Bulgarian-American Credit Bank (BACB) was founded pusuant to The foundation meeting of the shareholders. The founder of the Bank is the Bulgarian American Enterprise Fund(BAEF). BAEF was established and registered n the US in 1991 pursuant to the United States Support for East European Democracy Act to support the Eastern European democracies of 1989 through the United States Agency for International Development (USAID) for the purposes of promoting the development of the private sector in Bulgaria.


BACB was entered in the commercial register of commercial companies of the Sofia City Court. Initially, the Bank was granted a limited banking license by BNB, which permitted lending loans to the amount extended up to the amount of the debts and equity funds provided by its shareholder. The first two lending programs the bank put into effect were targeted at small- and medium-sized businesses and clients from the tourism sector.


BACB was granted full banking license lending and providing a large number of other banking services except for services related to credit cards, safe deposit boxes and investment mediation.


The bank established a lending program for extending mortgage loans to private individuals.


BACB launched a lending program for extending loans to construction entrepreneurs.

In the same year, the Bank received a license for investment intermediary and became a member of the “Central Depository” AD and the Bulgarian Stock Exchange.


The controlling shareholder of the Bank at this moment - BAEF - sold around 30% from the capital of BACB through secondary public offering of shares  at the Bulgarian Stock Exchange and the Bank received the status of a public company whose shares can be traded on a regulated market –the Bulgarian Stock Exchange-Sofia AD.  (BSE).

Subsequently, BAEF decreased additionally its shareholding in the Bank to 53.89% by selling shares at BSE – Sofia AD.


Allied Irish Banks, p.l.c., Ireland acquired 49.99% of the voting stock of BACB  and the participation of BAEF was accordingly decreased to 3.89%. Subsequently, BAEF transferred its residual shareholding of 3.89% to America for Bulgaria Foundation.


The banking licence of BACB was revised.  The licence included all banking services as per the Credit Institutions Act (CIA) with the exception of services relating to the issuing and management of bank cards, renting safe deposit boxes and issuing electronic money.

The bank and its wholly owned subsidiary “Capital Direct” EAD established a special purpose vehicle “Imoti Direct” REIT for securitization of real estate.


The Financial Supervision Commission  (FSC) issued a license to “Imoti Direct” REIT to securitize real estate as a special investment purpose company. As of June 30, 2011, the share capital of the entity was BGN 21 million divided into 2,100,000 shares of BGN 10 face value each.


On July 17, 2011, Allied Irish Banks, p.l.c. sold its 6,311,100 shares, representing 49.99% from the registered capital of BACB, to CSIF AD (www.csif.bg).

CSIF AD is a Bulgarian private investment company, whose shareholdres are Ms Tzvetelina Borslavova and the Credo Bonum foundation she estableished.

CSIF AD invests in sheres that are traditionally strong and with priority to Bulgaria, as well as in innovative environment protection technologies in energy industries and agriculture.


The license of BACB was supplemented with payment services through bank payment cards, renting safe deposit boxes and issuing electronic money. Thus, BACB acquired a full license to provide all banking services as per the Credit Institutions Act.


BACB presented the first and only Virtual Bank in Bulgaria – BACB Plus. The hi-tech platform allows corporate and individual clients unique options for distance internet banking and management of accounts on a sophisticated technological level.