GSL / Offshore and International Law / Offshore Banking / Unicredit Bulbank

How to open a bank account in Unicredit Bulbank

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January, 2015 December, 2021 March, 2021

GSL reference about the bank

Being professional intermediaries, we are limited in giving public opinion about some financial institutions. Please contact us directly to obtain more detailed feedback.

Primary requirements:
- the bank opens checking and savings accounts;
- an account can be opened without leaving Bulgaria by meeting with a representative of the Bank in Moscow;
- there are no minimum balance requirements;
- the term for opening an account - case by case (check with the consultant);
- the bank opens accounts for companies with any types of activity, as well as for Forex and Binary Options (if there is a license)

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    Bank's characteristics

    General information and rating

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    Global rating Countrywide rating Countrywide rating of the head bank Global rating of the head bank Credit rating
    Not rated Not rated BB+
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    Year of foundation 1964
    History 1964 - Bulbank, 100% state owned, was founded as then Bulgarian Foreign Trade Bank (BFTB) with head office in Sofia. 1969-1985 - Representative offices of the Bank in London, Frankfurt and Vienna were opened. In 1998 the bank was reregistered as HypoVereinsbank Bulgaria GmbH. 2000 - Bulbank’s privatization was completed on October, 2nd with the transfer of the Bank Consolidation Company's shares to UniCredito Italiano S.p.A and Allianz AG, which acquired 93% and 5% of Bulbank's share capital. Bulbank sold its share participation in Corporate Commercial Bank (99,9%), as well as that in United Bulgarian Bank (35%) and in HypoVereinsbank Bulgaria (49%). 2005 - UniCredit Group announces merger with HVB Group. 2006 - The process of merger between Bulbank, HVB Bank Biochim and Hebros Bank starts. 2007 - On April 27 is announced the legal merger between Bulbank. HVB Bank Biochim and Hebros Bank. The name of the merged institution is UniCredit Bulbank
    Personnel English & Bulgarian
    Bank’s shareholders UnICredit Bulbank is part of the UniCredit group
    Confidentiality Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed

    Minimum requirements

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    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    0 No restrictions 0 No restrictions No restrictions
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    Minimum balance, € The bank does not limit the number of transactions
    Transactions permitted per month Not required
    Initial deposit of funds, € Not required
    Minimum turnover, €/year No requirement for minimum turnover

    Tariffs and services

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    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    50 50 60 N/A N/A
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    Outcoming transfer, € Fee for outgoing payments (electronic payment) is 0.10% (minimum EUR 10 - maximum EUR 200). Fee for outgoing payments (paper order) is 0.25% (minimum EUR 25 - maximum EUR 350)
    Incoming transfer, € The bank does not charge a fee for incoming payments
    Account maintenance, €/year Opening account - EUR 10. Closing accoumt - EUR 30. Monthly fee for maintenance - EUR 5-25
    Distant access to the account Electronic banking - pc banking system TeleBANK
    Financial products The Bank offers various cash management products and flexible opportunities for financing. UniCredit Bulbank is an active participant on the Bulgarian and international finance and capital markets.
    Credit/debit cards Maestro Business / VISA Busines Electron Debit Card / MasterCard Busines Card

    Account opening procedure

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    Days to open for incoming transfers Days to open for outcoming transfers References Business description Purpose of the account
    case by case case by case Not necessary Detailed Savings & current
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    Visit to the bank It is possible to open an account without visiting the country where the bank is located
    Required Photocopies of constitutive documents of the company, photocopy of director’s/ attorney’s passport
    Types of accounts Personal; Corporate; Savings; Current
    Opening procedure and Due Diligence It is possible to open an account without visiting the country where the bank is located
    Chances to open an account Predictable
    Business description Reasonably detailed: the bank would like to have the information on the sources of funds, together with the business description.
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