“Bulgaria can learn from the experience of the North European and the Baltic countries in order to improve its environment for making business” also said UniCredit Bulbank’s CEO.

“Bulgaria is financially stable and this is a necessary but still not a sufficient condition for growth“. This stated Levon Hampartzoumian, Chief Executive Officer of UniCredit Bulbank during the conference "Successful risk management in an uncertain environment", organized by Coface Bulgaria. He pointed out several factors that have played a positive role in the Bulgarian banking system. First, the lack of complex derivative financial instruments helped the country be protected against the most severe effects of the crisis, which started back in 2008, such as loss of savings, serious reductions in the assets of pension funds etc. At the same time, the bank crisis of 1996 – 1997 helped Bulgaria create a conservative, regulated and well-functioning banking system.

“Banks follow the patterns of economic development and lending will start growing at a faster pace when the business generates growth and more investments of high quality appear”, commented Mr. Hampartzoumian. He also explained that the economic environment and the fostering of entrepreneurship are the factors that generate growth.

UniCredit Bulbank’s CEO also said that he expects deposits from Cyprus to be transferred to Bulgaria. According to Levon Hampartzoumian, big investors seek countries that have low taxes and apply the English legal framework, and Bulgaria can learn from the experience of the North European and the Baltic countries in order to improve its environment for making business.

More information for clients:

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Phone: 0700 1 84 84

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UniCredit Bulbank, Identity & Communications Department

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Ekaterina Ancheva, Phone: + 359 2 9264 963, flbufsjob/bodifwbAvojdsfejuhspvq/ch

Magdalena Ivanova, Phone: + 359 2 9232 528, nbhebmfob/jwbopwbAvojdsfejuhspvq/ch