BSTDB Holds Special Meeting of the Board of Governors

BSTDB Holds Special Meeting of the Board of Governors

Press Release | 05-Jul-2024

Strategic Focus on Consolidation and Efficiency Drive Return to Profitability

Today, the Board of Governors of the Black Sea Trade and Development Bank (BSTDB) held a Special Meeting under the Chairmanship of the Republic of Türkiye. The Governors evaluated the Bank's operational activities and approved the 2023 financial statements.

During the meeting, the Board of Governors emphasized the Bank's strategic focus on consolidation and the health of its operational portfolio. The discussion highlighted the Bank's robust efforts in maintaining the adequacy of key indicators, including capitalization and liquidity, which are crucial for the institution's stability and further growth.

The Bank's financial statements confirmed a significant turnaround in performance. Increased efficiency and improved overall operations have led the Bank to return to profitability, reversing the losses experienced in 2022 due to substantial provisioning. The Board expressed confidence in the Bank's strategic direction and commended the efforts of the management and staff in achieving these positive results.

"We believe that our strong financial position will enable us to serve our clients better and contribute positively to the regional economy," said Osman Çelik, Deputy Minister of Finance & Treasury of the Republic of Türkiye and Chair of the Board of Governors. "Our stakeholders can expect continued commitment to excellence and growth."

"We are committed to ensuring that the Bank remains strong and resilient. Our return to profit is a testament to the hard work and dedication of our entire team. By enhancing efficiency and improving our operations, we have not only stabilized our financial position but also laid a strong foundation for future growth," Dr. Serhat Köksal, BSTDB President, commented.

The Special Meeting underscored the Bank's commitment to sound financial management and proactive approach to navigating economic challenges. The Board of Governors reaffirmed their dedication to fostering a sustainable and prosperous future for the Bank, the Black Sea Region, and all its stakeholders.

The Black Sea Trade and Development Bank (BSTDB)is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. For information on BSTDB, visit www.bstdb.org.

Contact:

Haroula Christodoulou

Phone: +30 2310 290533

: @BSTDB

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