Bulbank starts the New Year announcing expected changes in the Management Board. The Chairman and CEO of the Bank, Mr. Levon Hampartzoumian announced today, following approval of the Supervisory Board in December, that Mr. Lubomir Puntchev has been appointed as a new Management Board member to substitute retired Mr. Kiril Stefanov.

Mr. Stefanov retired at the end of 2004 after nearly 40 years of successful career in Bulbank, starting from entry-level position and finally heading the Credit Division providing invaluable contribution to the development of Bulbank. Mr. Stefanov resigned from January 1st from Management Board position, but will keep his position as Chairman of the Board of Directors of UniCredit Leasing Bulgaria (100% owned by Bulbank and fastest growing leasing operation in the market) and will still provide his contribution to Bulbank as an advisor on a part-time basis.

The position of Member of the Management Board of Bulbank will be held by Mr. Lubomir Punchev, Head of Retail Banking Division of the Bank. Mr. Punchev received the approval of Bulgarian National Bank and effectively January 1, 2005 is the new member of the MB.

"We will for sure deeply miss him, Kiril Stefanov is part of the history of Bulbank and of banking in Bulgaria, but we had to respect his choice to spend some more time with his family and we are happy he has finally accepted to continue to be advisor to the management of the Bank." Mr. Hampartzoumian said. "Mr. Puntchev's appointment is recognition of his work to create one of the most successful and innovative retail franchise in the market within a Bank, which was previously mostly known for its strength on corporate banking", Mr. Hampartzoumian added.

"I have spent almost 40 years in Bulbank and I'm proud being part of the management contributing to the success and leadership of the Bank. It is now time for me to devote more time to myself and to my family, but I will remain close to Bulbank and I'm sure the young generation coming up is fully equipped to maintain and reinforce Bulbank's strength and leadership in the market" said Mr. Stefanov.

Mr. Jordan Suvandjiev will replace Kiril Stefanov at the position of Head of Credit and Risk Management Division of Bulbank and as Chairman of the Credit Council.

Kiril Stefanov

Mr. Stefanov began his career in Bulbank in 1966 (than Bulgarian Foreign Trade Bank) as an economist. He has been occupying different managerial positions in Bulgaria and abroad and in 1989 appointed Deputy-chairman of Bulbank. After the privatization of the Bank he held the position of Member of the Management Board and since 2001 - Director Credit and risk management division of the Bank.

Lubomir Punchev (1970)

Mr. Punchev starts his career in Bulbank in 1993 (Bulgarian Foreign Trade Bank) as expert in short-term assets. In the period 1997 - 2000 he manages the operations of the Bank in Vidin as Branch Head. In January 2001 Mr. Punchev is appointed Head of Retail Banking Division and is responsible for the penetration of the Bank in the segment of individual and family banking. Mr. Punchev has Masters Degree from University for National and World Economy, specialist in International Economic Relations.

Jordan Suvandjiev (1962)

Jordan Suvandjiev joins the Bank in 1995 as internal auditor. In 1997 Mr. Suvandjiev joins the Crediting Department and in 2001 heads the Crediting Analysis and Control Section of Bulbank. Mr. Suvandjiev has Masters Degree in Planning from University for National and World Economy in Sofia.