History

The company was established in 2001, for the purpose of consolidating and managing the controlling interest in Unionbank AD. In 2006, the Group consolidated 100 % owned subsidiaries, Union Property, Union Electric and Union Tours, to ensure better capital management. In the middle of the same year, Union Group sold 51% of its shares in Unionbank AD to the third biggest Hungarian bank – MKB Bank, member of Bayerische Landesbank (BayernLB) Group – a leading bank in Germany and No. 1 Bank of Bavaria.

During the years of its operation, the company repeatedly increased its capital, which now amounts to BGN 20 640 000.

1991 - The present owners of Union Group AD, Ivan Radev, Svetoslav Radev, Emil Ivanov and Emanouil Manolov, established Boras OOD. The company was licensed by BNB as one of the first foreign currency operators.

1992 - Boras OOD established Financial Brokerage House Sofia AD.

1992 - Financial Brokerage House Sofia AD was licensed by BNB as non-bank financial institution.

1994 - Financial Brokerage House Sofia AD was re-registered, renamed and licensed by BNB as CB Unionbank AD. CB Unionbank AD thus became historical and legal successor of Financial Brokerage House Sofia AD – a unique fact in the modern financial history of Bulgaria.

1999 - Union Tours OOD together with Industrial Holding Bulgaria acquired the majority stake in Dunav Tours AD following a tender organized by the Privatization Agency, exercising joint control in its management.

2001 - Ivan Radev, Svetoslav Radev, Emil Ivanov and Emanouil Manolov founded Union Group OOD.

2002 - The European Bank for Reconstruction and Development acquired 15 % of the share capital of CB Unionbank AD.

2005 - The shareholders, founders of the credit institution consolidated their own shares and those of Union Group, as a result of which Union Group gained control of 85% of the share capital, with EBRD holding the remaining 15%. 

2006 - In May, the acquisition of 60% of the share capital of CB Unionbank AD by the third biggest bank in Hungary was finalized. MKB Bank is a member of Bayerische Landesbank (BayernLB) Group, a leading bank in Germany and No. 1 Bank of Bavaria, which manages assets exceeding the total amount of EUR 350 billion. After the sale of the shares, the share capital of MKB Unionbank is as follows:

MKB Bank – 60.00 %
Union Group OOD – 19.86%
Boras OOD – 14.14%
EBRD – 6.00%

Union Group’s and Boras’ rights, as shareholders in MKB Unionbank AD, are guaranteed by the agreement between the shareholders of the bank.

2006 - The proceeds from the sale of the shares were invested in the following sectors: 

- Real estate – the activity is carried out by Mashinvex OOD, later in 2007 transformed and renamed to Union Property EAD. The company’s share capital amounts to BGN 12 812 500;
- Electric power – the activity is carried out by Mashbuild OOD, later in 2007 transformed and renamed to Union Electric EAD. The company’s share capital is BGN 12 910 000;
- Ownership of luxury passenger ships and river cruise tourism – the activity is carried out by Union Tours OOD through Dunav Tours AD;


2005 – 2007 – Union Tours OOD through Dunav Tours AD made a large-scale investment by purchasing the luxury passenger ships “Rousse Prestige”, “Heinrich Heine”  and “Elegant Lady”.

2007 – the subsidiaries of Union Property EAD and Union Electric EAD made sizeable investments in their primary areas of activity.

2007 - MKB Unionbank AD increased considerably its share capital - from BGN 15 411 765 to BGN 40 411 765.

2008 – MKB Unionbank AD increased its share capital with new BGN 20 000 000  – from BGN 40 411 765 at BGN 60 411 765.