Best bank: DSK Bank
Belgium-based KBC’s Bulgarian unit formally merged with former Raiffeisen International Bank subsidiary United Bulgarian Bank (UBB) in 2023, creating the country’s biggest bank. KBC had completed the legal acquisition of RBI’s operations in Bulgaria in 2022. Most of the synergies of the merger were, therefore, far from being realised in 2023 as the operational integration was only just beginning.
AfE 2024
After this merger, DSK Bank – owned by Hungary-based OTP – is now the second-biggest bank in Bulgaria. The bank, under chief executive Tamas Hak-Kovacs, continues to grow both by loans and deposits, gaining market share even while demonstrating exemplary efficiency.
DSK’s market share is biggest in retail banking, but it grew its corporate loan book by 13% in 2023 – faster than the system – reaching a corporate-lending market share of 16%.
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