Fibank The new structure meets the requirements of the European Commission and reflects the recommendations of the International Finance Corporation of the World Bank
In 2014, Fibank committed to the European Commission to further improve its corporate governance and risk management.
In cooperation with its longstanding partner – the International Finance Corporation (IFC) of the World Bank, the Bank developed a specific plan with clearly defined objectives for even better transparency and efficiency, aimed at the customers and minority shareholders.
One of the key elements in the plan of the Bank is the establishment of a new and modern organizational structure and the appointment of Chief Risk Officer and Chief Compliance Officer. The introduction of these positions is made with a view to greater independence and transparency, in accordance with the recognized international practices of the IFC of the World Bank and the European Commission.
The Chief Risk Officer and the Chief Compliance Officer will report on their activities to a Risk Committee under the Supervisory Board of the Bank.
At the same time, Fibank is also introducing the function of Chief Executive Officer.
Mr. Vassil Christov will be Chief Executive Officer of the Bank, Mr. Dimitar Kostov will be Chief Risk Officer, and Mr. Svetozar Popov will take the position of Chief Compliance Officer.
In 2010, Fibank (First Investment Bank) signed a contract with the International Finance Corporation (IFC) for implementation of the international standards of good corporate governance, which Fibank is currently rigorously implementing in its operations.
In 2012, Fibank created new committees to the Supervisory Board (Steering Committee, Risk Committee, and Remuneration Committee), in accordance with the Guidelines on internal governance of the European Banking Authority (EBA).
In April 2014, First Investment Bank requested a reassessment of the changes already made towards improvement of its corporate governance. The reassessment was completed in late May 2014 and again, in cooperation with the IFC of the World Bank, a detailed plan was developed.
In June 2015, First Investment Bank appointed a new member on the Supervisory Board in the person of Mr. Jyrki Koskelo who, apart from being independent under the strictest international requirements, has also held a number of senior positions with the International Finance Corporation of the World Bank.
Apart from the aforementioned changes, the new structure of Fibank also reflects the modern requirements for organization along distinct business lines focusing on corporate clients and individuals.