Fibank This became clear at the meeting held on February 1, 2016 between the management of First Investment Bank AD represented by Mr. Vasil Hristov, Chief Executive Officer, Mr. Dimitar Kostov, Chief Director Risk and Mr. Zhivko Todorov, Chief Financial Officer, and minority shareholders.
After the bank repaid prior the due date 775 mln. BGN in 2015, including 25 mln. BGN interest, Mr. Vasil Hristov pointed out that in January 2016, the bank repaid prior the due date another 100 mln. BGN and the remaining amount of 350 mln. BGN until full repayment of state support that is due by the end of May 2016 will be served the same way.
Special emphasis during the meeting was the project to improve the corporate governance and risk management in First Investment Bank, carried out jointly with the International Finance Corporation (IFC). This project has been implemented as a result of the study conducted in 2010 by the IFC for the implementation of the international standards in good corporate governance, which the bank strictly implements in its activities. The implementation coincides with the commitments made by Fibank in connection with the restructuring plan approved by the European Commission.
At the end of 2015, Fibank adopted a new organizational structure that fully meets the requirements of the European Commission and reflects the recommendations of the International Finance Corporation. The organizational structure reflects the current requirements for organization of business lines aimed at focusing on lending to companies and individual clients.
The bank's management stated out that it had no worries about the upcoming review of asset quality, largely because Fibank has already passed one such review in 2014, before drawing up the restructuring plan approved by the EU and applies strictly the highest international standards in its activities.
During the meeting the minority shareholders had the opportunity to discuss with the bank's management topics which are important for them. The Chief Executive Officer, Mr. Vasil Hristov, expressed the intention of First Investment Bank management to strengthen the dialogue with minority shareholders in order to further improve the corporate governance, thus making the bank even more accessible and allowing the minority shareholders to actively work for the successful development of the bank.