Bulgarian banks amassed BGN 1.318 billion in profit from January to November, up 25.8% from the same period of 2007, showed central bank data. The profit is expected to surge to BGN 1.5 billion for the full 2008. Attracted resources switched back to steady growth gaining BGN 90.338 million during the eleven months of the year to BGN 60.186 billion after shrinking by BGN 831.8 million in October as the global financial gloom and doom had both households and companies scrambling to withdraw deposits. In December, corporate deposits dropped by a tiny BGN 40.3 million compared to BGN 924.5 million in October against a respective 12 months before. Such minor fluctuations in attracted resources are an indication of strong confidence in the Bulgarian banking system despite the global financial uncertainty, the Bulgarian National Bank said in a statement. Household deposits made the biggest contribution of 36.2% to banks’ attracted resources. Resources from non-lending companies and institutions accounted for 31%. Resources from lending institutions picked up 3.5% on the month. The combined assets of Bulgarian banks hit BGN 68.8 billion in November 2998, posting a 25% rise over the year and up BGN 164 million on the month after shrinking BGN 737.3 million month-on-month in October.
Source: Dnevnik (05.01.2009)

UBB will construct an office building in Sofia for EUR 70 million. The National Bank of Greece, which is the owner of United Bulgarian Bank, has organized a competition for an executor of the project. There are seven proposals in the shortlist, six of which are of Greek companies. The seventh offer was made by a Bulgarian company. The choice of designer is expected in February. The complex will be about 23 thousand square meters large in central Sofia.
Source: Standart (02.02.2009)

Fitch affirmed the BBB+ long-term issuer default rating (IDR) with a “stable” outlook of United Bulgarian Bank. The agency also confirmed the lender’s C/D individual and 2 support ratings. The rating action reflects the strong potential support UBB can get from its owner, the National Bank of Greece. UBB's profitability in 2008 has continued its upward trend due to recent strong, albeit slowing, lending growth, the agency said.
Source: Dnevnik (06.02.2009)

Today the Bulgarian Stock Exchange started the trade of bond emissions of FairPlay Agrarian Fund. FairPlay Agrarian Fund is company, which unite and cultivate lands, as the company invests primarily in northwestern Bulgaria. The fund has invested BGN 19 million, mainly in two areas - building a dairy farm and two feed plants. In the first project BGN 12.5 million is invested, while in the second – BGN 6 million. Currently Fairplay Agrarian Fund has 65 thousand decares of land. The company has also an approved prospectus for initial public offering of shares. Vasil Belomorov, executive director of the fund, said that for the present the company will not offer shares on the stock exchange because of the low interest of investors.
Source: Darik Radio (17.02.2009)

Bulgaria’s Silistra-based meat processor Mekom has started works on a biogas, electricity and steam production installation, executive director Stefan Raichev told. The cogeneration facility will have a nameplate capacity of 2 MW and produce 70% power and 30% steam for the company’s needs. The scheme will cost EUR 7 million, which will be sourced from bank loans and own funds. “The management aims to convert animal waste from the complex into raw material for an energy complex to meet the company’s needs,” Raichev explained.
Source: Dnevnik (16.03.2009)

Until a year and a half ago, 60% of applications for credits in Bulgaria were for the purchase of a second home, bankers revealed for Pari daily. In their opinion, people bought housings with the aim to gain speculative profit from the rise of their price. Stiliyan Vatev, CEO of United Bulgarian Bank, said that application for mortgage credits dropped nearly ten-fold for one year. The reason is the serious misunderstanding between the expectations of customers and sellers. The former are waiting for the prices to fall, the latter are waiting for the market to recover and do not drop the prices. Both bankers and brokers, however, notice another tendency: clients become fussier. That is so as no bank at present gives credit for 100% of the property. Next month I expect two types of customers to appear on the real estate market, executive director of CreditCentre Tihomir Toshev comments. The first are those with great deposits and stable incomes that will come on the market in the coming 3-6 months. The second are those who are not included in the statistics as their savings are either kept in cash at home or come from the grey sector. In his opinion, they also seek 20-30% financing from the banks. Brokers expect a wave of housing purchases in a six-month time.
Source: Pari (24.03.2009)

Varna Business Park expands AFI Europe from Israel opened its third office building in Varna Business Park, executive director said. This is the biggest investment of the company in Bulgaria. The project includes the construction of a total of 200,000 sq. m for over EUR 200 million. The new building offers 30,000 sq. m office space, which is being rented by big international and regional companies like Siemens, Schneider, E.ON, Porsche Bulgaria, etc.
Source: Pari (30.03.2009)

Mass privatization from the mid 90's brought no panacea to the Bulgarian industry. Most businesses received no fresh investments and only their old socialist glitter was left on the market. So practically fears that a few selected people would receive control of the pearls of the Bulgarian economy by the funds of millions of Bulgarians confirmed. In 2009 most of these businesses are closed. The ex-giants of tailoring industry were hit severely by the global financial crisis. Their owners earn only from sales of tangible assets - land and machinery. Alexander Alexandrov got a chance to develop flourishing plants, but in 14 years he managed to ruin them. Digital program control, developed markets and export to world-known brands of our clothing industry, vast Russian buyers of Bulgarian cosmetic products. These are the outlines of the business empire, which was drawn by the former financier Alexander Alexandrov in the early 90's. Then he founded Development Privatization Fund and bought 11 Bulgarian companies - working well and technologically equipment. They employed 1400 workers then and their assets are over BGN 23 million. All dreams were crashed and burnt, as it appears 14 years later because of the mismanagement and businesses closed one after another. He acquired through the privatization the pearls of the Bulgarian Tailoring Industry – Popovo-based factory Sport, which produced for the giants Puma and Adidas, the Sliven pearl for socks Tony, Stara Zagora-based Fashion Clothing, the Gabrovo-based Burya for knitwear. Alexandrov managed to take shares in the small Veliko Tarnovo-based company Adar, which received super modern equipment for production lines and laboratories in the end of the 80s. The socks factory Tony operated until last year and when the equipment was sold at partial payments to the former CEO. Other factories in the textile, knitwear and tailoring industries – Burya in Gabrovo, Sports in Popovo and Alena-P in Parvomay continue to vegetate.
Source: Standart (29.04.2009)

The company is registered in Territorial administration Big taxpayers and insurers towards 2009, 04.30
Source: Tax Administration (30.04.2009)

Bulgarian Development Bank (BDB) said it has contracted BGN 64 million in financing for agricultural producers through 11 financial institutions. The list is composed of ProCredit Bank, MKB Unionbank, Allianz Bank Bulgaria, International Asset Bank, D Commerce Bank, First Investment Bank (FIB), Central Cooperative Bank (CCB), Tokuda Bank, United Bulgarian Bank (UBB), Investbank and Societe Generale Expressbank. BDB is now holding negotiations with four more lenders including DSK Bank, Piraeus Bank, Investbank and Cibank. In May commercial banks signed 111 loan agreements to farmers to the tune of more than BGN 18 million. UBB has agreed the heftiest credit line of BGN 15 million. ProCredit Bank has obtained a BGN 10 million line of credit. Six banks have received BGN 5 million each. BDB started to extend dedicated credit lines to provide operating cash to farmers at the beginning of May 2009. Commercial banks will pass on to agricultural producers up to BGN 500,000 each. The interest rate throughout the loan period is fixed at 7.5% and the repayment period reaches up to 18 months.
Source: Dnevnik (08.06.2009)

United Bulgarian Bank JSC - Sofia has appointed Annual general meeting on 22.07.2009. Meeting agenda includes: adoption of the Annual Report for Year 2008, amendments in the statute, changes within the management bodies.
Source: Registry Agency (19.06.2009)

The winner of the Bank of the Year award, United Bulgarian Bank (UBB), reported a BGN 217.1 million gross profit after provisions and before taxes for 2008. It is up by 5.5% (or BGN 11.4 million) compared to the previous year. The general shareholders' meeting voted the net profit of BGN 195 million to go to the reserve fund. For a fifth year, the bank gives no dividends and re-invests the whole profit.
Source: Pari (23.07.2009)

United Bulgarian Bank closed 2008 with a pre-tax profit of BGN 217.1 million, which will be all stashed away as reserves, the lender said. The result represents a 5.5% increase on the prior year. The net profit added up to BGN 195.342 million. UBB’s majority shareholder -- the National Bank of Greece – scrapped dividend for a fifth year in a row, pumping the whole profit into the lender’s capital. The move is aimed at providing capital support to firm up the bank’s market positions, UBB commented.
Source: Dnevnik (23.07.2009)

Bulgarian banks have signed contracts on 90% of the EUR 80 million line of credit they got by the Bulgarian Development Bank (BDB) to make loans to agricultural producers, the institution said. During a four-month period, lenders have approved 517 loans worth more than BGN 72 million combined. Fourteen commercial banks have signed up to the credit line by the state-run institution including ProCredit Bank, MKB Unionbank, Allianz Bank, International Asset Bank, D Commerce Bank, First Investment Bank (FIBank), Central Cooperative Bank (CCB), Tokuda Bank, United Bulgarian Bank (UBB), Investbank, Societe Generale Expressbank, Cibank, DSK Bank and Piraeus Bank.
Source: Dnevnik (08.09.2009)

Water insulation material maker Hydroizomat sold 82,000 shares, or 4.85% of its capital, in Momina Krepost, the Bulgarian Stock Exchange said. After the deal Hydroizomat's stake dropped to 14.31%. Another big sale of shares in the disposable medical product manufacturer was carried out on August 20, 2009 when 84,556 shares changed hands at BGN 1.28 each. Company's shares last traded on BSE on December 7, 2009 when 287 shares were purchased at BGN 1.60 each. Momina Krepost's capitalisation stands at BGN 2.7 million. The last deal in Hydroizomat's stock was on November 26, 2009. A total of 500 pieces were sold at BGN 1.30 each. The company's market capitalisation is BGN 1.7 million.
Source: Pari (09.12.2009)