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Bulgaria's Postbank overhauls management structure

Author: Date: Wed, Apr 20 2011 2885 Views
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The shareholders of Bulgarian Postbank, part of Greece's Eurobank EFG Group, have agreed at a special general meeting to reshuffle the bank's corporate governance structure, the lender said on April 20 2011.

According to the decision, Postbank will have a two-tier board structure, which will include two separate bodies, a management board and a supervisory board, which will provide for dividing the powers of management from those of supervision and control, Postbank said.

Currently, Postbank's management consists of board of directors only.

The shareholders appointed Piergiorgio Pradelli, Theodore Karakassis, Evangelos Kavvalos, Nikolaos Aliprantis and Christos Adam members of the supervisory board for a three-year term.

At its first session, the supervisory board reappointed Anthony Hassiotis as chief executive officer of Postbank. Petya Dimitrova was named executive director, while Yordan Suvandzhiev, Yannis Vuyukas and Iliyan Raichev were named board members.

Earlier this week, Postbank's second executive head, Assen Yagodin, was named chairman of the board and executive director of state-owned Bulgarian Development Bank (BDB).

The changes will come into force upon their entry into the Trade Registry.

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