KBC delists CIBank from the Bulgarian Stock Exchange

(lifePR) ( Bremen, )
On 7 December 2010, KBC acquired Ms Tzvetelina Borislavova's remaining stake in Bulgarian CIBank and as a result is now the sole shareholder of the bank. In its press release, KBC also said it would immediately start the procedure for delisting the company from the Bulgarian Stock Exchange. Today, it received approval from the Bulgarian Financial Supervision Commission to remove the bank from the Register of Public Companies and consequently CIBank will be delisted from the Bulgarian Stock Exchange with immediate effect.

Following the transaction of 7 December, KBC also decided to modify the composition of CIBank's Supervisory Board. Marko Voljč, Dirk Mampaey and Ronny Delchambre will remain on the Board, while Ms Borislavova, Ms Stancheva-Mincheva and Mr Dimitrachkov will resign their positions. Hence, the Board will in future consist of three members instead of six. At the next meeting of the Supervisory Board, one of the remaining members will be elected its Chairman. The proposed changes in the Supervisory Board are subject to the approval of the Bulgarian National Bank and will come into force after registration in the Commercial Register.

Mr Marko Voljč is CEO of the Central and Eastern Europe & Russia Business Unit and a member of the Executive Committee of KBC Group NV. Mr Dirk Mampaey is Senior General Manager of Banking - CEER within the Central and Eastern Europe & Russia Directorate. Mr Ronny Delchambre is General Manager of Banking - CEER within the Central and Eastern Europe & Russia Directorate.

About CIBank

At the end of 2007, KBC acquired a majority stake in Economic and Investment Bank (now CIBank). Tzvetelina Borislavova retained a minority shareholding in the bank and remained KBC's partner in Bulgarian banking activities. Ms Borislavova continued to chair the Supervisory Board and ensured continuity as the bank's minority shareholder.

CIBank is one of the leading commercial banks in Bulgaria, with an extensive branch network throughout the country, a modern banking approach and a wide range of products and services for individuals, corporate clients and small and medium-sized enterprises. In 2007, CIBank became part of the Belgian KBC group. Its integration, together with DZI Insurance, into KBC's structure facilitates the development of a good partnership between both institutions and an innovative approach to offering bancassurance products on the Bulgarian market.
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