Bulgaria
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Bulgaria

Best bank - Bulbank
Best M&A house - JPMorgan
Best debt house - JPMorgan
Best local partner - First Investment Bank


Bulbank maintains its lead in wholesale banking in Bulgaria. It had a good 2002, with operating income up 28%, and particularly benefited from parent bank UniCredito Italiano's new system for loan underwriting, which simplifies the procedure. Thanks to that, Bulbank's loan portfolio grew by 56%.

However, the banking sector is likely to become more competitive next year, as regional heavyweight OTP invests in its new acquisition DSK, which it bought in May 2003 for e311 million. The privatization of DSK wins JPMorgan the award for best M&A adviser in the country. The government was exuberant about the success of the deal. Ivan Iskrov, head of the budgetary commission, said: "This is probably the best privatization in the history of this country."

JP Morgan also wins the award for best debt house in Bulgaria, for the latest transaction in its work on Bulgaria's sovereign debt profile - a $759 million exchange in October 2002. This enabled the country to extend the duration of its debt portfolio, and freed up around $137 million in treasuries used to guarantee Brady bonds.

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