The Bulgarian Development Bank has shortlisted three candidates to serve as executive director and member of the management board following its first open competitive selection procedure, according to an official press release issued by the institution. The bank forwarded the applications of Angel Naydenov, Kostadin Karanlakov, and Nadya Koshinska to the Bulgarian National Bank for regulatory assessment and preliminary approval under the Credit Institutions Act, as reported by News.bg.
The selection process drew 27 applications from specialists with management and expert experience across the banking, financial, corporate, and public sectors, according to the bank’s announcement. All three finalists possess over 30 years of professional background in banking and finance, bringing extensive leadership and operational expertise to the financial institution.
The temporary management of the institution has been overseen by Ivaylo Moskovski, who previously served as vice president for operations at the Black Sea Trade and Development Bank, as noted by News.bg.
Candidate Backgrounds and Regulatory Review
The three selected nominees bring decades of specialized financial experience spanning corporate lending and banking administration. Angel Naydenov’s career covers the management of banking structures and teams, lending operations with corporate clients and small- and medium-sized enterprises, and financial accounting activities, according to News.bg.
Kostadin Karanlakov has spent the majority of his career in managerial roles across the banking and financial sector, focusing on credit administration, banking services, workflow organization, and client relations, as reported by News.bg. Nadya Koshinska contributes expertise in corporate banking, small- and medium-sized enterprise financing, and credit portfolio management, alongside past experience serving on the management and supervisory boards of credit institutions.
Under Bulgarian banking regulations, the formal appointment of executive directors requires vetting by the central bank. The Bulgarian National Bank will review the candidates before granting the preliminary approval necessary for them to assume their executive duties on the board.
Institutional Role and Next Steps
The Bulgarian Development Bank operates under regulatory oversight by the central bank.
The timeline for the final appointments depends on the completion of the regulatory evaluation by the Bulgarian National Bank. Once the central bank issues its assessment and preliminary approval, the bank’s supervisory bodies can finalize the election and seating of the new executive leadership team. Official updates regarding the progress of the regulatory review will be published through the central bank and the development bank’s official information channels as decisions are reached.
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