12.12.2014

 Angel Gekov and Iliya Kirchev replace Dimo Spassov, current CEO, and Ivan Hristov, Executive Director

The Supervisory Board has made some changes to the operational management of the Bulgarian Development Bank (BDB) AD. Angel Grekov and Iliya Kirchev will replace the current Chairman of the Management Board and Chief Executive Officer Dimo Spassov and the Member of the Management Board and Executive Director Ivan Hristov. Bilian Balev remains in the BDB management. The decision was taken at the Board's meeting held on 11 December. The changes will become effective after they are entered in the Company Register.

The financial and economic conditions in the country require that the management of BDB public funds and its functioning as the only government bank take place in a more and more transparent and effective manner. The Bank is expected to consolidate its role of a source of strategic ideas based on practice, experience and knowledge in devising and pursuing government policies on the promotion of small and medium-sized enterprises in an adequate way so as to meet market needs without distorting competition and in cooperation with the other credit institutions.

Members of the new Management Board:

Angel Gekov has over 20 years of experience in the management of financial institutions. He graduated from the Faculty of History of the University of Belgrade and from the Faculty of Law of the St. Kliment Ohridski University of Sofia. He has specialized in CEE Finance and Banking in Tokyo, Japan, and Credit Analysis in Vienna, Austria. He starts his professional development in Economic Bank in 2001. In 1997 he is head of the Lending Division of Bulbank. From 2001 to 2005 he is Executive Director in Rosseximbank, Municipal Banks and Encouragement Bank (the current Bulgarian Development Bank). In the last three years, before returning to BDB, he was member of the Management Board and Executive Director of D Commerce Bank AD.

Iliya Kirchev has a Master's degree in Finance from the University of National and World Economy. His career starts in 1995 in Agrobusinessbank in Plovdiv. From 1999 to 2003 he is manager of the Plovdiv Branch of Allianz Bank Bulgaria. From 2003 to 2005 he takes top management positions at HVB Bank Biohim. From 2005 to 2010 he is the head of two of the Plovdiv branches of Eurobank Bulgaira, and in 2011 he becomes Regional Corporate Clients Manager in the Bank. From 2012 to 2013 he is the manager of the Plovdiv Branch of First Investment Bank AD. He is currently an assistant with the Higher School of Agrobusiness and Regional Development in Plovdiv.