BSTDB Holds Annual Meeting in Tirana
Event | 19-Jun-2011
On June 19th, 2011, the Board of Governors of BSTDB held its 13th Annual Meeting in Tirana under the Chairmanship of Mr. Nezir Haldeda, BSTDB Governor for Albania and Deputy Minister of Finance of the Republic of Albania.
The Board approved the Bank’s financial statements for 2010. The Bank posted a net profit (EUR 10.7 million) for the sixth consecutive year, despite the negative effects of the global financial crisis. The Bank’s operational activity gathered pace in 2010 after the difficult but necessary policy of caution and consolidation pursued in 2008-2009. New operational approvals reached EUR 215 million in 2010, a 36% increase in comparison to 2009; while new project signings increased 90% year on year to EUR 199 million. During 2010 BSTDB also managed to maintain the high credit quality of its loan portfolio.
Good operational performance and strong shareholder support contributed to the assignment of strong initial credit ratings of A/A1 from Standard & Poor’s on 16th June 2011. This followed a long term rating upgrade to A3 from Moody’s Investors Service on 30th September 2010. These ratings will improve the Bank’s access to funding and enable it to offer better financing terms to its clients in the region.
The Board of Governors decided to grant Observer Status to the European Bank for Reconstruction and Development (EBRD), which brought the number of BSTDB Observer institutions to nine.
The Board elected Mr. Arthur Javadyan, Governor for Armenia as the new Chairman of the BSTDB Board of Governors, and the Governors for Azerbaijan and Bulgaria as Deputy Chairmen of the Board for a period of one year. The next BSTDB Annual Meeting of the Board of Governors will take place in Yerevan, Armenia in June 2012.
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The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is SDR 3 billion (EUR 3.3 billion). BSTDB is rated long term A3 by Moody’s and A by Standard & Poor’s.
Press Contact
Haroula Christodoulou
Tel: +30 2310 290533
Email: cchristodoulou@bstdb.org