Banks in Bulgaria

26 February 2016, updated 16 March 2020

Typically for Eastern European countries, Bulgarian banking sector is characterized by relatively small size, small number of banks with wide business focus, high degree of concentration and high share of foreign capital.

The most commonly used ratio to measure the size of a banking sector, namely the ratio of consolidated banking assets to gross domestic product, for Bulgaria shows that its banking sector is roughly the same size as its national economy (the ratio is 100.07 %). Most of the banks operating in Bulgaria are universal banks providing products and services in retail and corporate banking. Although there are no pure direct banks in Bulgaria, several banks offer their products via the Internet.

In 2019 1 banks reported annual loss, compared to 3 banks in 2018. Loan to deposit ratio for the majority of banks in lower than 1, showing a responsible approach to financing and emphasising the self-funding ability of Bulgarian banks. During 2013-2019 7 has been closed down, and 2 banks were opened up during the period.

RankNameTotal AssetsMarket ShareLoans to DepositsCountry of Origin
1UniCredit Bulbank AD21639.06 18.95%82.81 %IT Italy
2DSK Bank EAD15901.62 13.92%82.50 %HU Hungary
3United Bulgarian Bank AD12172.14 10.66%91.87 %BE Belgium
4Eurobank Bulgaria AD11185.73 9.79%91.65 %GR Greece
5First Investment Bank AD10055.78 8.81%64.39 %BG Bulgaria
6Raiffeisenbank (Bulgaria) EAD8817.86 7.72%84.96 %AT Austria
7Expressbank AD6343.31 5.55%96.44 %HU Hungary
8Central Cooperative Bank AD6106.23 5.35%59.31 %BG Bulgaria
9Bulgarian Development Bank AD3173.54 2.78%86.55 %BG Bulgaria
10Allianz Bank Bulgaria AD2884.17 2.53%74.45 %DE Germany
11ProCredit Bank (Bulgaria) EAD2498.19 2.19%85.31 %DE Germany
12Municipal Bank AD2045.60 1.79%31.27 %BG Bulgaria
13Investbank AD1898.48 1.66%54.36 %BG Bulgaria
14Bulgarian-American Credit Bank AD1670.53 1.46%79.67 %BG Bulgaria
15International Asset Bank AD1547.57 1.36%66.07 %BG Bulgaria
16D Commerce Bank AD1017.81 0.89%73.90 %BG Bulgaria
17Citibank Europe plc, Bulgaria Branch996.33 0.87%40.62 %IE Ireland
18ING Bank NV - Sofia Branch923.27 0.81%86.89 %NL Netherlands
19TBI Bank EAD876.91 0.77%91.39 %BG Bulgaria
20BNP Paribas S.A. - Sofia Branch817.15 0.72%66.59 %FR France
21BNP Paribas Personal Finance S.A., Bulgaria Branch727.78 0.64%106.24 %FR France
22Tokuda Bank AD392.94 0.34%65.28 %BG Bulgaria
23Texim Bank AD363.24 0.32%58.92 %BG Bulgaria
24T. C. Ziraat Bankasi - Sofia Branch145.93 0.13%61.35 %TR Turkey
 

All the data are for 2019. Total assets and net income are provided in million EUR.

Major Banks in Bulgaria

Out of 24 banks operating in Bulgaria, there are 8 largest banks comprising together about 80% of consolidated banking assets, each of the banks has market share of more than 5% of total banking assets. Among these 8 banks only 2 banks ( First Investment Bank AD, Central Cooperative Bank AD) have Bulgarian capital, while the other 6 are foreign-controlled banks originated from Italy, Hungary, Belgium, Greece and Austria.

Market Shares of Major Banks in Bulgaria

3 largest banks, UniCredit Bulbank, DSK Bank and United Bulgarian Bank, have been showing steady assets growth starting from 2008, while only UniCredit and DSK Bank have achieved an increase in net income, which resulted in high return on assets.

Total Assets of Major Banks in Bulgaria Net Income of Major Banks in Bulgaria Return on Assets of Major Banks in Bulgaria

Banks Offering Products via the Internet

First Investment Bank AD

Founded in 1993, First Investment Bank (FI Bank) is the biggest bank with Bulgarian capital. Fibank is an innovative credit institution offering a broad range of products and services to both individual and corporate clients.

First Investment Bank AD is the 5th largest bank in Bulgaria in terms of total assets. In 2019 its total assets were 10 055,78 mln BGN, providing the bank with the market share of 8.81%. In 2019 the bank's net income was 129,26 mln BGN.

Services
retail banking
private banking
corporate banking
Area Served
BGBulgaria
DEGermany
Products

Bulgarian-American Credit Bank AD

Bulgarian-American Credit Bank was founded in 1996 by the Bulgarian American Enterprise Fund (BAEF). The primary aim of BAEF is to support the entrepreneurship in former communist countries from Central and Eastern Europe. Bulgarian-American Credit Bank provides products and services in retail and corporate banking.

Bulgarian-American Credit Bank AD is the 14th largest bank in Bulgaria in terms of total assets. In 2019 its total assets were 1 670,53 mln BGN, providing the bank with the market share of 1.46%. In 2019 the bank's net income was 14,04 mln BGN.

Services
retail banking
corporate banking
Area Served
BGBulgaria
DEGermany
ESSpain
Products

International Asset Bank AD

International Asset Bank AD is a universal bank, offering retail and corporate banking products and services to its customers.

International Asset Bank AD is the 15th largest bank in Bulgaria in terms of total assets. In 2019 its total assets were 1 547,57 mln BGN, providing the bank with the market share of 1.36%. In 2019 the bank's net income was 14,68 mln BGN.

Area Served
BGBulgaria
DEGermany
Products

TBI Bank EAD

TBI Bank EAD is a universal bank, offering retail and corporate banking products and services to its customers.

TBI Bank EAD is the 19th largest bank in Bulgaria in terms of total assets. In 2019 its total assets were 876,91 mln BGN, providing the bank with the market share of 0.77%. In 2019 the bank's net income was 34,93 mln BGN.

Services
retail banking
corporate banking
Area Served
BGBulgaria
DEGermany
Products

New Banks

June 2018: BNP Paribas Personal Finance S.A., Bulgaria Branch

BNP Paribas Personal Finance provides a broad range of consumer credit products to private individuals. The range includes personal loans, revolving credit, credit cards, car loans, home improvement loans and mortgage loans. BNP Paribas Personal Finance also offers insurance and savings products. BNP Paribas Personal Finance S.A., Bulgaria Branch operates as a branch of BNP Paribas Personal Finance (France).

BNP Paribas Personal Finance S.A., Bulgaria Branch is the 21st largest bank in Bulgaria in terms of total assets. In 2019 its total assets were 727,78 mln BGN, providing the bank with the market share of 0.64%. In 2019 the bank's net income was 41,42 mln BGN.

January 2019: Varengold Bank AG, Sofia Branch

Varengold was established in 1995 as an asset manager, providing German investors access to the markets of managed futures, hedge funds and alternative investment. In 2013 Varengold obtained its commercial banking license and started providing retail, corporate and investment banking products and services. Varengold Bank AG, Sofia Branch operates as a branch of Varengold Bank AG (Germany).

Closed Banks

March 2014: MKB Unionbank

In August 2013, MKB Unionbank was acquired by First Investment Bank (Bulgaria). The legal merger was completed on March 4, 2014.

MKB Unionbank was the 16th largest bank in Bulgaria in terms of total assets. In 2013 its total assets were 1 449,23 mln BGN, providing the bank with the market share of 1.69%. In 2013 the bank's net income was 6,99 mln BGN.

July 2014: Corporate Commercial Bank

Corporate Commercial Bank was a Bulgarian bank, founded in 1994. The bank was growing rapidly in 2007-2013 and went bankrupt in 2014. On December 4, 2014 Bulgarian Deposit Guarantee Fund began paying of insured deposits to depositors of Corporate Commercial Bank.

Corporate Commercial Bank was the 4th largest bank in Bulgaria in terms of total assets. In 2013 its total assets were 6 740,30 mln BGN, providing the bank with the market share of 7.86%. In 2013 the bank's net income was 71,20 mln BGN.

March 2016: Alpha Bank S.A. - Bulgaria Branch

On March 1, 2016, Eurobank Bulgaria AD (Postbank) acquired the ongoing concern and the entire banking operations of the branch of Alpha Bank S.A. in Bulgaria.

Alpha Bank S.A. - Bulgaria Branch was the 17th largest bank in Bulgaria in terms of total assets. In 2015 its total assets were 1 063,96 mln BGN, providing the bank with the market share of 1.22%. In 2015 the bank's net income was -12,51 mln BGN.

February 2018: CIBANK JSC

CIBANK JSC was a universal bank, offering retail and corporate banking products and services to its customers. On February 05, 2018 CIBANK JSC was merged into United Bulgarian Bank AD.

CIBANK JSC was the 9th largest bank in Bulgaria in terms of total assets. In 2017 its total assets were 3 619,81 mln BGN, providing the bank with the market share of 3.70%. In 2017 the bank's net income was 31,48 mln BGN.

April 2018: Commercial Bank Victoria EAD

On September 16, 2014, the Governing Council of Bulgarian National Bank decided to extend the special supervision of Commercial Bank Victoria EAD (former name Credit Agricole Bulgaria EAD) to November 22, 2014 inclusive. On the basis of Decision of the Governing Council of BNB, there were given specific instructions to the conservators of Commercial Bank Victoria EAD to take the necessary actions for recovery of the bank and providing liquidity.

Commercial Bank Victoria started providing the depositors full access to their funds at December 12, 2014.

In April 2018, Commercial Bank Victoria was acquired by Investbank AD.

Commercial Bank Victoria EAD was the 25th largest bank in Bulgaria in terms of total assets. In 2017 its total assets were 122,92 mln BGN, providing the bank with the market share of 0.13%. In 2017 the bank's net income was -5,15 mln BGN.

May 2018: Isbank AG - Sofia Branch

Turkiye Is Bankasi (Isbank) was founded in 1924 and now is one of the largest banks in Turkey. Isbank provides retail, private and corporate banking products and services. Isbank AG - Sofia Branch operated as a branch of Isbank AG (Germany).

Isbank AG - Sofia Branch was the 27th largest bank in Bulgaria in terms of total assets. In 2017 its total assets were 113 000,00 BGN, providing the bank with the market share of 0.00%. In 2017 the bank's net income was -494 000,00 BGN.

November 2019: Piraeus Bank Bulgaria AD

Founded in 1916, Piraeus Bank is one of the largest banking groups in Greece, with a strong presence in the Balkans. Operating as a universal bank, Piraeus Bank is particularly focused on medium-sized and small enterprises, agricultural banking, consumer and mortgage credit and green banking, capital markets and investment banking, as well as leasing and factoring. In November 2019, Piraeus Bank Bulgaria AD was merged with Eurobank Bulgaria AD.

Piraeus Bank Bulgaria AD was the 10th largest bank in Bulgaria in terms of total assets. In 2018 its total assets were 2 912,92 mln BGN, providing the bank with the market share of 2.76%. In 2018 the bank's net income was 7,10 mln BGN.

See Also