The BGL was pegged to the euro under the currency board regime, the central bank reported on December 31, 1998. The euro/lev rate is set at 1.955.83. A number of trade banks, among them "Bank DSK", "Post Bank" JSC, "Biochim" JSC, "Expressbank", "Bulgarian-Russian Investment Bank" and "First Investment Bank", announced they are ready to immediately conduct payments in euro.
Source: Pari (04.01.1999)

"First Investment Bank" JSC granted the first long-term loan. The loan was granted through the support of Bayerische Hypo und Vereins bank and Hermes - a German agency for export financing. The loan amounted to DEM 1.15 million and was granted to "Energokabel" JSC for purchase of machines and equipment. The equipment will be delivered to "Gamakabel" JSC (Smolyan) - property of "Energokabel" JSC.
Source: Banker (05.01.1999)

The President of "Litex Commerce" Mr. Grisha Ganchev and three lecturers in the Svishtov-based University of Economy registered a fund for additional pension securing "Litex Invest TV" JSC (Lovech). Major pack of the fund's shares holds Mr. Ganchev and "First investment Bank" JSC was elected depository.
Source: Pari (01.03.1999)

The profit of "First Investment Bank" JSC (Sofia - FIB) for 1998 amounted to USD 2.5 million, reported Mrs. Maya Georgieva, Executive Director of the bank. USD 56 million are the credits granted by the bank and collected funds amount to USD 90 million. The assets of FIB are in the amount of USD 135 million and its capital adequacy at the end of 1998 was 29 per cent.
Source: Pari (19.03.1999)

"First Investment Bank" JSC (FIB) started servicing the international debit cards CIRRUS - MAESTRO, was reported from the bank. The price for issuing a card is BGL 5.000 and the fee for one transaction in Bulgaria is BGL 150.
Source: Pari (23.03.1999)

Four companies have shown interest in the privatization of "Hebrosbank" JSC (Plovdiv) - "Regent Pacific Group", "First Investment Bank" JSC, "Kentbank" and "Albena Invest Holding" JSC (Sofia). The bank's fixed capital amounts to BGL 21 billion. Its profit for 1998 amounted to BGL 6 billion and the capital adequacy was 21 per cent.
Source: Pari (26.03.1999)

The net profit of "First Investment Bank" JSC (Sofia) for 1998 amounted to BGL 4.2 billion, the Executive Director of the credit institution Mrs. Maya Georgieva reported after the General Meeting of the bank’s shareholders. The bank's capital adequacy is 21 per cent. The total bank’s assets have been doubled to the amount of BGL 212 billion. "First Investment Bank" JSC will wait the due diligence of "Expressbank" JSC (Varna) to be completed in order to take a final decision for participation in the privatization of Varna-based bank.
Source: Standart (19.04.1999)

"First Investment Bank" JSC reported a profit of BGL 4.2 billion for 1998 at its General Meeting. The shareholders took a decision for the profit to be allocated as reserves. The bank ended 1998 with a balance sum of BGL 212 billion and its capital adequacy was 21 per cent under a required minimum of 10 per cent in 1998.
Source: Capital (27.04.1999)

The three candidates for privatization of the control shake of Expressbank JSC (Varna) will be able to submit up to three offers, stated the Executive Director of Bank Consolidation Company (BCC) Mr. Peter Zhotev in Varna. After the representatives of Regeant Pacific Group, representatives of Societe Generale have arrived in Varna in order to make a monitoring of the bank's state. Next week the representatives of First Investment Bank JSC (Sofia), EBRD and IFC will arrive in Varna too. More than BGL 12 billion is the net profit of Expressbank JSC for 1998. The bank reports an income of BGL 4 billion and net profit of BGL 2 billion for the first quarter of 1999, the Chairman of the bank's Board of Directors Mr. Ivan Konstantinov reported.
Source: Pari (17.05.1999)

22 financial institutions has been approved by the Minster of Finance and the BNB’s Governor for primary dealers of Government securities. The license will be effective for the period of July 1, - December 31, 1999. The new institutions in the list are DZI Invest JSC and CB Neftinvest JSC. The list includes also the following banks and financial companies: DSK Bank JSC (Sofia), BNP Dresdener Bank, Sofia branch, BRIB JSC (Sofia), Bulbank JSC (Sofia), Post Bank JSC (Sofia), Eurobank JSC (Sofia), Expressbank JSC (Sofia), ING Bank Sofia branch, UBB JSC (Sofia), FIB JSC (Sofia), Municipal bankaJSC (Sofia), Raiffeisentbank Bulgaira, Rosseximbank JSC (Sofia), Societe General Sofia branch, CB BIochim JSC (Sofia), CB Bulgaria-Invest JSC (Sofia), CB Hebrossbank JSC (Sofia), Unionbank JSC (Sofia), FBH Elana JSC (Sofia), FH Eurofinance JSC (Sofia).
Source: 24 chasa (24.06.1999)

Today, July 9, is the final term for submitting offers for privatization of 67 per cent of Varna-based Expressbank JSC, was reported from Bank Consolidation Company (BCC). The offers will be submitted to the privatization intermediary HSBC Investment Banc. The buyer will be selected by the end of July and the sale contract will be signed in September. There are three candidates for privatization of Expressbank JSC - Societe Generale, Regent Pacific Group and a consortium in which takes part First Investment Bank JSC.
Source: Pari (09.07.1999)

We are now analysing the offers of the candidate-buyers of Expressbank JSC, stated Mr. Petar Zhotev, Executive Director of Bank Consolidation Company (BCC). There are three offers included in the list of preferred buyers. Mr. Zhotev refused to name them, but unofficially was announced that candidates are Societe Generale, Regent Pacific Group, and a consortium including First investment Bank JSC, and the Turkish companies Global Securities and Yureisha Holding.
Source: Pari (13.07.1999)

On July 27 the Board of Directors of Bank Consolidation Company (BCC) must select a buyer for the major pack of shares of Expressbank JSC, stated BCC's Executive Director Mr. Petar Zhotev. Mr. Zhotev also said that the buyer's name will not be officially announced. Three candidates submitted offers for the financial institution - Societe Generale, Regent Pacific Group and a consortium formed by First Investment Bank and the Turkish companies Global Securities and Yureija Holding.
Source: Democracy (27.07.1999)

We selected a buyer for Expressbank JSC, stated the Executive Director of Bank Consolidation Company (BCC) Mr. Petar Zhotev. The buyer is one of the 3 candidates - Societe Generale, Regent Pacific Group, and a consortium lead by First Investment Bank JSC. Mr. Zhotev did not announce the buyer's name. On August 9 will start official negotiations.
Source: Standart (28.07.1999)

A consortium formed by Doverie United Holding JSC, Albena Invest JSC and Roseximbank JSC is a candidate-buyer of Hebrosbank JSC. Among the other candidates are also First Investment Bank JSC, Regent Pacific Group, Kentbank and Financebank.
Source: Banker (08.09.1999)

By the end of this week will be finalized the deal for privatization of Expressbank JSC - September 20 is the final term. Next week the Board of Directors of Bank Consolidation Company (BCC) will examine the parameters of the deal. On July 27 BCC selected the offer of Societe Generale.
Source: Pari (14.09.1999)

On September 15 expires the term for submitting offers for privatization of Hebrosbank JSC - Plovdiv. Up to the present moment 10 candidate-buyers have made preliminary examination of the bank's financial state. Among them are Roseximbank, Regent Pacific Group, First investment Bank, Turkish Finance and Kentbank, as well as consortium formed by holding Doverie JSC and Albena Invest JSC. 98 per cent of the bank's shares are offered for sale.
Source: Standart (15.09.1999)

First Investment Bank JSC receives traveling cheques from American Express without paying in advance, was reported from the credit institution. The bank was allowed to pay the traveling cheques to American Express after they are bought by clients.
Source: Pari (08.10.1999)

For the first nine months of the year First Investment Bank JSC realized a profit of BGN 6.381 million, stated its Executive Director Mr. Bozhidar Grigorov. For the same period the bank has granted credits of BGN 87 million. Incomes are BGN 5.780 million, paid taxes amount to BGN 621.000, the total amount of assets is BGN 196.305 million.
Source: Pari (29.10.1999)

Mr. Jonathan Welt is the new member of the Supervisory Board of First Investment Bank JSC. The bank's shareholders decided to dismiss the representative of European Bank for Rehabilitation and Development (EBRD) Mr. Jonathan Hartfield. The other two members of the Supervisory Board are Datamax JSC and First Financial-Brokerage House JSC. At the end of September 1999 the bank's capital amounted to BGN 10.3 million and its profit was BGN 6.4 million.
Source: Banker (07.12.1999)