The Supervisory Board of the state-owned Bulgarian Development Bank (BDB) has conducted a top-level reshuffle.

Angel Gekov and Iliya Kirchev will replace the outgoing Chairman of the Management Board and Chief Executive Officer Dimo Spasov and the member of the Management Board and Executive Director Ivan Hristov.

Bilian Balev remains part of the governing body of the BDB.

The decision was made during Thursday’s sitting of the BDB Management Board, according to a media statement of the bank.

The changes will take effect after their inscription into the Business Register.

Angel Gekov has been part of the management of the predecessor of the BDB, the Encouragement Bank.

He has also worked as head of the “Credit” unit of Bulbank and executive director of Roseximbank and Municipal Bank.

Iliya Kirchev holds an MA in Finance from the University of National and World Economy (UNWE).

He has been head of a Plovdiv-based office of Allianz Bank Bulgaria and he has held managerial positions at HVB Bank Biochim.

In the period 2005 – 2013, he headed two different Plovdiv-based offices of Eurobank Bulgaria and in 2011 he became regional manager in charge of corporate clients at the bank.

In the period 2012-2013, he was manager of a Plovdiv-based office of First Investment Bank.

A new Supervisory Board of the BDB was elected at a General Meeting of Shareholders in July.

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