site.btaSofia Municipality Prepares Criteria for Choosing New Servicing Bank

A working group has been tasked with developing criteria for selecting a servicing bank for Sofia Municipality and its affiliated structures by August 8, the city administration said on Tuesday.

The group, chaired by municipal councillor Boyko Dimitrov, was established on August 1 by an order from Mayor Vasil Terziev. Its members include representatives from the Sofia Municipal Council and the Finance and Healthcare Directorate of the Municipality. The group held its first meeting on August 4.

The main task is to define selection criteria and evaluation indicators for potential banks to manage Sofia’s finances. Based on this, a list of institutions will be invited to submit offers.

Sofia Municipality noted that all payments to contractors and employees will continue as usual.

On July 29, Sofia's local government reported that Municipal Bank had issued a notice to terminate its contract with the Municipality. Prior to this, the city administration submitted a proposal to the Council to end its relationship with the bank. However, councillor Blagovesta Kenarova (Continue the Change – Democratic Bulgaria) requested a postponement, citing a lack of basic analysis and selection methodology for a new bank.