Financial services

Parliament is to vote Wednesday on the appointment of the three Deputy Governors at the country's central bank, the Bulgarian National Bank (BNB).

The Bulgarian Parliament approved at second reading on Tuesday the amendments to the Social Insurance Code.

A total of 97 MPs voted in favour of the pension reform of Deputy Prime Minister Ivaylo Kalfin, 20 MPs voted against and 10 abstained, daily Dnevnik informs.

As it is widely known, a check is a document that carries an official order for a specific bank to pay a certain amount of money from the issuer's (drawer) bank account to the person holding the check or the person in whose name the check has been originally issued. 

The Asian Development Bank is to lend about $3 billion to the Philippines over the next three years, part of which will help support a peace deal ending a long-running Muslim insurgency, a joint statement said July 28.

The Hellenic Bank Association (HBA) issued guidelines for capital controls in Greece. Here are 10 banking facts that borrowers should bear in mind:

Since the capital controls stormed into the everyday lives of ordinary Greeks it took us some time to adjust and find our footing. How to go about the mundane tasks of withdrawing some cash to visit the supermarket, or pay the private school for the kids etc. But to paraphrase the saying a little ‘necessity is the mother of inventiveness’.

Banking supervision procedures were not strictly applied in Bulgaria in recent years, the head of the country's national auditing body has said.

Greece’s creditors are eyeing further slashes to already butchered pensions that have been scissored during previous bailout deals. IMF Chief Delia Velculescu – obsessed with further cuts to Greece’s low pensions – spearheads the plan for social security reforms that include pension cuts of as much as 30%.

HSBC is set to agree to sell its Turkish business to Dutch lender ING Group for around $700 million-$750 million in the next few days, two people familiar with the matter told Reuters on July 22.

HSBC, the 12th-largest bank in Turkey, is selling the money-losing business in a global drive to cut costs and assets, boost profitability and reduce complexity.

Turkish developer Garanti Koza will build a 240 million euros ($260 million) commercial and residential complex in Sofia, one of the biggest private-sector property projects in Bulgaria, the company said on July 21.

The Black Sea state needs foreign investment to spur growth and help reduce fiscal deficits that have put pressure on its lev currency peg to the euro.