Unionbank

Unionbank (Bulgarian: Юнионбанк, Yunionbank) was a major Bulgarian retail and commercial bank with headquarters in Sofia.

For the Philippine bank, see Union Bank of the Philippines.
Unionbank
Юнионбанк
TypeCommercial Bank
IndustryFinancial services
Founded1991
Defunct2014
HeadquartersSofia, Bulgaria
Key people
Maria Ilieva (CEO and Chairman of the Management Board),
Imre Balogh (Chairman of the Supervisory Board)
ProductsRetail banking, Corporate banking, Loans
Revenue€77 million (2010)[1]
€4.3 million (2010)[1]
Total assets€1.7 billion (end 2010)[1]
Total equity€158 million (end 2010)[1]
Number of employees
750 (FTE, end 2010)[1]
ParentFirst Investment Bank
Websitewww.unionbank.bg

As of the end of 2010, its assets amounted to over €1.7 billion and growing, while the share capital of the bank exceeded €158 million.[1] Unionbank has 55 active branch locations around the country. As of January 2011, the bank has a long-term credit rating of BBB+ from the Fitch credit agency.[2]

History

MKB Unionbank was founded in January 1991 as Boras OOD, a limited liability company, licensed by the Bulgarian National Bank (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 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.[1]

In July 2012 Fitch has confirmed MKB Unionbank's long-term credit rating at BBB+.[3]

In August 2013 First Investment Bank buys MKB Unionbank.[4]

Key people

MKB Unionbank has a tiered board structure, which includes a Management Board and a Supervisory Board.

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 operation, property valuation, and investment development, and property management company.

Key figures
  • Client deposits: €860 million (end 2010)[1]
  • Client loans: €1.11 billion (end 2010)[1]
  • Branches: 55 (end 2010)[1]

References
  1. "Unionbank Annual Report 2010" (PDF). MKB Unionbank. Retrieved 1 March 2012.
  2. "MKB Unionbank issues 15M EUR Mortgage Bond - October 2011". Sofia Echo. Retrieved 2 March 2012.
  3. Fitch confirms MKB Unionbank’s rating, Focus Information Agency, July 10th, 2012
  4. https://www.reuters.com/article/2013/08/15/mkbunionbank-bayernlb-idUSL6N0GG18J20130815
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