BSTDB holds its Ninth Annual Meeting of the Board of Governors in Chisinau, Moldova

News | 17-Jun-2007

Chisinau, 17 June 2007

On June 17th, 2007, the Board of Governors of the Black Sea Trade and Development Bank (BSTDB) held its Ninth Annual Meeting in Chisinau under the chairmanship of H.E Mr. Mihail Pop, BSTDB Governor for Moldova and Minister of Finance of the Republic of Moldova.

The Board of Governors approved the Bank’s financial statements for the year 2006. In 2006, the BSTDB achieved its best financial results since it became operational in 1999. The Bank’s portfolio of Board approved operations grew 24% to USD 870 million, with the level of signed operations growing 16%. Net profit increased over 240%. The Bank’s portfolio diversified expanding to new areas such as municipal infrastructure. In 2006, the Bank also broadened the type of products it offers and continued to focus increasing amounts of resources on its smaller shareholders, where needs are greatest. This was achieved while maintaining the high quality which has characterized the portfolio over the years. The above improved financial fundamentals resulted in the Bank’s investment rating upgrade by Moody’s to Baa1.
The Governors reaffirmed the commitment of the member states’ Governments to the regional development mandate of BSTDB.

The Board thanked H.E. Mr. Mihail Pop for his successful Chairmanship since June 2006. The Board elected Ms. Svetlana Ganeeva, Governor for the Russian Federation as the new Chairperson of the BSDTB Board of Governors, as well as the Governors for Türkiye and Albania, as the two Deputy Chairmen, for a period of one year till the next Annual Meeting decided to take place in St. Petersburg in June 2008.

Representatives from the Organization of the Black Sea Economic Cooperation (BSEC), the Parliamentary Assembly of BSEC (PABSEC), as well as KfW Banking Group (Germany) in its capacity of an Observer institution, also attended the Annual Meeting.