site.btaSofia Municipality Launches Tender for New Servicing Bank

Sofia Municipality has announced a public procurement procedure to select a new servicing bank responsible for managing the financial operations of the Municipality and its structures. Interested financial institutions have ten days to submit their proposals, the Municipality’s press office said.

Written invitations to participate in the procedure have also been sent to the four largest banks, as ranked by the Bulgarian National Bank’s criteria. The selection criteria were determined by a specially formed commission including municipal councilors and representatives of the administration. The commission was created by order of the Mayor of Sofia to ensure the process is as transparent as possible and to provide fair competition among the candidates, the press release noted.

Through this procedure, Sofia Municipality aims to guarantee efficient, reliable, and transparent management of public funds in the interest of all residents of the capital.

The Municipality stressed that all payments to contractors and employees will continue according to schedule and without interruption.

On July 29, Sofia's local government reported that Municipal Bank had issued a notice to terminate its contract with the Municipality. Prior to this, the city administration submitted a proposal to the Council to end its relationship with the bank. However, councillor Blagovesta Kenarova (Continue the Change – Democratic Bulgaria) requested a postponement, citing a lack of basic analysis and selection methodology for a new bank.