Major International Banks to Enter Bulgarian Market

Major international banks have submitted notifications of intent to work in Bulgaria to the Bulgarian National Bank.

A total of 190 credit institutions have expressed interest in entering the Bulgarian market, according to the 24 Chasa daily;
18 of them, including 16 banks, have already notified the BNB that they want to operate in Bulgaria.

The list of major international credit institutions considering the Bulgarian market includes JP Morgan, Goldman Sachs Europe, Barclays Bank, Commerzbank, Saxo Bank, Merill Lynch International, Morgan Stanley International, Erste Group Bank, the Royal Bank of Scotland, Credit Suisse, and the London branch of China Construction Bank.

The Turkish Isbank will be opening its first Bulgarian branch in the first half of 2011, the BNB announced.

For the time being, the central bank in Sofia has not received any requests to approve foreign acquisitions of Bulgarian banks or branches even though there are unconfirmed reports that three or four Bulgarian banks might be offered for sale.

The banks moving in is a good indication that things are getting better and the future is very bright indeed, lets hope they have done their maths and they are right.

Here here lets hope that they are right.

Sounds like a move in the right direction as far as I'm concerned and yes it does make you wonder how they move into a market that seems as though its on its knees when everyone else is abandoning ship

Daisy wrote:

Sounds like a move in the right direction as far as I'm concerned and yes it does make you wonder how they move into a market that seems as though its on its knees when everyone else is abandoning ship

Don't worry, they will soon learn how to extract money from anyone!! Old habits die hard.

itchyfeet wrote:

Old habits die hard.

Old habits never die at all