Bulgaria

Number one for domestic and international clients

At UniCredit Bulbank, Global Securities Services covers the full range of services including safekeeping, settlement, corporate action and proxy voting, pension fund administration and NAV calculations, advisory functions on financial markets etc. The number one custodian features the biggest leading and cross-border client base

The Bank’s in-house development of IT-solutions, furthermore, reaches the highest level of STP processing. It comprises experts of security services with large-scale and deep market knowledge and a long track record in both, in- and outbound businesses, who consistently provide top services and strong client-oriented approaches.

UniCredit Bulbank is the subcustodian with the most extensive coverage of the CEE region, which is crucial for the large number of domestic clients investing abroad.

Sigla valuta: 
BGN
Contact information: 

Madlen Mineva
Head of Global Securities Services, Bulgaria
+359 2 923 2673
madlen.mineva@unicreditgroup.bg

Borislav Hitov
Senior Relationship Manager
+359 2 923 2670
borislav.hitov@unicreditgroup.bg

Address: 

UniCredit Bulbank AD

7 Sveta Nedelya Square
BG-1000 Sofia, Bulgaria

http://www.unicreditbulbank.bg

Flag: 
Machine name: 
bulgaria
Sidebar image: 
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Bank: 
UniCredit Bulbank AD

New Act of the Bulgarian National Bank has been promulgated to accommodate EUR implementation

A new Act of the Bulgarian National Bank (“BNB”) has been promulgated in the State Gazette in February 2024, but will enter into force as of the date of EUR currency implementation in Bulgaria.  This Act aims at ensuring compliance with the requirement for legal convergence of BNB’s legislation with the Eurosystem upon EUR adoption, including addressing the assessment and recommendations of the Convergence reports of the European Central Bank and the European Commission.

The Bulgarian Central Depository AD has amended its Fee Schedule

The Central Depository AD (“CDAD”) has published an updated Fee Schedule, following an alignment with the CSD’s User Committee which is comprised of various market stakeholders, including the Association of Banks in Bulgaria. As of 1 February 2024 the majority of CDAD fees will therefore be 10% higher, except for settlement-related fees for which the increase will be in force as of 1 March 2024.

New Target Date for EUR Implementation in Bulgaria

The Bulgarian Government has announced 1 January 2025 as the new indicative target date for the country’s joining the Eurozone. The above date has been stated in the amended National plan for the introduction of the Euro in Bulgaria, which serves to manage the organization of the introduction of the EUR currency, describing the main directions and activities to be undertaken as well as the interactions between the institutions within this process.

Bulgarian Government Proposes New Target Date for EUR Implementation

The Bulgarian Government has published a draft decree related to the forthcoming implementation of EUR currency in Bulgaria according to which 1 January 2025 shall be the new indicative target date for the country’s joining the Eurozone. The above draft is open for public consultation until 23 October 2023.

As a kind reminder, in February 2023 the Bulgarian Ministry of Finance announced that Bulgaria will not be in a position to implement the Euro from 1 January 2024, the original target date for the replacement of the national currency, the Bulgarian Lev (BGN).

Harmonization of Bulgarian Law with EU legislation

DLT and AML in the spotlight                                                                                                                                                                                                                                                                                                                       In July 2023, Bulgarian financial market regulations were brought in line with EU legislation concerning crypto-assets markets, specifically Regulation (EU) 2022/858 of the European Parliament and the Council dated May 30, 2

The Bulgarian National Bank has made amendments to government securities regulations in relation to its T2S migration

The Bulgarian National Bank (“BNB”) has amended as of 11 September 2023 Ordinance No 5 of 4 October 2007 on the Terms and Procedure for Acquistion, Registration, Redemption and Trade in Government Securities (‘Ordinance No 5’) and Ordinance No 31 of 4 October 2007 on Government Securities Settlement (‘Ordinance No 31’), mainly as a result of the CSD’s joining to TARGET2-Securities (“T2S”) as of 11 September 2023.

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