Bulgarian Constructors Set up Their Own Bank

A hundred Bulgarian construction companies have decided to found a bank, in a bid to cope with the global financial crisis, Mr. Kalin Balkanski  one of the founding fathers of the Bulgarian Construction Chamber, broke the news. The business activities of the new bank will involve soft crediting and flexible financial solutions in support of the Bulgarian construction business. The bank will operate as a joint stock company and will be headed by a distinguished Bulgarian banker, Mr. Balkanski said further.  The core capital will be provided by the members of the construction chamber (about 5,000 companies).  This is a way out for the stagnating construction sector, and for the other sectors of the economy,  the bank will help to cope with the economic crisis. Under such unfavorable market conditions, the banks should lower the loan interests, instead of restricting our access to financial resource,  Mr. Balkanski added.

Text source: standartnews.com

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