Business News

Executive Directors for Bad Bank Sought

Ljubljana, 24 June (STA) - The management board of the Bank Asset Management Corporation (BAMC), the bad bank, has issued a call for applications for three executives directors of the bank. Applications must be filed within ten days.

The appointment of full-time executive directors comes as the bad bank gets ready to assume the first toxic assets from Slovenia's state-owned banks.

Under the call, the term of the executives will correspond to the length of the BAMC's operation, but shall not be longer than six years.

Currently the bank is envisaged to operate for a period of five years, although government officials have indicated that this would be extended in changes to the relevant legislation.

The executives who will appointed will take over from three interim executives appointed when the bad bank was being established: Slovenians Boštjan Gjerkeš and Aleš Koršič and Swede Torbjörn Mansson.

The ranks of the non-executives directors are filled by Swedes Arne Berggren, Lars Nyberg and Carl-Johan Lindgren and MP of the opposition Democratic Party (SDS) Andrej Šircelj.

Applications for the three positions must be posted by 4 July at the latest.

The call for applications comes in the midst of preparations for the transfer of the first toxic assets to the bad bank by Slovenia's top bank, NLB, which is expected to be carried out by the end of this week.

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