ING Bank N.V. Sofia Branch (Bulgaria)

Dutch financial services firm ING Groep NV received permission to establish a full banking operation in Bulgaria in July 1994. ING Bank opened its first branch in Bulgaria in October 1994. The lender initially focused on corporate banking and facilitating payments and transfers, trade treasury products on global markets, as well as providing import and export financing. In January 1995, the bank announced expansion of its services in Bulgaria in debt-to-equity swaps, insurance and traditional banking activities. In June 1996, ING Bank set up a privatisation fund in Bulgaria jointly with the Bulgarian Post Bank. The fund was set up with capital of BGN 20 million, where Post Bank and ING participated with 50% each. Bulgaria-Dutch privatisation fund enjoyed huge interest and became the third-largest fund in Bulgaria in terms of capital during the first wave of mass sell-off, managing to attract 160,000 voucher holders. In January 1998, the bank withdrew from the fund, which was transformed into a holding company called Bulgarian Holding Company.
ING Bank launched services for individuals in 2000. In May 2001, ING Groep bought 70% of Bulgaria's pension insurance company Solidarnost renaming it to ING Pension Insurance Company. In April 2006, the Dutch group launched life insurance operations in Bulgaria.