Bulbank Chief Executive Director Chavdar Kunchev has decided to quit the bank despite the wish of Bulbank's new owners, UniCredito Italiano and Allianz. The shareholders of the largest Bulgarian commercial bank voted Tuesday in favour of the transition to a two-tier management system and elected a Supervisory Board. On Monday, the Bank Consolidation Company transferred its shares in Bulbank to the new owners after receiving the remainder of the agreed EUR 360 million. Negotiations are underway on the sale of minor stakes (totalling no more than 3%) to the International Financial Corporation (a member of the World Bank Group) and Italy's Simest, Nicastro said. Between January and August 2000, Bulbank's balance figure increased 23 %. At the end of the period its net profit amounted to BGN 172 million (double the profit in 1999)