system of management.
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