25.03.2013

An extraordinary General Meeting of Bulgarian Development Bank AD, an invitation for which was extended on 22 February 2013, made amendments to the Bank's Articles specifying texts concerning the Bank's underlying activities and the functioning of the audit committee. In view of optimizing the activity of BDB, it was decided to reduce the number of the members of the Managing Board down to three. These changes have been agreed with the Bulgarian National Bank.

The General Meeting also made changes to the Bank's Supervisory Bank by discharging Mrs. Dorothea Pandova as chair and member of SB at her request. She was replaced by Mr. Stefan Belchev, Director of Internal Audit Directorate of the Ministry of Finance.

These changes will become effective after they are entered in the Commercial Register.

We avail ourselves of the opportunity to remind that the Minister of Finance exercises the rights of the state in the capital of the Bulgarian Development Bank, with the state share being 99.995% of the Bank's capital.