Archive for April, 2007

Unicredit Bulbank merger completes successfully combining EUR 7 billion of banking assets

Friday, April 27th, 2007

On April 27th, 2007 the process of full legal merger of the three banks, belonging to the Unicredit Group – Bulbank, HVB Bank Biochim and Hebros Bank, was successfully completed. The newly created Unicredit Bulbank is the ultimate market leader with total amount of assets exceeding 7 billion EUR.

“Borislav Boyanov & Co.” advised Unicredit from the very beginning of the HVB Bank acquisition and the consequent integration, being instrumental in the timely completion of a complex amalgamation of three local banks in Bulgaria creating the largest credit institution in the Bulgarian banking market.

Immigration Law Changes in Connection with EU Accession

Tuesday, April 10th, 2007

On April 10, 2007 a bill of amendments to the regime of non-EU/EEA expatriates stay in Bulgaria came into effect. The amendments follow EU directives and the earlier adoption of the European Union Citizens and Members of Their Families Entry, Residence and Departure Act.

The new law introduces a new definition of the term “foreigner”, being a person that is not a citizen of Bulgaria, the EU, the EEA or of the Swiss Confederation.

The conditions and procedure for the issuance of various kinds of visas are modified as well as a new type of visa is introduced – single transit passage visa with a 36 hours duration and a visa for short term stay of 15 days.

The Act regulates the conditions for long term residence of foreigners, having obtained permission for long-tem residence in another EU Member State, as well the conditions for expulsion of a foreigner who has been issued an order for expulsion in another EU Member State.

New provisions on cooperation between the competent authorities of the EU Member States have been adopted in relation to the transit for the purpose of deportation of a foreigner from Bulgaria or the EU by air.

Bulgarian Finance Minister Announces that EU Structural Funds will be Operational by the End of Summer 2007

Tuesday, April 10th, 2007

Bulgarian Finance Minister, Plamen Oresharski announced that during the period 2007- 2013, the country will receive EUR 7 billion of structural funding plus EUR 4 billion for the development of rural regions and direct subventions to farmers. Tenders for specific projects will be launched even before the end of that term.

Farmers have until May 15 to request direct subventions which are not conditioned by the presentation and approval of any projects.