Vladislav Goranov, former MP from center-right party GERB (Citizens for European Development of Bulgaria), is to become Executive Director of Municipal Bank PLC.

The nomination of Goranov, Deputy Finance Minister during the term in office of the GERB government, is to be approved by the Bulgarian National Bank (BNB).

In an interview for Capital daily, Goranov informed that he had been invited to become Executive Director of Municipal Bank PLC by the main shareholder of the bank, the Sofia Municipality.

The Sofia Municipality controls a 67.65% stake in Municipal Bank PLC. The remaining part of the capital is owned by companies related to energy tycoon Hristo Kovachki, which acquired a blocking quota in its management in 2004.

In end-2011, after the intervention of BNB, the Sofia Municipality managed to regain control of the bank and announced its plans for modernization.

In end-2013, the topic of the privatization of the credit institution surfaced yet again. The bank is expected to have a new owner by end-September.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!