Bulgaria's Deposits Insurance Fund Head Resigns

Rosen Nikolov, head of Bulgaria's Deposits Insurance Fund (DIF) had resigned, said the government press office.

The motives for the resignation are not given.

Nikolov will be replaced by Radoslav Milenkov. According to the biographical information, Milenkov has worked as an investment broker and auditor in Deloitte Bulgaria. In the period 2003-2011 Milenkov held various positions in Bulgaria's Fibank, including a member of the board.

Since 2012 he is member of the board of Municipal Bank and its executive director.

The reshuffle happens several weeks before the DIF starts paying on December 4 the insured deposits to the depositors of Corporate Commercial Bank (KTB).