Bulgarian Bulbank, HVB Bank Biochim and Hebros Bank would merge.

The three banks are members of UniCredit Group and the new bank would be called UniCredit Bulbank, Darik Radio reported.

Bulbank was renowned commercial brand and its mention in the new bank name was acknowledgment of the local know-how, Levon Hampartzoumian, chairman of the management board and CEO of Bulbank, said.

Hampartzoumian would assume the same position in the new UniCredit Bulbank, Darik said.

Bulbank, HVB Bank Biochim and Hebros Bank together had assets of 3.4 billion euro and more than 1.1 million individual and corporate clients.