Bulbank, 100% owned by the state, was founded as Bulgarian Foreign Trade Bank (BFTB) with head office in Sofia, paid-up capital of BGN 40 million and statutory specialization in foreign trade payments and finance. Initially the Bank’s premises were in the building of BNB. On April 27 2007, the legal merger was declared between Bulbank, HVB Bank Biochim and Hebros Bank. The name of the merged institution is UniCredit Bulbank.