site.btaSofia Municipality Signs Service Agreement with Post Bank

The Sofia Municipality has signed a service agreement with Post Bank, the municipal administration's press office announced on Tuesday. The statement reads that "this is an important step towards more secure and effective management of municipal funds and stability in the interests of Sofia's citizens."

The previous partner, Municipal Bank AD, with which the Municipality has worked for nearly three decades, decided to terminate the contracts for banking services to the Sofia Municipality on July 29. This necessitated a procedure for selecting a new bank to take over the management of the municipality's funds with predictability, security, and efficiency, the municipal administration noted. 

“I believe that after the transparent procedure for selecting a new bank, we will be able to guarantee better management and greater stability for the funds of Sofia residents. Together, we have shown that we can make important decisions openly, in a spirit of cooperation and with responsibility towards citizens,” said Mayor Vassil Terziev.

The Sofia Municipality expressed its gratitude to the employees and municipal councilors who supported the decision and participated in resolving this important issue for the city.

Following the termination of the contracts by Municipal Bank, a working group was set up to draw up selection criteria and, on that basis, a negotiation procedure was initiated without prior announcement with the leading banks in the country.  

At the suggestion of the working group, official invitations to participate in the procedure were sent to the four largest banks in the country according to the criteria of the Bulgarian National Bank: DSK Bank, United Bulgarian Bank AD, UniCredit Bulbank, and Eurobank Bulgaria [the legal name of Postbank], all four of which submitted offers.