Investment banking

Rumen Gaitanski, known as "The Wolf," voluntarily surrendered this afternoon and has been detained for 72 hours, according to BNR. He faces investigation for alleged misappropriation of an unsecured loan amounting to 150 million leva, alongside former Bulgarian Development Bank (BDB) executive director Stoyan Mavrodiev and lawyer Ivan Georgiev.

Yesterday, authorities from the Anti-Corruption Commission, along with prosecutors and police, conducted operations at properties and offices linked to businessman Rumen Gaitanski, known as "The Wolf," and former Bulgarian Development Bank (BDB) director Stoyan Mavrodiev.

International and Bulgarian companies gathered on the first CEO-Only Lunch at the new Executive Lounge at Hilton Sofia Hotel

The combined net income of Turkish banks increased by 32 percent in the first four months of 2024 from a year ago to 190.7 billion Turkish Liras ($5.94 billion), show data from the Banking Regulation and Supervision Agency (BDDK).

Total assets in the banking industry grew by 11.4 percent compared with the end of 2023 to reach 2.69 trillion liras as of April.

Analysts are split on when Greece may return to investment grade, in what is seen as a difficult year for the eurozone bond market due to the ECB's aggressive stance, while the national elections are firmly on investors' radars.

Fitch Ratings announced on October 1 that they had affirmed Bulgarian Development Bank AD's (BDB) Long-Term Issuer Default Rating (IDR) at 'BBB'. The Outlook on the Long-Term IDR is Positive.

The BDB reported the news in a press release on Tuesday.

The Bulgarian Development Bank has stated to the European Commission its desire to attract additional funds for the rehabilitation and development of small and medium-sized businesses. This will be done through the InvestEU program. The total resource that the bank will be able to have is up to BGN 1.7 billion.

The Sofia City Court (SCC) issued an opinion on Saturday in connection to what they deem an unprecedented statement made by caretaker Economy Minister Kiril Petkov on June 25, 2021 in the Panorama programme on Bulgarian National Television. Petkov's statement assessed a SCC decision in an unacceptable manner, the disseminated opinion reads.

The Management Board of the Bulgarian Development Bank (BDB) Monday refused to provide the bank's audit committee with information on the BDB's credit files, caretaker Economy Minister Kiril Petkov told reporters on Tuesday. In his words, the refusal read, "The information on the credit files is ready, but we will not give it to you."

Caretaker Minister of Economy Kiril Petkov removed from office members of the current Supervisory Board of the Bulgarian Development Bank (BDB), Dimitar Simeonov and Velina Burska. The proposed replacements are Vasil Shtonov and Valentin Mihov.