Unionbank (
Bulgarian: Юнионбанк, ''Yunionbank'') was a major
Bulgaria
Bulgaria (; bg, България, Bǎlgariya), officially the Republic of Bulgaria,, ) is a country in Southeast Europe. It is situated on the eastern flank of the Balkans, and is bordered by Romania to the north, Serbia and North Macedo ...
n
retail
Retail is the sale of goods and services to consumers, in contrast to wholesaling, which is sale to business or institutional customers. A retailer purchases goods in large quantities from manufacturers, directly or through a wholesaler, and ...
and
commercial bank
A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit.
It can also refer to a bank, or a division of a large bank, which deals with co ...
with headquarters in
Sofia
Sofia ( ; bg, София, Sofiya, ) is the capital and largest city of Bulgaria. It is situated in the Sofia Valley at the foot of the Vitosha mountain in the western parts of the country. The city is built west of the Iskar river, and h ...
.
As of the end of 2010, its
asset
In financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent value of ownership that can ...
s amounted to over €1.7 billion and growing, while the
share capital of the bank exceeded €158 million.
Unionbank has 55 active
branch locations around the country. As of January 2011, the bank has a long-term
credit rating
A credit rating is an evaluation of the credit risk of a prospective debtor (an individual, a business, company or a government), predicting their ability to pay back the debt, and an implicit forecast of the likelihood of the debtor defaulting.
...
of BBB+ from the
Fitch credit agency.
History
MKB Unionbank was founded in January 1991 as Boras OOD, a
limited liability
Limited liability is a legal status in which a person's financial liability is limited to a fixed sum, most commonly the value of a person's investment in a corporation, company or partnership. If a company that provides limited liability to it ...
company, licensed by the
Bulgarian National Bank
The Bulgarian National Bank ( bg, Българска народна банка, Bohlgarska narodna banka, ), or BNB, is the central bank of the Republic of Bulgaria. Headquartered in Sofia, the bank was established in 1879. It is the 13th oldest ...
(BNB) to trade in foreign currencies. Boras OOD founded, as a subsidiary company, a financial brokerage house Sofia AD, licensed by BNB as a non-banking financial institution. Sofia AD was renamed and licensed as a commercial bank as Unionbank AD and received a full banking license in 1996.
In September 2002, the
European Bank for Reconstruction and Development (EBRD) acquired 15% of Unionbank's capital.
In December 2005,
MKB Bank MKB may refer to:
Business
* MKB Bank, the third-biggest commercial bank in Hungary
* MKB Raduga, a Russian aerospace company
* MKB Fakel, a Russian government-owned aerospace defense corporation
Community
* Moogooru Karnataka Brahmin, a sect ...
acquired 60% of Unionbank's capital and renamed it to MKB Unionbank in May 2006.
In September 2009, MKB Bank increased its percentage in the share capital of MKB Unionbank with 34% to 94% by buying all shares of Boras OOD.
In July 2012 Fitch has confirmed MKB Unionbank's long-term credit rating at BBB+.
In August 2013
First Investment Bank
First Investment Bank or Fibank ( bg, Първа инвестиционна банка, ''Parva investitsionna banka''), founded on 8 October 1993, is currently (Q1'13) the third largest Bulgarian bank (measured in total assets). The bank is the ...
buys MKB Unionbank.
Reuters
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Key people
MKB Unionbank has a tiered board structure, which includes a Management Board and a Supervisory Board
In corporate governance, a governance board also known as council of delegates are chosen by the stockholders of a company to promote their interests through the governance of the company and to hire and fire the board of directors.
In civil s ...
.
Management Board
* Maria Ilieva – CEO, Chairman of the Management Board
Supervisory Board
* Imre Balogh – Chairman of the Supervisory Board
Subsidiaries
According to the MKB Unionbank website, MKB Unionbank has one wholly owned subsidiary - AMC Imoti, a real estate
Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more general ...
operation, property valuation, and investment development, and property management
Property management is the operation, control, maintenance, and oversight of real estate and physical property. This can include residential, commercial, and land real estate. Management indicates the need for real estate to be cared for and monit ...
company.
Key figures
* Client deposits: €860 million (end 2010)
References
External links
*
Bulgarian National Bank
Financial Supervision Commission
{{Europe topic, List of companies of
Cooperative banks of Bulgaria
Banks established in 1991
Bulgarian companies established in 1991
Defunct banks of Bulgaria
Banks disestablished in 2014
2014 disestablishments in Bulgaria