About UBB

Established in 1992 through the merger of 22 Bulgarian regional commercial banks, United Bulgarian Bank is the first and most comprehensive consolidation project in the Bulgarian banking sector.

Supervisory Board

Luc Popelier
Chairman of the Supervisory Board

Willem Hueting
Member of the Supervisory Board

Christine Van Rijsseghem
Member of the Supervisory Board

Management Board

Peter Andronov

Chairman of the Country Team of KBC Group for Bulgaria, Country Manager of KBC Group for Bulgaria, Chairman of the Management Board of UBB, CEO of UBB.

Peter Andronov was appointed Executive Director of CIBANK in July 2007. In March 2008 hе became Chief Executive Officer (CEO) and since March 2011 he has been Country Manager of KBC Group for Bulgaria.

Since 2008 he has also been a member of the Management Board of the Association of Banks in Bulgaria and its representative in the Banking Supervision Committee at the European Banking Federation.

Before his appointment in CIBANK, Mr. Andronov held a number of positions in the private banking sector and in the Bulgarian National Bank. From 2002 until May 2007 he  headed  the Banking Supervision Department at the BNB. From 2003 until May 2007 he was a member of the Management Board of the Reserve Guarantee Fund. Mr. Andronov is also a member of the BNB’s Investment Committee.

During the period 2005 – 2007 he was an observer and member of the European Banking Committee (EBC) and the Committee of European Banking Supervisors (CEBS) at the European Commission. During the same period he was an observer and member of the Banking Supervision Committee (BSC) at the European Central Bank.

Mr. Andronov has been involved  in the elaboration  of the currently effective legislation framework on bank supervision in Bulgaria, incl. the Credit Institutions’ Act, the Supplementary Supervision of Financial Conglomerates Act, the BNB’s supervisory ordinances, instructions etc.

Peter Andronov has a Master’s degree in Finance and Banking from the University of National and World Economy in Sofia (UNWE). Since 1995 he has lectured on Introduction to Finance and Banking Regulation at the UNWE, at the Higher School of Insurance and Finance and at the New Bulgarian University /International Banking Institute.

He is fluent in English, German and Russian.

Frank Jansen

Member of the Country Team of KBC Group for Bulgaria, Member of the Management Board of UBB, Executive Director Corporate and SME in UBB.

Frank Jansen was appointed Executive Director and member of the Management Board of CIBANK in May 2008, following the acquisition of 75% of CIBANK’s capital by KBC Group – a Belgian bancassurance group - at the end of 2007.

His professional career started as a manager of various retail and corporate branches of KBC Belgium.  During the period 1999 – 2003 he consequently held  the positions of Director CSOB Bank Prague and Executive Director of Kredyt Bank Poland, where he was responsible for credit risk management and consumer finance. From 2003 until his appointment at CIBANK he was General Manager for KBC France.

Frank Jansen has a Master’s Degree in Law and a Master’s degree in Business Administration from the University of Antwerp.

He is fluent in Bulgarian, Dutch, French, German, English and Polish.

Svetla Georgieva

Member of the Country Team of KBC Group for Bulgaria, Country CRO, Member of the Management Board of UBB, CRO of UBB.

Svetla Georgieva has been the KBC Group's Chief Risk Officer (CRO) for Bulgaria, a member of the MB and an Executive Director of CIBANK EAD since 6 January 2014.   

She has been part of the CIBANK's team since October 2008 and consequently held positions as head of Retail Credit Risk Department and deputy director of the Credit Management Directorate.

Before coming to CIBANK EAD, Ms. Georgieva worked on different management positions at Citibank N.A. and ING Bank N.V. 

Svetla Georgieva graduated under the INSEAD Inter-Alpha Banking Programme (2013) from City University, Seattle, DCL (2004-2006) and has an MBA degree in Finance. She also has a Master's degree in industrial electronics from the Moscow Power Engineering Institute (1985-1991), a postgraduate qualification in International Economic Relations and International Law from the University of National and World Economy (1992 - 1993) and the University of Delaware / FLAG Consortium in Sofia (2001 -2002).  

She is fluent in English and Russian.

Christof De Mil

Member of the Country Team of KBC Group for Bulgaria, Country CFO, Member of the Management Board of UBB, CFO of UBB.

Christof De Mil started his career in KBC Group in 1995. After 10 years at various managerial positions in the RET/SME branch network of KBC Group, in 2006 he moved to the Czech Republic to head the RET/SME branch network of CSOB for a period of 5 years. Mr. De Mil’s career continued in the Management Board of CIBANK with responsibilities in the following domains: Retail banking, Branch Network and distribution channels and Payments.

He has a degree in Economics from the Economic University of Ghent and also MBA from INSEAD.

He is fluent in Dutch, English, French, Business German and basic Czech.

Jan Swinnen

Member of the Country Team of KBC Group for Bulgaria, Member of the Management Board of UBB, Executive Directoр Retail Marketing and Distribution of UBB.

Jan Swinnen joined KBC Group in 1984. After a rich experience of 18 years in Retail and SME branch network, in 2003 he moved to Hungary to become Head of Retail Products, Sales and Strategy Directorate in K&H Bank and Insurance. In 2005 he headed the latter institution’s Banking Sales Channels and Support Directorate.

In 2009 he became Head of Retail Branch Network Management Division of CSOB Slovakia.

In 2012 he joined CIBANK as Head of Branch Network and Distribution Channels Directorate and in April 2017 he was appointed  Attorney-in-Fact.

He has a degree in Accountancy & Banking and a postgraduate certificate in HRM.

He is fluent in Dutch, English, French and basic German.

Teodor Marinov

Member of the Country Team of KBC Group for Bulgaria, Member of the Management Board of UBB, Executive Director Legacy of UBB

Teodor Marinov has been part of United Bulgarian Bank’s management since June 2010, when he was elected member of the Board of Directors, while holding the position of Executive Manager Corporate Banking of the Bank since September the same year. Immediately before that, during the period 2001-2010, he was  Executive Director  of Interlease EAD. Since 2006 Mr. Marinov has been also involved in the management bodies of the leasing companies of the group of the National Bank of Greece in Romania and Serbia.

His professional development began in 1994 as a Financial Analyst at the Sofia Stock Exchange. In 1995-1997 he worked as a Customer Relationship Manager and  Credit Analysis Unit Manager at the Bulgarian Investment Bank AD (currently  Victoria Commercial Bank). From 1997 until 2000 he was Investments Manager in the Balkan Regional Division of the National Bank of Greece.

Mr. Marinov holds Master's degrees in Business Administration from London Business School and in Systems Control  from the Technical University, Sofia. Teodor Marinov has been a holder of CFA (Certified Financial Analyst) professional designation since 2001. He also completed the INSEAD Inter-Alpha Banking Programme in 2002.

He is fluent in English and Russian.

Ivailo Mateev

Member of the Country Team of KBC Group for Bulgaria, Member of the Management Board of UBB, COO of UBB

Ivailo Mateev started his career at United Bulgarian Bank in 1992. Throughout these years he has held various positions in the areas of Planning and Budgeting, Management Accounting, Project Management, Business Processes and Organization, Branch Network Management.

He holds a Master's degree in Management of Commerce from the University of National and World Economy (UNWE), Sofia.

He has been Chief Operating Officer of UBB AD since 2009.

He is fluent in English, Spanish and Russian.

Hristina Filipova


Member of the Management Board of UBB, Procurator of UBB

Hristina Filipova has been working in CIBANK since 1996. From 1987 to 1992 she worked as an inspector at BNB - branch Blagoevgrad and Director of branch Rila. From 1992 until she started work at CIBANK in 1996, (BRIBANK at that time), she worked in TS Bank AD.

She has a degree in Banks and Banking Activity from the UNWE. She has specialized in Banks in Market Economies at the International Training Institute in Berlin. In 1996 she acquired a license for an assessor of financial institutions from the Privatization Agency and also assessor of enterprises in 1999. In 1997 she acquired a certificate that gives her the right to act as trustee (treasurer). She is a Certified Public Accountant since 1998.

Language competences: Spanish and Russian.

Historical Background

Established in 1992 through the merger of 22 Bulgarian regional commercial banks, United Bulgarian Bank is the first and most comprehensive consolidation project in the Bulgarian banking sector

In 2017 the Belgian banking and insurance group KBC acquired UBB from the National Bank of Greece. After the CIBANK-UBB consolidation the new united UBB bank ranks as the third largest bank in Bulgaria in terms of assets, equaling approximately BGN 5.1 billion euro, with a market share of nearly 11%. 

UBB, its subsidiary companies, as well as DZI form the largest banking and insurance group in Bulgaria, one of the main markets for КВС Group. As a result of that КВС Group actively penetrates the lease market, as well as the asset management and factoring markets in Bulgaria, by offering its clients the full range of banking services.


Our mission is to maintain high standards of servicing and to continue the successful development of our activity. The satisfaction of all our clients and partners is our top priority. We treat them respectfully, while trying to be worthy of their confidence by meeting their needs and supporting the implementation of their projects.

We incessantly develop and improve our services. We always act professionally, while being meticulous about details.

Here at UBB we work in a well-organized and dynamic environment, which triggers outstanding atmosphere for effective teamwork.

Here at UBB the ideas and opinions of each and every employee matter. The personal initiative of everyone is being appreciated and encouraged. We are all supported in the constant learning and work enhancement process, as well as provided with transparent professional development opportunities.

Our never-ending advancement, motivation and utilization of our staff's professional knowledge and skills have cemented our leadership position in the banking sector.


UBB has established correspondent relations with 640 banks in 93 countries, as well as with 25 banks and foreign branches of financial institutions in Bulgaria. UBB maintains 13 correspondent accounts in 13 currencies.

Bank services, rendered by UBB: loans in Bulgarian leva and foreign currency, deposits in Bulgarian leva and foreign currency, FX operations, fast and express intrabank transfers, e-banking, cash management for corporate clients, operations with BGN and FX accounts and travellers’ cheques, payments with debit and credit bank cards, cash collection, bank guarantees and letters of credit, trade in securities, depository /custodian services.

Retail Banking

It targets all natural persons and micro clients, for whom attractive product proposals are being prepared, in conformity with market competition requirements. The activity covers all stages from the launching of new products, advertising and marketing campaigns, direct marketing and work with various distribution channels.

Investment Banking

In its investment intermediary capacity the Bank services its clients and invests in shares and debt securities. Its area of responsibility covers: brokerage services; depositary services; custody of funds for additional pension insurance; effecting deals of intermediation, pertaining to the public offering and private placement of shares and debt securities.

Corporate Banking

UBB develops and applies a policy for servicing and rendering support to large domestic and multinational corporate clients, as well as clients from the SME segment. It implements lending programmes on its own, as well as jointly with other banks, and suggests special business lending initiatives. The Bank’s Corporate Banking function offers a wide range of credit products in the sphere of working capital and investment financing. The Bank is involved in the funding of EU Operational Programmes and management of projects, financed by the Bank. It provides bank guarantees, letters of credit, factoring and financial lease.


This area of UBB’s activity includes liquidity management and ensures the Bank’s ongoing capacity to meet its payables.

Effected operations are in foreign currency, money and debt instruments on the global markets. Idle cash funds are being effectively invested on provisional basis into assets, which are adequate in terms of maturity and liquidity. The bank’s cashflows, as well as its open FX and interest rate positions are being monitored and administered.

Risk Management

Assuming of risk is an essential part of banking activity, however, in order for it to be contained within acceptable limits from the point of view of profitability and asset quality, it needs to be systematically administered. This also renders risk management an important and dynamic process, encompassing: identification of the risks to which the bank has been exposed (credit, market, liquidity, operational one etc.) and the correlations between those; risk assessment – calculating the potential loss and the probability for it to happen through mathematical- statistical methods and scenario analyses, through the use of specialized software; risk containment – elaborating and applying a system of limits in accordance with the Bank’s risk appetite; assessment of the capital adequacy and planning the needed capital as per the development forecasts for the separate portfolios, as well as the overall economic situation; application of the Basel standards, as well as development of internal ratings-based models for risk assessment.

Membership and others:

Selected Highlights












Performance (BGN 000)





Operating Income

366 678

 404 483

369 237

 406 186

Net Interest Income

256 813

 254 952

257 464

 255 574

Net Profit

48 907

 111 261

51 154

 112 092






Balance Sheet (BGN 000)





Total Assets

6 544 227 

6 831 636 

6 549 277

6 837 140


1 221 544

1 082 343

1 229 841

1 091 237

Deposits from Companies and Individuals

5 089 353

5 570 592

5 085 765

5 566 288

Loans to Companies and Individuals, net

4 191 861

3 858 688

4 192 990

3 859 912






Capital Adequacy (%)





General Capital Adequacy (BIS Tier 1 + Tier 2)





Primary Capital Adequacy





Capital/Total Assets










Liquidity (%)





Total Liquidity





Total Loans / Total Deposits










Staff Number as of the end of the period

2 637

2 559

2 692

2 620

Average inflation (%)*





Exchange Rate USD/BGN (31 December)**





*Source: NSI

** Source: BNB



FITCH Ratings:

  • А- Long-term IDR
  • F2  Short-term IDR

Standard & Poor's:

  • BB+ Long Term
  • B Short Term


  • BBB- Long Term
  • A-3 Short Term

Deposit Insurance


Guaranteed Amount and Scope

1. Deposits, opened in the name of a client of the Bank, irrespective of their opening currency, are guaranteed in amount up to BGN 196 000 (one hundred ninety six thousand Bulgarian leva).

2. The following deposit types have been guaranteed in amount up to BGN 250 000 for a period of three months from the moment, since which the amount has been credited to the depositor’s account, or since the moment, in which the depositor has acquired the right to dispose of the deposited amount:

  • deposits of natural persons, having occurred as a result of real estate transactions for residential needs;
  • deposits of natural persons, originating as a result of paid amounts in line with either conclusion or dissolution of civil matrimony, termination of employment or official relations, disablement or death;
  • deposits, having originated as a result of insurance or social security payments or paid indemnities for damages due to indictable offenses or recalled judgement.

3.The deposits under Item.2. will not be included in the calculation of the total amount of the Bank’s payables to a single depositor as per Item 1 within the 3-month period, stated in Item 2.

4. The total amount of the Bank’s payables to one single depositor will be determined by summing up all deposits of the latter with the Bank. Deposits in foreign currency will be paid in their Bulgarian leva equivalence, calculated at the exchange rate of the Bulgarian National Bank as of the date of issuing a statement as per Art.20, Para.1 of Bank Deposits Guarantee Act. The interest due on deposits will also be calculated as of the said date.

5. Upon having a deposit in favour of a third party, entitlement to receive the guaranteed deposit amount will be of the person, in whose favour the deposit has been opened (the beneficiary), unless provided otherwise in the agreement.

Deposits, non-covered by the guarantee

6. Guaranteed amounts of deposits with banks shall not be paid to:

  • other banks, when these have been made on their behalf and at their expense;
  • financial institutions under Art. 3 of the Credit Institutions’ Act;
  • insurance and re-insurance companies under Art. 8 of the Insurance Code;
  • pension assurance companies and funds for mandatory and voluntary pension insurance;
  • investment intermediaries;
  • collective investment schemes, national investment funds, alternative investment funds and special purpose vehicles;
  • State Budget entities under § 1, Item 5 of the Additional Provisions of the Public Finance Act;
  • Investor Compensation Fund, Bank Deposits Guarantee Fund and the Guarantee Fund as per Art. 287 of the Insurance Code.

7. No guarantee shall be provided for deposits, having originated or pertaining to transactions or activities, constituting money laundering within the meaning of Art. 2 of the Measures Against Money Laundering Act or financing of terrorism within the meaning of the Measures Against Financing of Terrorism Act, established with an enforceable judgment.

8. No payment shall be made of deposits, which holder has not been identified as per Art. 3 of the Measures Against Money Laundering Act as of the date of issuing the statement under Art. 20, Para. 1 of the Bank Deposits Guarantee Act.

Mechanism for guaranteeing deposits and payment procedure

9. Upon revoking a license for performance of banking activities, the Fund shall pay the bank’s liabilities to its clients up to the guaranteed amounts. Payment shall be made via one or several banks, as determined by the Fund’s Management Board.

10. No later than 2 (two) business days prior to initiation of amounts’ payment by the Fund the latter’s Management Board shall be obliged to announce in at least two national daily newspapers and on its webpage the date since which the bank’s depositors will be able to receive payments from the Fund, as well as the bank/banks, through which these payments will be effected.

11. The Fund will ensure access for the bank’s depositors to the amounts, payable under the guaranteed deposits, no later than 7(seven) business days since the date of issuing the statement under Art.20, Para. 1 of the Bank Deposits Guarantee Act.