Bulrgarian Post Bank

Following 10 years of a successful career in Bulgarian Post Bank AD Mr. Vladimir Vladimirov, Chairman of the Management Board and Executive Director of BPB AD, and Mrs. Reni Petkova, Member of the Management Board and Executive Director of BPB AD, have decided to resign from Bulgarian Post Bank, and pursue other endeavors. Mr. Vladimirov and Mrs. Petkova had been associated with Bulgarian Post Bank since it was established on 2 April 1991 and contributed to its development and success. Mr. Theodore Karakassis, currently Vice Chairman of the Management Board, will temporarily act as Chairman of the Management Board.
As of their departure, July 1st 2001,the Management Board of Bulgarian Post Bank AD has announced its decision to nominate Mr. Panagiotis Varelas as Chief Executive Officer and Executive Director of the Bank. Mr P.Varelas will assume his responsibilities in the Bank upon obtaining all the necessary government approvals. Mr. P.Varelas brings broad and varied experience to Bulgarian Post Bank. He has 23 years of service in the Greek banking industry; he has held various managerial positions in the National Bank of Greece and EFG Eurobank Ergasias Mr. Varelas holds a degree from the Athens Economic University and he is married with two children. Since its privatization in 1998, Bulgarian Post Bank has significantly expanded its Treasury operations, becoming a market leader in domestic money market and trading activities, and has also developed its corporate and retail lending activities significantly, giving emphasis in its mortgage and consumer lending as well as in car loan programs. The Bank has also instituted a program for professional staff development.
American Life Insurance Company (ALICO) and the EFG European Financial Group (EFG Bank Group), majority shareholders in Bulgarian Post Bank reconfirm their commitment to build on these accomplishments for the successful future development and expansion of the Bank.