Municipal Bank is a universal commercial bank and offers a full range of banking services and products to retail and corporate customers and budget operators.
Municipal Bank was set up in 1996 following the collapse of the local banking sector to safeguard the financial stability of the municipalities it serves. The central bank licensed the bank for domestic operations in March 1996 with a capital of BGN 450 million.
At the onset, Sofia municipality was the main shareholder in the bank, holding 97.12% of its capital, while the remainder was distributed among 20-odd municipal firms.
In April 1997, the Bulgarian National Bank granted a full banking licence to Municipal Bank for operations at home and abroad after the bank raised its paid-in capital to BGN 2.36 billion. After the capital hike, Sofia Municipality held around 63% in the capital with the rest controlled seventeen municipal companies. In June 2005, Hristo Kovachki purchased almost 26% of the bank buying out the stakes of the private shareholders through 11 of his companies. In mid-2008, Municipal Bank set up an asset management subsidiary, Municipal Bank Asset Management. In November 2011, BNB blocked the voting rights of five minority shareholders in the bank for 6 months and allowed decisions to be taken with a majority of 2/3 and thus Sofia City Council regained control over the lender.
The lender operates more than 80 financial centers and remote workplaces nationwide.
6 Vrabcha Str.
Sofia; Sofia - city; Postal Code: 1000
Contact Details: Purchase the Municipal Bank AD report to view the information.
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