Three Bulgarian-based banks, Bulbank, HVB Bank Biochim and Hebros Bank, all of which are subsidiaries of Italian finance firm Unicredit Group, have merged to form Unicredit Bulbank.
The new entity is expected to be a leading player in the Bulgarian market, with assets of approximately E4.2 billion. More than one million individual and corporate customers in the country will benefit from an extensive banking network of more than 300 branches and 4,000 employees.
Unicredit Bulbank has an ambitious growth strategy in servicing individual clients, private customers, small- and mid-sized businesses, and larger domestic and multinational corporates. The new group can also take advantage of the scale of Unicredit Group and, as a result, will be able to provide faster and more efficient products and services to its clients. Furthermore, clients will be able to use a cross-border business service throughout the banking network.
Unicredit Group is well established in Europe, serving some 24 million customers in 17 countries in the region.