Svetoslav Milanov: A challenge in creating banking products is how they will be related to the climate and society
The Executive Director and Chairman of Management Board of “Investbank” JSC Svetoslav Milanov participated in the Banking today forum, organized by Investor.bg. During the special banking conference, representatives of leading financial institutions and regulatory authorities in Bulgaria presented their expertise and their professional view on macroeconomic changes, which affect the banking and financial market in our country.
In his presentation, Milanov pointed out that things happen more slowly in Bulgaria, but he believes that there is already slowdown in credit activity and “slight cooling”. He pointed out that raising minimum reserve requirements will have an impact. The banker predicts challenge in creating future banking products is how they will be connected with changes in climate and society. “In transition to the future, we need to talk about opportunities for sustainable investments” commented the executive director of “Investbank” JSC. He defined the change of financial condition as an adaptation of business models related to the goals of sustainable development. “There will be analysis of the risks associated with changes in climate and society. The models we use for clients will undergo development related to ESG factors and we will assess projects for financing. There will be a slowdown in growth, but without dramatic changes without restrictions”, said Svetoslav Milanov categorically.
Regarding the “competition” between companies and banks, he added credit institutions are in constant contact with fintech companies and there can’t be a question of competition. We exchange ideas to make customer feel better, and to have added value”, the executive director explained.
In front of the Bulgaria On Air’s camera, Svetoslav Milanov assured that there is no reason to panic regarding the upward movement of interest rates. According to him, the parallel between the situation in USA and that in Bulgaria is misleading. Things are different from what happens across the ocean. The regulations are loose there. There is no room for panic and we ned to explain this to people well. Yes, in Bulgaria we observe an effect that is related to interest rates, this is normal for every user to be annoyed, but it is temporary. Things will calm down” added more the executive director of “Investbank” JSC.
The whole interview you can see HERE .
