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Piraeus Bank Bulgaria AD (Bulgaria)

Main Activities: Commercial Banking
Full name: Piraeus Bank Bulgaria AD Profile Updated: May 17, 2019
Buy our report for this company USD 29.95 Most recent financial data: 2018 Available in: English & Bulgarian Download a sample report

Piraeus Bank Bulgaria, the local subsidiary of Greece's Piraeus Bank, is a successor of Bulgarian lender Eurobank. Eurobank was launched in 1997 as a successor to private Mollov Bank that escaped bankruptcy after the Slovak investment fund Istrocapital invested USD 6.25 million in it. Istrocapital and related companies and individuals held 97% of Eurobank, the remainder was dispersed among several individuals.
In February 2001, five buyers - including Commerzbank, EBRD and the International Finance Corporation (IFC) - offered jointly USD 9.3 million for 97% of Eurobank but no deal was signed. Petrol Holding, which owns one of Bulgaria's largest fuel retailers Petrol, bought a 95.1% stake in Eurobank from Istrocapital in 2003.
In July 2004, Piraeus Bank began buyout negotiations with Eurobank shareholders, after several unsuccessful attempts to buy other banks in the country. In January 2005, Piraeus acquired 99.7% of Eurobank for EUR 48.4 million. Through the acquisition of Eurobank, the Greek bank - which has been operating in Bulgaria since 1993 - expanded its network to 30 branches and 27 representation offices. In June 2005, Eurobank doubled its capital to EUR 30 million to expand its credit portfolio. In August 2005, Eurobank was renamed into Piraeus Eurobank. In April 2006, the lender officially merged with the Sofia-based branch of Piraeus to form Piraeus Bank Bulgaria.
Piraeus Bank Bulgaria operates more than 80 branch offices throughout the country. It is a universal bank specialised in corporate banking, retail banking, SMEs, capital markets and leasing.

Headquarters
115E Tsarigradsko Shose Blvd.
Sofia; Sofia - city; Postal Code: 1784

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Website: http://www.piraeusbank.bg

Basic Information
Total Employees:
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Outstanding Shares:
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Registered Capital:
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Financial Auditors:
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Incorporation Date:
March 08, 1994
Key Executives
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Executive Director and Member of the Board of Directors
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Executive Director and Member of the Board of Directors
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Executive Director and Member of the Board of Directors
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Member of the Board of Directors
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Member of the Board of Directors
Ownership Details
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99.98%
Subsidiaries
Asset Management Bulgaria EOOD
100%
Besticar Bulgaria EOOD
100%
Besticar EOOD
100%
Company Performance
Financial values in the chart are available after Piraeus Bank Bulgaria AD report is purchased.
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Key Financial Highlights
Annual growth percentages for latest two years in local currency BGN. Absolute financial data is included in the purchased report.
Net interest income
21.92%
Net fee and commission income
1.96%
Operating profit (EBIT)
55.44%
Net Profit (Loss) for the Period
142.66%
Total assets
0.18%
Total equity
1.78%
Total Assets Trend
-1.16%
Net Interest Income Trend
0.57%
Cost to Income Ratio
-8.86%

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