Business | June 27, 2001, Wednesday // 00:00

Levon Hampartsoumyan, so far Executive Director of the Privatisation Agency, will be the new member and Chairman of the Managing Board of Bulbank, says the decision of the bank`s Supervisory Board. Hampartsoumyan will enter upon office on September 1, 2001. M. Andreev will step down of his position as Managing Board member on July 15, 2001. L. Lovalio, representative of Bulbank`s owners, UniCredito Italiano, is now the bank`s Chief Executive Director. Bulbank was privatized by a consortium of the Italian bank UniCredito Italiano and the Alianz insuring company of Germany in July 2000 at the price of EUR 360 M. At the end of February 2001, UniCredito sold 2.5% of the Bulbank shares to Simest of Italy. At the end of April they signed an agreement with the International Financial Corporation (IFC), within the World Bank Group, selling it 5.3% of the shares. After the second sale, the share of Bulbank owned by UniCredito decreased to 85.2%

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