This is the first joint product of Bulbank, HVB Bank Biochim and Hebros Bank

The analysts expect strong development of the mutual funds market in Bulgaria; according to the forecasts in 2009 the assets of the Bulgarian households in mutual funds such as "Pioneer" will reach EUR 700 million

The mutual funds "Pioneer" which were offered until now in the branches and offices of Bulbank are now available in the banking network of HVB Bank Biochim and Hebros Bank. "Pioneer" is the first combined product of the three Bulgarian banks, members of UniCredit Group

"The first joint product of the three banks, members of UniCredit Group in Bulgaria, is a result from the successful partnership in the course of their integration which will end in the middle of 2007. Now, more than one million clients of the three banks will have access to the investments in the mutual funds of "Pioneer". This along with the expansion of the number of locations where "Pioneer" could be found with the branches of HVB Bank Biochim and Hebros Bank, is the real benefit to the clients from the merger of the financial institutions from UniCredit Group in Bulgaria", comments Andrea Casini.

Within the branch network of Bulbank, HVB Bank Biochim and Hebros Bank the clients can choose between 23 "Pioneer" sub-funds. Among the funds with most attractive history and highest profitability until now are the investments in the funds "Small European Companies", "Leading European Companies", "Shares Eastern Europe", "Shares from growing markets", "European obligations", "American corporate obligations with high profitability" and other.

With "Pioneer" the Bulgarians are being granted access to international monetary and capital markets even if they have limited resources. The investment in the funds is with high liquidity (there is a fast and easy access to the deposited sums) and is an opportunity to acquire funds for long-term purposes. The "Pioneer" funds are being managed by highly qualified professionals under full transparency of the activities.

Clients can find information about the investment opportunities though Pioneer in all branches of Bulbank and in more than 20 branches and offices of HVB Bank Biochim and Hebros Bank in Sofia, Plovdiv, Varna, Burgas, Ruse, Pleven, Blagoevgrad, Veliko Turnovo, etc. Trained and qualified consultants from the three banks could advise about the most appropriate fund for the individual clients based on the amounts available for investments, expected return and time horizon. The procedure is easy. The client could become an investor in the world markets is the course of only one day.

Pioneeris number one in Bulgaria in market share

UniCredit's mutual funds are leader in Bulgaria with assets under management of about 43 mln. euro. This means a market share of about 28% as of mid October 20006.

"Pioneer" manages assets of over 270 billion euro all around the world. Pioneer Asset Management is rated by Fitch ratings with AM2+, which is the top rating assigned to an asset management company.

Together Bubank, HVB Bank Biochim and Hebros Bank have more than one million clients, over 3.3 billion euro total assets and more than 320 branches and offices in the country

A robust growth is expected in the mutual finds industry in Bulgaria

According to the analysts the importance of the mutual funds in the accumulation of households' assets in Bulgaria will increase significantly in the next few years.

According to UniCredit Group in 2009 the mutual finds' share in the total households' assets will reach 700 mln. euro, which is about 7% from the total wealth of the households.