Awards for excellence - Bulgaria
Best debt house:
Citigroup/Schroder Salomon Smith Barney
Best Equity House:
Best M&A House:
CA IB, CSFB (joint award)
Bulbank has long been dominant in the Bulgarian market. But its sale to Unicredito and Allianz in October last year also put the bank in the top league for quality service. The new owners have a clear strategy for the region and have shown that they can turn state-owned institutions into dynamic and efficient banks. Accordingly, Bulbank has started to improve its asset structure and organization.
Particular emphasis has been puton the development of risk management and retail banking, where it comes second in market share only after the State Savings Bank.
As the former foreign trade bank, set up in 1964, Bulbank is undisputed leader in corporate banking. So far banks have preferred to invest in treasuries, but over the past year the economic environment has improved considerably, credit applicants have become more sophisticated and so lending activities have picked up.
As part of its restructuring programme Bulbank has also embarked on a financial plan, which aims at return on equity of 25% in three years.