Black Sea Trade and Development Bank


Development Banking, Investment Banking, Regional Bank

Products & Services

Project Finance, Trade Finance, Equities, Guarantees

Countries of Operation

All member-countries

Institutional Information

BSTDB in Brief

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


  • Established: January 1997.
  • Start of Operations: June 1, 1999
  • Investment Grade Rating: March 2004

Corporate Governance Documents

Agreement Establishing the Black Sea Trade and Development Bank (signed in Tbilisi on 30 June 1994 and entered into force on 24 January 1997)


A- (by Standard & Poor’s) A2 (by Moody’s)

Corporate Information


  • Greece, Russia and Turkey 16.5 % each
  • Romania: 14%
  • Bulgaria and Ukraine 13.5 % each
  • Azerbaijan: 5%
  • Albania: 2.0 %
  • Armenia 1.0 %
  • Georgia and Moldova: 0,5 % each
  • Unallocated: 0,5%


  • KfW Banking Group (Germany)
  • European Investment Bank (EIB)
  • Development Bank of Austria (OeEB)
  • Association of the European Development Finance Institutions (EDFI)
  • Nordic Investment Bank (NIB)
  • International Investment Bank (IIB)
  • International Finance Corporation (IFC)
  • Agence France de Développement (PROPARCO)
  • European Bank for Reconstruction and Development (EBRD)
  • Vhesheconombank- VEB (Russia)


  • President & Chairman of the Board of Directors: Mr. Ihsan Ugur Delikanli
  • Vice-President Banking: Mr. Igor Leshukov
  • Vice-President Finance: Mrs. Valentina Siclovan
  • Vice-President Operations: Mrs. Nina Stavreva
  • Secretary General: Mr. Serafeim Tsokas

Number of employees: 111 full-time employees (including the Senior Management)


1, Komninon street,
GR- 546 24 Thessaloniki, Greece
Tel: +30 2310 290400
Fax: +30 2310 221796