FIB shareholders approve BoD and SB remuneration increase to BGN 5m per annum and amendments in the articles of association (NEUTRAL)

First Investment Bank AGM, which was held on 21 May approved increasing the remuneration of the BoD and SB to a total amount of BGN 5m per annum. The increase is in relation to Unionbank merger and increase in management. The shareholders also voted on amendments in the articles of association reflecting changes in the Law on credit institutions, which state that legal entities or physical persons may increase their participation in the bank to qualified or surpass the 20%, 33% or 50% thresholds, only after approval by the BNB.