Bulgarian-American Credit Bank

Company Profile

BACB: A highly profitable specialist bank in Bulgaria

BACB is a specialist provider of secured finance to small- and medium-sized businesses ("SMEs") in Bulgaria, with specific lending programs for financing SME companies in a variety of industries and companies in tourism and construction sectors. Based on statistics published by the BNB, at 31 December 2008, the Bank was the 19th largest bank in Bulgaria on the basis of total assets, the 13th largest in terms of total capital. BACB is among the most profitable Bulgarian banks by ROA and ROE in the last few years.

Focused player in Bulgaria BACB's strategy is to maintain sustained and profitable growth of its asset base, while maintaining low operating costs and leveraging its lending expertise through continued focus on SME business rather than competing with larger banks for retail or large corporate customers. BACB instills performance driven culture with client driven approach to business lending by emphasizing skilled underwriting, not relying upon standardized criteria and swift decision making. The Bank's funding strategy is aiiming to increase diversification of sources of funding by raising wholesale funds from domestic and foreign debt capital markets and international banks and local deposits. The Bank does not plan to develop a large network of branches. It operates from 5 offices, including the head office in Sofia, a network of sales agents, who originate loans in approximately ten cities outside of the Bank's existing branch system and has less than 150 employees.

Recognised excellence

In the past years, BACB has received a number of awards in recognition of its business and community support achievements.