| Unionbank Юнионбанк | |
| Type: | Commercial bank |
| Foundation: | 1991 |
| Defunct: | 2014 |
| Location: | Sofia, Bulgaria |
| Key People: | Maria Ilieva (CEO and Chairman of the Management Board), Imre Balogh (Chairman of the Supervisory Board) |
| Industry: | Financial services |
| Products: | Retail banking, Corporate banking, Loans |
| Revenue: | €77 million (2010)[1] |
| Net Income: | €4.3 million (2010) |
| Assets: | €1.7 billion (end 2010) |
| Equity: | €158 million (end 2010) |
| Num Employees: | 750 (FTE, end 2010) |
| Parent: | First Investment Bank |
| Homepage: | 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.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]
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.
In September 2002, the European Bank for Reconstruction and Development (EBRD) acquired 15% of Unionbank's capital.
In December 2005, MKB Bank acquired 60% of Unionbank's capital and renamed it to MKB Unionbank in May 2006.
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.
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]
MKB Unionbank has a tiered board structure, which includes a Management Board and a Supervisory Board.
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.