Raiffeisenbank (Bulgaria) AD has received approval to increase its capital by BGN 10 million at an Annual General Meeting held on November 30, 2002 in Vienna, Austria.

The capital increase underlines the shareholders’ support for a continuation of Raiffeisenbank Bulgaria’s growth strategy.

Since beginning of the year the bank has achieved a substantial increase in its loan portfolio by 54 % (as of end of October 2002) and deposit growth of nearly 40 %.

Despite investments into additional branches, which number 29, the operating profit increased by 80.3%, and reached BGN 11.9 million at the end of October 2002.