SOFIA (Bulgaria), October 28 (SeeNews) – Bulgaria's Investbank said on Wednesday it is raising its capital by 10 million levs ($7.6 million/5.1 million euro) from the current 70 million levs to back its business expansion.
The bank also said in a statement that the head of its Managing Board and Executive Director, Vladimir Vladimirov, will retire and will be replaced by Diana Mladenova.
Investbank's first-half net profit dropped by 27% on the year to 5.3 million levs as a direct consequence of the downturn of the Bulgarian economy, the lender said earlier.
Investbank (www.ibank.bg), 70.1%-owned by local Festa Holding group, was the 14th largest lender by assets in Bulgaria at the end of June out of twenty-four locally registered banks and branches of six foreign banks. Its assets totalled 1.149 billion levs at the end of June, up from 1.119 billion levs a year earlier.
(1 euro = 1.9559 Bulgarian levs)
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