Chairman of the Supervisory Board
Member of the Supervisory Board
Christine Van Rijsseghem
Member of the Supervisory Board
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, Chairman of the Management Board of CIBANK, CEO of CIBANK.
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.
Member of the Country Team of KBC Group for Bulgaria, Member of the Management Board of CIBANK, Member of the Management Board of UBB, Executive Director Corporate and SME in CIBANK and 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.
Member of the Country Team of KBC Group for Bulgaria, Country CRO, Member of the Management Board of CIBANK, Member of the Management Board of UBB, CRO of CIBANK, 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 CIBANK, Member of the Management Board of UBB, CFO of CIBANK, 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.
Member of the Country Team of KBC Group for Bulgaria, Attorney-in-fact (Commercial representative) of CIBANK, Attorney-in-fact (Commercial representative) 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.
Member of the Country Team of KBC Group for Bulgaria, Executive Director Restructuring and Credit Management 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.
Member of the Country Team of KBC Group for Bulgaria, 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.
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 forthcoming CIBANK-UBB consolidation the new united UBB bank will rank 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%.
CIBANK, UBB and its subsidiary companies, as well as DZI will together grow into the largest banking and insurance group in Bulgaria, one of the main markets for КВС Group. As a result of that КВС Group will also actively penetrate 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 825 banks in 98 countries, as well as with 29 banks and foreign branches of financial institutions in Bulgaria. UBB maintains 18 correspondent accounts in 13 currencies.
Our branch network comprises over 210 structural units throughout the country.
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, money transfers through Western Union
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.
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.
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.
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:
- Association of Banks in Bulgaria
- Bulgarian Stock Exchange
- Central Depository
- Europay International
- VISA International
- IIF – Institute of International Finance – Global Association of Financial Institutions
- Licensed primary dealer of government securities
- Licensed investment intermediary for operations with corporate securities
- Western Union agent
Performance (BGN 000)
Net Interest Income
Balance Sheet (BGN 000)
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
Total Loans / Total Deposits
Staff Number as of the end of the period
Average inflation (%)*
Exchange Rate USD/BGN (31 December)**
** Source: BNB
- BBB+ Long-term IDR
- F2 Short-term IDR
Standard & Poor's:
- BB+ Long Term
- B Short Term
- BBB- Long Term
- A-3 Short Term
DEAR CLIENTS, PLEASE READ THE TERMS AND CONDITIONS BELOW, RELATED TO GUARANTEEING DEPOSITS
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.
FAQ about the merger between UBB and CIBANK
1. Will there be a change in the IBAN accounts?
Answer: No change is needed at this stage in the IBAN accounts. The moment this happens the clients of both banks will be notified duly.
2. If yes - how and when I will be notified?
Answer: All clients will be notified in advance and within reasonable time so that they can react without causing them inconvenience.
3. What should the clients do in case such a change occurs?
Answer: We will send you guidelines what kind of support you need to give and we will try this to be as easy as possible for you.
4. Will there be a change in the offices and their locations of the two Banks?
Answer: As of this moment there are no such changes. In a future move, merger or closing of certain offices/branches of the Bank the clients of the respective branch will be notified in advance. When the unification of the branches of UBB and CIBANK starts you will be able to find information on their websites.
5. Will it be possible for clients of UBB to be served in a CIBANK branch and vice versa?
Answer: Yes, very soon there will be such branches in the two Banks where our clients will be served together. After the start of this project we will organize a communication campaign.
6. Will the tariffs for fees and commissions be the same for the clients of the two banks?
Answer: For the time being the price conditions will be kept for the products used by the clients of UBB/CIBANK. The moment when steps are taken to align the tariffs the clients will be notified well in advance in compliance with the legally set deadline (two months prior).
7. Are debit and credit cards going to be re-issued or we will wait until their validity expires?
Answer: We do not envisage such a change at this stage. All clients will be notified in advance and within reasonable time if this is necessary.
8. Are the ATMs of UBB/CIBANK going to be replaced and is this going to impact the clients?
Answer: Currently there are no such changes. We are going to create the best possible network of ATMs and POS terminals and we will ensure that our clients get the most favourable conditions for withdrawals and payments by cards.
9. Are the conditions on credit products in use going to change?
Answer: We do not envisage such a change at this stage. In case there are new conditions on the credit products used by you, you will be notified in advance as per the conditions in the Contracts you have signed with UBB/CIBANK.
10. Are the conditions on deposit products in use going to change?
Answer: We do not envisage such a change at this stage. In case there are new conditions on the saving and deposit products you are using, you will be notified in advance as per the conditions in your contracts and the General terms and Conditions for Payment Services and Products.
11. What will happen with my savings?
Answer: We can guarantee that your savings are in a safe place in our Bank. For you as a client of UBB/CIBANK there is no change in the conditions for saving your funds. The owner of the new united bank is the Belgian financial group KBC which has an exceptionally high rating of A. This is a guarantee that you money is safe. KBC Group has been operating for 10 years now on the Bulgarian market with its companies CIBANK and DZI.
12. How am I going to repay from now on the loan that I am using?
Answer: As of this moment there are no changes in the repayment conditions on the credit products of UBB/CIBANK. You can continue repaying your debt the way you have done so far.
13. I am using preferential rates from UBB/CIBANK, am I going to continue using those in the future? Am I going to receive better conditions from one of the two Banks?
Answer: As of today there is no change in the conditions on the products you are using from UBB/CIBANK. In the future we will try to offer our clients from UBB/CIBANK the best possible conditions.
14. What preferential rates is the Bank offering on transactions/foreign currency transfers to banks outside the country which are part of KBC Group?
Answer: At this stage there are no preferential rates.
- Corporate Governance Code
- Depositors' Newsletter - General Deposit Protection Info
- Questions and Answers about Deposit Guarantee
- USA Patriot Act Certificate July 2017
- Certificate of Status of BO for United States tax Withholding and Reporting
- List оf United Bulgarian Bank Nostro Accounts
- Wolfsberg Questionnaire 2017
- Documents for Customer Registration