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Bulgarian banks kick off new deposit promotions

Wednesday, Mar 11, 2009

After a lull of several months, Bulgaria’s credit front saw the launch of a special consumer loan offer with an interest rate below 10%.

Lenders also changed the terms on some credit cards which were put on the backburner amid a flurry of deposit promotions in the past five or six months.

Societe Generale Expressbank announced a special rate of 9.99% for new Expresso consumer credits. The bank offers up to BGN 30,000 for up to five years to borrowers who get their monthly salary in an account with the bank.

By the end of this month, the Visa and MasterCard credit cards of Allianz Bank Bulgaria will be issued for free. They come with a zero service charge for two years and a BGN 0.50 cash-back for each translation of over BGN 50.

Postbank launched text message or email notification for transactions with its Visa, American Express, Euroline American Express and Euroline cards.

But the market was again dominated by the deposit promotions, with fresh offers coming from UniCredit Bulbank, First Investment Bank, Postbank and Allianz Bank Bulgaria.

DSK Bank, United Bulgarian Bank, Raiffeisenbank and Piraeus Bank have ongoing deposit promotions. Most special offers are available by the end of March or April.

Household deposits in Bulgarian banks stood at BGN 22.5 billion at the end of January, up 17% on the year.

Household loans grew 30.1% to BGN 17.3 billion.

Source: Dnevnik