Tsvetan Vasilev

Tsvetan Vasilev (Bulgarian: Цветан Василев; born 1959) is a Bulgarian entrepreneur and financier currently ranked as the second most influential person in the country according to Forbes Bulgaria.^[1] Vasilev is Chairman of the Supervisory Board of Corporate Commercial Bank AD, the fifth bank in Bulgaria based on assets,^[2] as well as its majority shareholder.^[3] Tsvetan Vasilev also chairs the Supervisory Board of Victoria FATA Insurance^[4] as well as the Supervisory Board of Vivacom, a Bulgarian telecom company.^[5] Vasilev is the recipient of the badge of honor of the University of National and World Economy in Sofia^[6] and Doctor Honoris Causa of the "St Ivan Rilski" University of Mining and Geology.^[7]

Biography

Tsvetan Vasilev started his career in finance in 1992 when he founded his brokerage company Bromak EOOD^[8] and his investment intermediary Fina-S AD.^[9] Between 1995 and 1999 he headed the Foreign Exchange Operations and Liquidity Department of Central Cooperative Bank, and in 1997 he also became member of the bank's Board of Directors. In 1999 he left Central Cooperative Bank to head the Markets and Liquidity Department at CB Bulgaria Invest (now Allianz Bulgaria Commercial Bank). Between 2000 and 2003, Vasilev served as Chairman of the Executive Board and Executive Director of Corporate Commercial Bank AD. In 2003 he became its majority shareholder and Chairman of its Supervisory Board.^[10] Tsvetan Vasilev holds a master's degree in International Economic Relations from the University of National and World Economy. After graduation, he worked as a research fellow in economics at the Center of Foreign Trade and International Markets for seven years.^[11]

The Vivacom Deal

In 2012 affiliates of Tsvetan Vasilev and VTB Capital acquired the controlling interest of the leading Bulgarian telecom company Vivacom from its creditors.^[12] Experts claim that the deal was amidst the most complicated ones on the Bulgarian financial market.^[13] The restructuring was approved by the European Commission and the international creditors of Vivacom.^[14][15] Prior to the acquisition by Vasilev and VTB Capital, Vivacom had incurred significant debt after a buyout by AIG in 2007, which subsequently sold its shares to PineBridge Investments.^[16]

Active Citizenship

Tsvetan Vasilev is Doctor Honoris Causa of the “St. Ivan Rilski” University of Mining and Geology. He is also recipient of the Honorary Badge of the University of National and World Economy and a member of the university’s Board of Trustees.^[17] He has authored a number of publications analyzing the financial challenges before Bulgaria and the European Union.^{[18][19][20][21]} Vasilev is a frequent guest of various international economic forums, such as the Wroclaw Global Forum^[22] and the Black Sea Energy and Economic Summit.^[23][24] Tsvetan Vasilev is a member of the International Advisory Board of the Atlantic Council.^[25] Tsvetan Vasilev has sponsored many initiatives in various fields, including scientific research, development of sports, support of orphanages, renovation of churches and monasteries, etc.^{[26][27][28][29][30][31][32]} He is the main benefactor of PFC Botev Plovdiv, the oldest football club in Bulgaria.^[33] Vasilev’s efforts are concentrated on the development of the football club and its junior football academy.^[34]

Legal Issues

After spending some time in Austria, Vasilev is currently (as of October 2014) in Belgrade, Serbia (he voluntarily surrendered to Serbian police officers on 16 September 2014) and a decision is in the process of being made as to whether he will be extradited to Bulgaria, where he may face charges for allegedly abusing his privileges in his capacity of a Chairman of the Supervisory Board of Corporate Commercial Bank AD. In relation to that, Vasilev was also at one point on Interpol's list. In March 2015, the Appellate Court of Belgrade ruled against the extradition request of the Bulgarian authorities.^[35]

Awards

Tsvetan Vasilev has received a number of prestigious awards. He has been the recipient of The Banker newspaper "Banker of the Year" award for his personal contributions to the Bulgarian economy and banking several times:

• Award for Dynamic Banking Management as Chairman of the Management Board of Corporate Commercial Bank AD in 2004^[36]
• Award for Promoting Bulgarian Capital in Bulgaria’s Banking System in 2008^[37]
• Market Stability Special Award in 2010^[38]
• Award for Efficient Policy and Long-Lasting Presence on the Bulgarian Market in 2013^[39]

In 2011 he received the Mr. Economy award (the grand award of the Economics magazine in Bulgaria)^[40] for overall contribution to the development of the Bulgarian economy.^[41][42] In 2012 Vasilev received an award for his overall contribution to the development of motorcycle sports in Bulgaria by the Bulgarian Motorcycle Federation.^[43]

Personal life

Tsvetan Vasilev is married to Professor Antoaneta Vassileva, Dean of the International Economics and Politics Faculty of the University of National and World Economy.

References

External links

• An Individual Approach, An Interview with Tzvetan Vassilev, Chairman, Corporate Commercial Bank, Leaders Magazine, October 2011 (English)
• Vassilev: Energy and Economic Co-operation Key to Black Sea Region Growth, New Europe, November 2011 (English)
• Banker Tzvetan Vassilev: Bulgaria's President Defends Business Interests, Standartnews, 26 March 2013 (English)
• Tzvetan Vassilev’s Articles for New Europe (English)
• GERB's Ambitions to Govern Bulgaria are Not to be Taken Seriously, Pressadaily.bg, 3 August 2013 (Bulgarian)
• Nikolay Stoyanov, „The state KTB (The usage of the bank for concentration of capital, property and power is dangerous and illegal)“, „Капитал“, 29 March 2013 (Bulgarian)
• Interview with Tzvetan Vassilev, Deutsche Welle, October 2013 (Bulgarian)
• “For Whom the Bell Tolls and is There Something Rotten in Brussels?,” Analysis by Tzvetan Vassilev, New Europe, January 2014 (English)
• Bulgarians are Not the Biggest Danger, Interview with Tzvetan Vassilev, Handelsblatt, January 2014 (German)