Investment banking

The decision by Athens to shut down banks in the country this week has no legal force outside Greece and cannot be applied to Bulgaria, the Bulgarian National Bank (BNB) has said.

Turkish Deputy Prime Minister Ali Babacan has said there are Turkish banks interested in operations in China, after a Chinese bank acquired a majority share in Turkish Tekstilbank.

"The next phase will be a Turkish bank operating in China," Babacan said, speaking at the celebration of Tekstilbank's sale to Chinese Commercial Bank of China Limited (ICBC) on late May 25.

The European Commission would like to encourage investments on the part of the private sector into the economy of all EU countries.

This will be one of the main goals of the Investment plan for Europe, as stated by the European Commissioner for Jobs, Growth, Investment and Competitiveness, Jyrki Katainen.

Elan Zivotofsky is a General Partner and Head of the Investment Team at Ourcrowd, a leading global equity crowdfunding platform. Elan has over 15 years of extensive, on-the-ground experience, focused on researching, raising capital for, and investing in Israeli companies. Elan has deep knowledge of the Israeli investment landscape, startup scene and the overall Israeli capital markets.

The Bulgarian Development Bank (BDB) and the International Investment Bank (IIB) will cooperate in providing funds for Bulgarian business projects.

This became clear after the two financial institutions signed a Memorandum of Cooperation in Sofia on Tuesday, the press office of the BDB informs.

Golden Sachs, leading global investment banking, securities and investment management firm, states that the euro will drop beneath the US dollar on account of uncertainty in Greece and southern EU member states.

By Ilias Bellos

Political developments in Greece are having an impact on hedge funds too, especially those that had bet on the country’s recovery and can now see ominous clouds gathering overhead.

The Supervisory Board of the state-owned Bulgarian Development Bank (BDB) has conducted a top-level reshuffle.

Angel Gekov and Iliya Kirchev will replace the outgoing Chairman of the Management Board and Chief Executive Officer Dimo Spasov and the member of the Management Board and Executive Director Ivan Hristov.

Bilian Balev remains part of the governing body of the BDB.

Interior Minister Veselin Vuchkov has announced he had approved measures to step up security at bank offices where deposit holders will have access to their savings at Corporate Commercial Bank (Corpbank or KTB).

Thursday, December 4 is the first day of reimbursement, with deposit holders allowed to manage their assets over the next five years.

By Ilias Bellos

Jamie Dimon, the chairman and chief executive officer of JPMorgan Chase, is expected to arrive in Athens on Wednesday for a two-day visit and will likely meet with Prime Minister Antonis Samaras in the afternoon. He will also hold meetings with a number of Greek bankers, entrepreneurs and shipowners.