Bulgarian and Slovenian Capital in Macedonian Banks

B&H Business Daily/ Provider: Poenta d.o.o.
December 18, 2007

Bulgarian and Slovenian Capital in Macedonian Banks

Slovenian and Bulgarian capital are becoming dominant in Macedonian
financial system. Renowned Slovenian and Bulgarian banks and investment
funds have already entered in the banking system and the insurance
business in the country. Bulgarians are dominant owners of Skopje-based
Uni bank, as from several years ago,and recently Alpha Finance Holding
purchased 98,3% of International Private Bank for EUR 8 million and
re-brand it in Capital Bank.Alpha Financing Holding operates in
financial services, real estate and industrial minerals.The group is
active in Bulgaria and Southeast Europe and employees about 3.000
people. The group is managing with assets of EUR 500 million. Bulgarian
capital, by the end of the year is expected to enter in another two
banks-Postenska and Sileks banka, for which the governor gave approval
two days ago. Bulgarian Central Cooperative Bank (CKB) was approved to
buy 66,67 from shares in Postenska and 100% in Sileks banka. The
transaction, according the current NBRM's ruling have to be finished in
the period of 180 days, starting from the date of receiving the
approval.CKB is part of financial group Himimport from Sofia, member of
International Cooperative Bank Association, and with entry in EU, became
a member of European Association of Cooperative Banks. The entire
financial bank potential, at the end of 2006 was EUR 578,8 million. With
taking over of these two banks, Bulgarians are becoming dominant owners
of four from total 18 banks in Macedonia. The Slovenians have dominant
ownership in NLB Tutunska banka-Skopje, while recently became dominant
owners of two bigger insurance companies. Slovenian Triglav bought about
70% from the capital of insurance company Vardar osiguruvanje for about
EUR 28 million, while recently Slovenian reinsurance giant SavaRe bought
the insurance company Tabak osiguruvanje (66,7% from the shares) for EUR
8,1 million.The new insurance company is operating on Macedonian market
under new name.Slovenian funds also entered in top management of two
banks in Macedonia-Komercijalna and Invest banka. Zvonko Tajlat, one of
the 100-richest people in Slovenia, with wealth of about EUR 10
millions, current director and one of founders of Slovenian Investment
Fund Publicum recently was appointed for a member of Supervisory Board
of Komercijalna banka-Skopje. Matej Golab Matzele, director of Slovenian
Investment Fund Poteza Nalozbe was named for member of Supervisory Board
in Invest banka-Skopje, in which Poteza owns 16,25% from shares and is
the biggest single shareholder in the bank. Otherwise, Slovenians and
Bulgarians are owners of the first investment funds in Macedonia.
Ilirika has two investment funds in Macedonia. One of them is Ilirika
Southeast Europe, which is investing in the regional countries and the
second is Ilirika Global Growing Markets, which invest in the bigger
world markets.The two funds are established with capital of EUR 150.000
each. Their mother-firm is in Slovenia, where under this name several
other funds exist.Except in Slovenia, Ilirika is operating in Croatia,
Bosnia and Herzegovina, Serbia and Romania. Inovo Status Shares is
investment fund, which invest in ex-Yugoslav markets. The establishing
deposit is EUR 130.000 and was established by Status Capital-company for
funds managing in Sofia. A.T.