Austrian bank group Hypo Noe opens a subsidiary in Bulgaria. The office is located in Sofia and will service customers all over the country.

Hypo is specialized in funding pubic infrastructure and large corporate projects. That is why the traditional customers to its services are municipalities and public-private partnerships. The bank will not accumulate deposits.

Though it officially starts activity this year, the bank group has already developed its business in Bulgaria. It is known mainly via the department for advice on maintenance of real estate under the name Hypo Noe First Facility. Stepping on the local marker, the bank is working under its long-term strategy for taking up position in the Danube region.

The Austrian bank has subsidiaries in countries such as the Czech Republic, Slovakia, Hungary and Romania. Among the first projects of the bank is Arena Ruse hall. It is due to be opened in July.

The average amount of funding that Hypo Noe Gruppe renders is between EUR 5 and 15 million.