Bulgarian development bank Bulgarian development bank

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About Us

Bulgarian Development Bank (BDB) is a financial institution 99.9%-owned by the Bulgarian state. It is the successor of Encouragement Bank established in 1999. Its focus is to support small and medium-sized enterprises. BDB is among the top four Bulgarian banks in terms of credit rating, rated "BBB-" with positive perspective by Fitch Ratings. It is the only Bulgarian bank to provide financing via other credit institutions as well as direct financing. BDB is the best-positioned local bank to raise funds from international partners. Its subsidiary, the National Guarantee Fund, issues guarantees for bank loans to the non-financial sector.


Focus of Our Efforts

  • Start-ups and innovations
  • Exporters of finished goods
  • Manufacturing industry
  • Extractive industries
  • Agriculture and Tourism


Our Resources


Balance-sheet indicators December 2017
Assets BGN 2 472 243 th.
Corporate lending BGN 699 680 th.
On-lending financing BGN 113 869 th.
Equity BGN 757 001 th.
Profit BGN 20 145 th.


Luchezar Borisov
Chairman of the Supervisory Board
Luchezar Borisov was born in 1987 in Samokov. He completed his Master studies in Macroeconomics and Accounting and Finance at the University of National and World Economy (UNWE). He has several specializations in Bulgaria and abroad, including in Entrepreneurship and Risk Capital in AUBG, Project Management in WIFI, Austria, Encouragement of Foreign Direct Investments in JICA, Japan, Stock-exchange and Banking in CITIBANK, etc. He has rich experience in corporative management. Mr. Borisov has been part of the management of both private and state-owned companies in the Industry, energy and financial sectors. Currently he is a Deputy Minister of Economy.
Mitko Simeonov
Deputy Chairman of the Supervisory Board
Mitko Simeonov has a Master degree in Law from the New Bulgarian University and a Master degree in International Economic Relations from the University of National and World Economy. He also holds a postgraduate degree in financial management from the University of National and World Economy. He was Deputy Executive and Executive Director of the Agency for Privatization and Post-Privatization Control.
Velina Burska
Member of the Supervisory Board
Velina Burska has a Master Degree in Economics and Organization of Internal Trade from the University of National and World Economy. From 2002 to 2017 she was the director of the Post-Privatization Control Directorate at the Agency for Privatization and Post-Privatization Control.


Stoyan Mavrodiev
Chairman of the Management Board and Chief Executive Director
Stoyan Mavrodiev holds a Master of Law from Sofia University "St. Kliment Ohridski" and a Master in Finance from the University of National and World Economy. He attended a series of courses at the International Tax Academy in Amsterdam, and has also trained in the US Department of State's International Program of Leaders. His career started as a legal, tax and business consultant at PriceWaterhouse Co. In the period 1996-2006, he worked as a financial and legal consultant in the United Consulting, which he also managed. From 2009 to 2010 he is Deputy Chairman of the Commission for Economic Policy, Energy and Tourism and member of the Budget and Finance Committee of the 41st National Assembly. For 6 years (2010-2016), he is Chairman of the Financial Supervision Commission (FSC), which oversees and regulates the financial system and the non-banking financial sector in Bulgaria. From 2010 to 2016 he is a member of the Advisory Financial Stability Board (FSF). In this period, it is also a member of the Board of directors a number of international organizations, amoung them: ESMA, EIOPA, ESRB and a representative of Bulgaria in IOSCO, IAIS and IOPS.
Rumen Mitrov
Deputy Chairman of the Management Board and Executive Director
Rumen Mitrov holds a Master in Accounting and Control from the University of National and World Economy. His professional experience began in 1994 at NRA Sofia. In the period 2000-2003 he is the manager of the petroleum products import company "GMN GAZ", and from 2003 to 2011 he is engaged in financial and tax consultancy as manager of the two accounting companies "Eurotim Bulgaria" and "RM Consult". From 2011 to 2016, he was consecutively appointed Director of “Investment Activity Supervision”, “Regulatory Policy”, and “Coordination, Analysis and Policy of Supervisory and Supervision Activities” divisions in the Financial Supervision Commission (FSC).
Nikolay Dimitrov
Member of the Management Board and Executive Director
Nikolay Dimitrov holds a Ph.D. in Economics from the University of National and World Economy (UNWE) with specializations "International Economic Relations" and "Finance". Between 2007 and 2015, he completed a number of additional courses and qualifications at the Judge Business School at Cambridge University (UK), the Investment Banking Institute (USA), among others. His banking career started at the end of 2003 and went through Raiffeisen Bank and United Bulgarian Bank. He joined the Bulgarian Development Bank in July 2011, in January 2012 become Head of the Investment Banking and Project Finance Department, and since April 2013 he is Head of the Corporate Banking Division. Alongside, he has been an associated professor at the Department of International Economic Relations at UNWE for the last seven years.