Teodor Marinov has been part of United Bulgarian Bank’s management since June 2010, when he was elected member of the Board of Directors, while holding the position of Executive Manager Corporate Banking of the Bank since September the same year.
After the acquisition of United Bulgarian Bank by the Belgian finance group KBC Group in June 2017, Teodor Marinov has become member of the KBC Country Team in Bulgaria, member of the Management board and Executive Director Legacy of UBB. During the period 2001-2010, he was Executive Director of Interlease EAD and since 2006 has been also involved in the management bodies of the leasing companies of the group of the National Bank of Greece in Romania and Serbia.
His professional development began in 1994 as a Financial Analyst at the Sofia Stock Exchange. In 1995-1997 he worked as a Customer Relationship Manager and Credit Analysis Unit Manager at the Bulgarian Investment Bank AD. From 1997 until 2000 he was Investments Manager in the Balkan Regional Division of the National Bank of Greece.
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At the beginning of the year UBB Interlease celebrated 25 years since its foundation. History tends to get forgotten, if it’s not recalled, so we should remind our readers, that the Bulgarian Industrial Association is among the founders of the company. How did the idea of creating a leasing company come about?
Interlease (renamed 2017 as UBB Interlease) was the first international leasing company to start operations in Bulgaria. Until 2002, we were a pioneer in the leasing market for equipment and vehicles. Currently, the company is the third largest leasing company in assets and volume of financed transactions. The company was established in 1995 as a joint project of BIA, IFC (part of the World Bank) and the Swiss Leasehold, and subsequently joined the National Bank of Greece as a shareholder. At that time, Leasehold had the ambition to create an international leasing group with strong market positions in Central and Eastern Europe, and in Bulgaria they saw support in BIA and were able to attract other shareholders all together.
Starting from the founding of the company, up until 2008, the then Chairman of BIA - Mr. Bozhidar Danev, was also the Executive Director and a member of the Board of Directors of Interlease AD. What is the mark that he left in the development of the company?
From its incorporation until its demise in 2018, Bozhidar was part of the board of directors of the company. In the first years, which were very difficult and during which we had serious financial losses, the key support he provided for the continuation of the company's activity and promotion of leasing as a form of financing of the Bulgarian business was a key element for our future success. Subsequently, when we went through a period of dynamic growth, his experience and prudence were crucial, both of which helped us to avoid credit policy mistakes that many of our competitors made. After the financial crisis in 2008, we experienced a difficult period together related to the shrinking of the market and the lack of funds to finance the business. We were together in both good and bad times, and Bozhidar Danev was always an ally to count on, and a manager to rely on.
What is the status of the company to date?
At the end of 2019, the assets of the company amounted to BGN 507 million, with equity of BGN 83 million, of which nearly BGN 80 million are retained earnings after 2001.
How have you managed to keep a leading position for a quarter of a century?
We have built a good name and have managed to keep much of our team over the years. The support of the shareholder in financing the business is also very important, and the prospects for this have significantly improved after the acquisition of the company by KBC Group and the integration with UBB.
What holds the future for you? Where will you place the emphasis on the future development of the company?
We are currently investing significant efforts and resources into the digitalization of the business, which will further increase the efficiency and speed of the processes, as well as improve the customer experience. At the same time, we will continue to add additional services and opportunities for our clients who use operational car leasing - where we see good prospects for growth and change in customer preferences.
What would you wish BIA’s team and members for the occasion of the Association's 40th anniversary?
Nowadays, there are not many organizations that can boast with a 40th anniversary and in business- like in nature-, only the most adaptable survive. Therefore, I would like to wish BIA and its members to remain flexible, make the right decisions and balance successfully between business priorities and the public interest.
