Unionbank was launched as a successor to the Sofia financial brokerage house and was licensed for domestic banking operations with BGN 200 million capital on October 20, 1994.
The bank was set up by shareholders of the Sofia Financial and Brokerage House among which were Bulgaria Insurance Holding, the United Bulgarian Bank, Boras Ltd. and the management.
In July 2001, the bank launched a leasing subsidiary called Unionleasing.
In September 2002, the European Bank for Reconstruction and Development purchased a 15% equity stake in Unionbank for EUR 31 million.
At the end of 2004, some 36% of the lender was controlled by Boras Ltd. and Union Group, which are owned by four local businessmen. The same entrepreneurs, Ivan Radev, Svetoslav Radev, Emanuil Manolov and Emil Ivanov, held another 49% of the bank equity as individuals.
The bank operated 59 branches throughout the country at the end of 2006. Their number rose to 62 at the end of 2007.
In January 2005, the bank signed a EUR 5.0 million credit line agreement with the Black Sea Trade & Development Bank to boost financing to small enterprises.
In March 2006, Hungary's third-largest lender Magyar Kulkereskedelmi Bank (MKB), owned by Germany's Bayerische Landesbank, officially acquired a 60% stake of Unionbank for an undisclosed sum.
MKB said its Bulgarian arm would aim to control around 5.0% of the local banking market in a mid-term perspective.
In May 2006, the bank was renamed into MKB Unionbank.
In September 2009, Union Group and Boras sold their 34% in the lender to MKB and thus the Hungarian bank increased its stake to 94%.
The lender operates more than 50 branches throughout the country.
In mid-2013 local First Investment Bank acquired 100% of Unionbank from Hungarian MKB Bank Zrt. In March 2014 the merger was completed and Unionbank was closed without liquidation.
30-32, Totleben Blvd.
Sofia; Sofia - city; Postal Code: 1606
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