Summary of Proposed Investment
Project Number
10377
Company Name
UNICREDIT BULBANK AD
Date SPI Disclosed
Nov 10, 2000
Country
Bulgaria
Industry
Financial Markets
Projected Board Date
Dec 18, 2000
Status
Completed
Sector
Commercial Banking - General
Department
Regional Industry FIG LAC & EUR
Environmental Category
FI
Previous Events
Approved : Apr 10, 2001
Signed : Apr 23, 2001
Invested : Apr 26, 2001
Project Description
Bulbank was founded in 1964 and for over 25 years acted as the country''s foreign trade bank. Following the economic transition of 1991, Bulbank was transformed into a full-service commercial bank and is now Bulgaria''s largest commercial bank, with total assets of USD 1.2 billion equivalent at June 30, 2000. Bulbank has a nation-wide distribution network, strong name recognition, and client relationships with prominent Bulgarian enterprises, and increasingly, medium-sized private enterprises. As such Bulbank has a strong platform for expansion of lending and the introduction of other products.
Bulbank is a high-profile bank in the Bulgarian economy. Its successful and transparent privatization was key to both the public''s comfort in the privatization process, and the impact of this important institution on the local economy. With the leadership of UCI; its partnership with Allianz, one of the world''s largest insurers; and the support of IFC, Bulbank will seek to increase its lending to Bulgaria''s underserved business and retail sectors and to introduce new products, thus broadening and deepening the financial markets. Further, given Bulbank''s importance to the Bulgarian financial sector and economy, UCI and the Government value IFC''s role as a bridge between the private and public sectors.
Bulbank is a high-profile bank in the Bulgarian economy. Its successful and transparent privatization was key to both the public''s comfort in the privatization process, and the impact of this important institution on the local economy. With the leadership of UCI; its partnership with Allianz, one of the world''s largest insurers; and the support of IFC, Bulbank will seek to increase its lending to Bulgaria''s underserved business and retail sectors and to introduce new products, thus broadening and deepening the financial markets. Further, given Bulbank''s importance to the Bulgarian financial sector and economy, UCI and the Government value IFC''s role as a bridge between the private and public sectors.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Suzannah H. Carr, Investment Officer, IFC, scarr@ifc.org