Banks in Bulgaria

26 February 2016, updated 5 March 2019

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 107.09 %). 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 2018 3 banks reported annual loss, compared to 3 banks in 2017. 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 2013-2018 6 has been closed down, and 2 banks were opened up during the period.

RankNameTotal AssetsMarket ShareLoans to DepositsCountry of Origin
1UniCredit Bulbank AD19413.60 18.39%77.77 % Italy
2DSK Bank EAD14453.80 13.69%81.26 % Hungary
3United Bulgarian Bank AD11270.40 10.68%77.01 % Belgium
4First Investment Bank AD9311.72 8.82%67.43 % Bulgaria
5Eurobank Bulgaria AD8207.48 7.78%95.86 % Greece
6Raiffeisenbank (Bulgaria) EAD7777.36 7.37%81.44 % Austria
7Expressbank AD6429.31 6.09%85.28 % Hungary
8Central Cooperative Bank AD5614.48 5.32%57.61 % Bulgaria
9Bulgarian Development Bank AD3023.79 2.86%84.41 % Bulgaria
10Piraeus Bank Bulgaria AD2912.92 2.76%82.95 % Greece
11Allianz Bank Bulgaria AD2755.10 2.61%73.24 % Germany
12ProCredit Bank (Bulgaria) EAD2164.44 2.05%86.92 % Germany
13Investbank AD2121.01 2.01%50.33 % Bulgaria
14Municipal Bank AD1892.87 1.79%34.17 % Bulgaria
15International Asset Bank AD1438.92 1.36%72.45 % Bulgaria
16Bulgarian-American Credit Bank AD1420.31 1.35%80.16 % Bulgaria
17D Commerce Bank AD832.58 0.79%69.43 % Bulgaria
18Citibank Europe plc, Bulgaria Branch799.87 0.76%32.12 % Ireland
19BNP Paribas S.A. - Sofia Branch795.57 0.75%83.94 % France
20ING Bank NV - Sofia Branch742.98 0.70%66.13 % Netherlands
21TBI Bank EAD741.91 0.70%93.53 % Bulgaria
22BNP Paribas Personal Finance S.A., Bulgaria Branch (new)615.38 0.58%113.57 % France
23Tokuda Bank AD402.57 0.38%58.77 % Bulgaria
24Texim Bank AD301.65 0.29%57.41 % Bulgaria
25T. C. Ziraat Bankasi - Sofia Branch116.61 0.11%79.85 % Turkey
 

All the data are for 2018. Total assets and net income are provided in million EUR.

Major Banks in Bulgaria

Out of 25 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 BulgariaNet Income of Major Banks in BulgariaReturn 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 4th largest bank in Bulgaria in terms of total assets. In 2018 its total assets were 9 311,72 mln BGN, providing the bank with the market share of 8.82%. In 2018 the bank's net income was 156,62 mln BGN.

Services
Retail Banking
Private Banking
Corporate Banking

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 16th largest bank in Bulgaria in terms of total assets. In 2018 its total assets were 1 420,31 mln BGN, providing the bank with the market share of 1.35%. In 2018 the bank's net income was 12,32 mln BGN.

Services
Retail Banking
Corporate Banking

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 21st largest bank in Bulgaria in terms of total assets. In 2018 its total assets were 741,91 mln BGN, providing the bank with the market share of 0.70%. In 2018 the bank's net income was 23,98 mln BGN.

Services
Retail Banking
Corporate Banking

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 22nd largest bank in Bulgaria in terms of total assets. In 2018 its total assets were 615,38 mln BGN, providing the bank with the market share of 0.58%. In 2018 the bank's net income was 45,16 mln BGN.

January 2019: Varengold Bank AG, Sofia Branch

Varengold was established in 1995 as an asset manager, providingGerman investors access to the markets of managed futures, hedge fundsand alternative investment. In 2013 Varengold obtained its commercial banking licenseand 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.

See Also