Austrian bank group Hypo Noe Gruppe has opened an office in Bulgaria.

The Sofia-based office will service customers from all over the country, according to a media statement of the bank, as cited by Capital daily.

Hypo specializes in financing public infrastructure and large corporate projects and its traditional customers include municipalities and public-private partnerships.

The bank already has business activities in Bulgaria and is mostly known for its subsidiary Hypo Noe First Facility, which provides consultancy services in the sphere of facility management and real estate management.

According to Nikolai de Arnoldi, Member of the Management Board of Hypo Noe Gruppe, the bank was attracted to Bulgaria due to the opportunity to develop long-term relations with customers in a country with a stable economic growth.

By setting foot in Bulgaria the bank fulfills its long-term strategy for occupying positions in the Danube region where it is already active in the Czech Republic, Slovakia, Hungary, and Romania.

The Bulgarian office of the bank will be headed by Svetoslav Delchev, who has 15 years of experience in the banking sector.

The Sofia-based office of Hypo Noe Gruppe will provide cross-border financing and the full spectrum of services of Hypo Noe First Facility, which has been working with customers in Bulgaria since 2005.

Hypo Noe Gruppe, founded in 1888, is wholly owned by the State of Lower Austria.

At the end of 2014 it had assets worth nearly EUR 16 B.

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