nBanks in Bulgaria: a cross-border value proposition.

With the prospect of expanding nBanks' business model to Central Europe, CEO and CFO Orlando Gomes Costa and Nuno Oliveira, respectively, held a series of meetings last week with institutions and stakeholders in Bulgaria, one of them with the Bulgarian-Portuguese Chamber of Commerce, represented by its Vice-President Dr. Stanimir Mihaylov (pictured, center).

Bulgaria currently represents a rapidly growing economy and has an ongoing application to join the single currency.

From the due diligence and contacts, strategic steps emerged for nBanks' presence in this country to become a reality soon, serving local companies and accountants.

What else might be interesting to know about Bulgaria?

Learn about some indicators and curiosities about this country:

• Its GDP grew 3.2% in 2018, having already grown 3.5% in 2017;

• Its active population represents a significant weight in its demographic pyramid, thus presenting an inverted model compared to the most developed countries in the European Union;

• Its tax policy is quite attractive for foreign investment, currently practicing income tax rates that can reach 10%, for individuals or businesses. Thus, large multinational corporate groups are already setting up manufacturing or service units in this country;

• Although some technological “gap” is expected compared to other more Western countries, we note that there are already highly evolved financial payment services today;

• Bulgarian citizens with degrees in Engineering are highly sought after by various companies today, being known for their natural aptitude for mathematics and discipline. They are also quite creative, and Bulgaria is also credited with the invention of the car airbag and the digital clock;

• Although it does not yet apply the single currency Euro, its local currency (Lev) is indexed to the Euro, currently standing at €0.51 per Lev. In addition to exchange rate stability, it is now expected that joining the single currency can further boost the growth of this emerging economy;

• There are currently 15 Credit Institutions in Bulgaria, making it a competitive market in terms of banking competition;

• Many Portuguese people are already working in this country, particularly in the area of technological services.

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