1964Bulbank, 100% state owned, was founded as the then Bulgarian Foreign Trade Bank (BFTB) with head office in Sofia, paid-up capital of BGL 40 million and statutory specialization in foreign trade payments and finance.
2000Bulbank?s privatisation was completed on 2 October with the transfer of the Bank Consolidation Company's shares to UniCredito Italiano S.p.A and Allianz AG, which acquired 93% and 5% of Bulbank's share capital, respectively.
In the Bulbank v AIT case, the jurisdiction of the arbitral tribunal was challenged by Bulbank on the grounds that no arbitral agreement existed between the parties.
Bulbank requested the tribunal to declare the arbitral agreement null and void on the ground that the publication of the interim award constituted a material breach of contract.
The Bulbank case in line with the Esso case demonstrates that the parties to an arbitration agreement must draft their agreement with care, expressly stating that the proceedings and all related documents are to be confidential.
Who Will Pay the Commission for Bulbank Privatisation?(Site not responding. Last check: 2007-11-03)
Bulbank executive director, Chavdar Kunchev, said a week ago that it would be better if the bank itself paid the fee to the intermediary to simplify standard procedures.
The amount that the BCC would receive for its 98 percent stake in Bulbank is 7.35 billion levs as the bank's board of directors has suggested a dividend of 50 percent.
The Bulbank board also suggested that the capital of the bank be raised to 151.2 billion levs.
INVbg / Bulgaria's banking sector / Bulbank - DSK - UBB / Special NBG report(Site not responding. Last check: 2007-11-03)
Bulbank was the only bank out of the top three whose profitability deteriorated in 2004, as reflected by the decline in ROAA and ROAE to 2.7% and 15.4%, respectively, drops of 0.5 and 1.5 percentage points.
Bulbank’s cost-to-income ratio increased by 340 basis points to 42.4%; however, it remains by far the lowest among the three largest banks.
Looking ahead, Bulbank is set to expand its lending activity further in both the retail and corporate segments, especially as its loans-to-deposits ratio is low (only 45.4%) and its CAR is high (23.3% at end-2004).
Bulbank - News(Site not responding. Last check: 2007-11-03)
Bulbank growth in 2004 was strong with 27.9% increase in total assets, reaching BGN 3.6 billion at the end of the period.
Bulbank offers competitive annual interest rate on small business loans for working capital and leasing that is floating and based on BNB basic rate, but at the date of contract signing is fixed on 9,22%.
Bulbank will provide its clients with a commitment within 3 days from the submission of the application and will provide in addition free of charge life insurance for its mortgage clients and the possibility to have access by default to a credit card with limit of 10% of the mortgage amount.
The Bulbank's management team has made it clear that it will not cooperate with the new owner and has gone over and joined the team of the opponents of the Bulgarian Government.
Kncev's star was in the ascendant during negotiations with the London and Paris Club on the rescheduling of Bulgaria's foreign debt.
Since then, under the new name "Bulbank", the bank started along an ascending path thanks to its management which was rather unusual for the Bulgarian conditions.
New Bidder To Join Tender for Bulbank(Site not responding. Last check: 2007-11-03)
In the beginning of last week a Bulgarian newspaper wrote exactly "the most probable buyer of Bulbank is the German Deutschebank." Because the announcement of Zhotev was made a few days later, many people understood the coincidence as being not an accidental one.
Sources from the BCC said that the interest in Bulbank could grow after the final results of the bank for the year 1999 were published.
Besides this Bulbank holds assets amounting to 2.102 billion levs (roughly 26 percent of the assets of the system).
www.capital.bg /weekly/00-01/11-1.htm (518 words)
Оракъл - Bulbank: A Centralized View for a Major Bulgarian Bank(Site not responding. Last check: 2007-11-03)
Bulbank, UniCredit Group is one of the major Bulgarian banks holding a leading market share in the upper-end segments.
As a result, Bulbank is able to take advantage of unified business processes while keeping its ongoing maintenance costs lower.
Using Oracle Consulting's structured implementation approach, Bulbank was able to go live with different functionalities under extremely tight time frames and in the context of complex dependencies with a number of other projects running in parallel.
Bulbank is closing its books for 1997 with truly impressive results.
Bulbank proceeded to implement its programme for building up a strong retail distribution following the Stara Zagora and Bourgas commercial banks take-over in 1994.
Bulbank strengthened its position as the most powerful financial institution in the country.
S&P said that it had upgraded its outlook on Bulbank, which is also Bulgaria’s second largest bank in terms of assets, to positive from stable and affirmed its credit and deposit ratings.
S&P said Bulbank’s rating was constrained by the improving, but still high economic and industry risks in Bulgaria, and concerns relating to the strong credit growth “in a country that lacks a developed borrowing culture and where creditor rights are uncertain”.
Bulbank’s net profit, including the results of the bank and of its wholly owned leasing subsidiary UniCredit Leasing, totalled 86.3 million leva in 2004, down by four per cent on 2003.
Services provided to BulBank by Fadata: Analysis of Bulbank ERP functionality and requirements, Strategy definition for integrating OF with the underlying banking systems, human resources and MIS; Business process analysis, Development of additional specific software for the bank, Development of interfacing modules, Full implementation, running in production and support.
The benefit the client got in improving their business: Project is a part of an international project DIVA for Bulbank automation.
Bulbank had gained because of its strong financial structure, including high profitability and capitalisation.
According to the analysts of the rating agency, the credit rating of Bulbank was constrained by the relatively risky economic environment of Bulgaria, although the economy offered positive prospects for future development.
The increase in the credit rating of Bulbank was also a result of the continued support from UniCredit in terms of improved business strategy, credit approval procedure and management information system, said Magar Kuyumdjian, credit analyst of Standard and Poor's.
Quest Bulgaria Tells Readers About Bulbank Unveiling Ground-Breaking Mortgage Plan To Encourage Foreign Investment in ...(Site not responding. Last check: 2007-11-03)
Bulbank claims it will welcome mortgage applications for all over Bulgaria and has set up special offices dedicated only to this new mortgage product - at Sofia, Varna, Bourgas and Plovdiv — manned by English-speakers.
These centers are designed to allow applicants to make just one visit to process their application through to making an offer.
“This new initiative from Bulbank is set to open up the Bulgarian property market to individuals in a way that has not been available to date,” said Jain Goodall, marketing director on Quest Bulgaria magazine.
S&P Ups Bulbank's Outlook(Site not responding. Last check: 2007-11-03)
The international agency has also confirmed the BBB-/A-3 rating of the bank, which is equivalent with Bulgaria's rating.
Thus Bulbank remains the highest ranked Bulgarian bank.
The improved outlook is prompted by the positive trends in the macroeconomic development of the country and the continued integration with UniCredit Group, Bulbank's owner, S&P explained.
Dnevnik a.m. - The news@8(Site not responding. Last check: 2007-11-03)
Standard&Poor's Ratings Services said on Monday, December 19, it has revised its outlook on Bulgaria-based Bulbank AD to positive from stable.
The ratings on Bulbank are underpinned by its strategic importance to its parent, its solid position in the banking system, strong capitalization and funding, and good profitability.
The outlook also reflects the expectation that the prospective merger with the HVB subsidiaries will be completed without any deterioration in the medium-to long-term underlying creditworthiness of the new rated entity, and that the enlarged Bulgarian operations will contribute meaningfully to the New Europe division and UniCredito's strategic aspirations in the area, said S&P. (Dnevnik)
news.dnevnik.bg /print.php?id=6391 (152 words)
AS Report(Site not responding. Last check: 2007-11-03)
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