MKB Unionbank
 | |
| Company type | Commercial bank |
|---|---|
| Industry | Financial services |
| Founded | 1991 |
| Defunct | 2014 |
| Headquarters | Sofia, Bulgaria |
Key people | Maria Ilieva (CEO and Chairman of the Management Board), Imre Balogh (Chairman of the Supervisory Board) |
| Products | Retail 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] |
| Parent | First Investment Bank |
| Website | www.unionbank.bg |
Unionbank (Bulgarian: Юнионбанк, Yunionbank) was a major Bulgarian retail and commercial bank with headquarters in Sofia.
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
[edit]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. [citation needed]
In September 2002, the European Bank for Reconstruction and Development (EBRD) acquired 15% of Unionbank's capital. [citation needed]
In December 2005, MKB Bank acquired 60% of Unionbank's capital and renamed it to MKB Unionbank in May 2006. [citation needed]
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
[edit]MKB Unionbank has a tiered board structure, which includes a Management Board and a Supervisory Board. [citation needed]
Management Board
[edit]- Maria Ilieva – CEO, Chairman of the Management Board
Supervisory Board
[edit]- Imre Balogh – Chairman of the Supervisory Board
Subsidiaries
[edit]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.[citation needed]
Key figures
[edit]- Client deposits: €860 million (end 2010)[1]
- Client loans: €1.11 billion (end 2010)[1]
- Branches: 55 (end 2010)[1]
References
[edit]- ^ a b c d e f g h i j "Unionbank Annual Report 2010" (PDF). MKB Unionbank. Retrieved 1 March 2012.
- ^ "MKB Unionbank issues 15M EUR Mortgage Bond - October 2011". Sofia Echo. Retrieved 2 March 2012.
- ^ Fitch confirms MKB Unionbank’s rating, Focus Information Agency, July 10th, 2012
- ^ "Bulgaria's Fibank to buy BayernLB's MKB Unionbank". Reuters.
