DSK Bank (, ''Banka DSK''; formerly Държавна спестовна каса, ''Darzhavna spestovna kasa'' — State Savings Bank) is the biggest

Bulgaria Bulgaria, officially the Republic of Bulgaria, is a country in Southeast Europe. It is situated on the eastern portion of the Balkans directly south of the Danube river and west of the Black Sea. Bulgaria is bordered by Greece and Turkey t ...

bank A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...

. It was founded in 1951 as the country's

savings bank A savings bank is a financial institution that is not run on a profit-maximizing basis, and whose original or primary purpose is collecting deposits on savings accounts that are invested on a low-risk basis and receive interest. Savings banks ha ...

, and transformed into a

joint-stock company A joint-stock company (JSC) is a business entity in which shares of the company's stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion, evidenced by their shares (certificates of ownership). Shareho ...

in 1999. DSK Bank has been designated in 2020 as a Significant Institution under the criteria of

European Banking Supervision European Banking Supervision, also known as the Single Supervisory Mechanism (SSM), is the policy framework for the prudential supervision of banks in the euro area. It is centered on the European Central Bank (ECB), whose supervisory arm is re ...

, and as a consequence is directly supervised by the

European Central Bank The European Central Bank (ECB) is the central component of the Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. It is one of the world's Big Four (banking)#International ...

History

The Bank was established under the name of the State Savings Bank (DSK) in 1951 by a decision of the

Council of Ministers Council of Ministers is a traditional name given to the supreme Executive (government), executive organ in some governments. It is usually equivalent to the term Cabinet (government), cabinet. The term Council of State is a similar name that also m ...

of the then

People's Republic of Bulgaria The People's Republic of Bulgaria (PRB; , NRB; ) was the official name of Bulgaria when it was a socialist republic from 1946 to 1990, ruled by the Bulgarian Communist Party (BCP; ) together with its coalition partner, the Bulgarian Agraria ...

. It included the State Savings Bank and the

nationalised Nationalization (nationalisation in British English) is the process of transforming privately owned assets into public assets by bringing them under the public ownership of a national government or state. Nationalization contrasts with ...

cooperative popular banks and agricultural credit cooperatives. It received exclusive rights to receive deposits from private individuals in the country. Initially, they were used exclusively for lending to the state, and from the mid-1960s the bank was given the opportunity to provide consumer loans and housing loans to private individuals. Until 1971, it was headed by the Ministry of Finance, and then by the Bulgarian National Bank.

Operations

In April 2022, DSK Bank announced its partnership agreement with Amsterdam-based fintech software provider Backbase.

References

External links

* Banks of Bulgaria Banks established in 1951 Bulgarian companies established in 1951 People's Republic of Bulgaria Banks under direct supervision of the European Central Bank {{Europe-company-stub

History

Operations

See also

References

External links