Fibank is doubling down on regional expansion with a digital-first push into the Eurozone. With a 165% profit jump in Q1 2025 and a 20% share price increase, Fibank enters Greece amid record performance and rising investor confidence.
A Strategic Leap Beyond Borders
First Investment Bank (Fibank), Bulgaria’s largest domestically owned bank, is entering a new chapter in its 32-year journey – one that extends beyond its home market. With a track record of financial stability, rising investor confidence, and an innovative digital platform, Fibank is now setting its sights on regional growth, beginning with a direct market entry in Greece.
The move isn’t just about launching new services – it’s a strategic attempt to ‘export the Bulgarian banking experience’ Fibank has developed and to become a regional financial player.
“In many ways, the scale at which we operate and grow is making the Bulgarian market increasingly limited for us,” said Nikola Bakalov, CEO and Chairman of the Management Board of Fibank, in a recent interview. “We are ready to capitalize on new market opportunities across the EU.”
Neobank feel, full-bank backing
In June 2025, Fibank officially launched its digital services in Greece, offering Greek citizens access to a full suite of financial products through the My Fibank mobile application. The offering includes current accounts with 1% monthly interest, term deposits, virtual and physical debit cards, and cashback programs — all tailored with competitive terms and designed for digital convenience.
Why Greece? As Bulgaria prepares to enter the Eurozone, the move represents a natural step toward regional expansion, targeting the nearest neighboring market with strong cultural and economic ties. Since the Bulgarian market is relatively small and difficult to scale, the Greek market presents strategic value, particularly in the context of tourism and rising demand for digital banking.
Fibank’s offer is designed to compete directly with neobanks like Revolut, combining fintech-level convenience with the stability of a full-service bank.
With pricing comparable to major players and services targeted at a digital-savvy demographic aged 20 to 45, Fibank is positioning itself as a strong, mobile-first contender. The app will be available in Greek, with customer support in the local language to follow as part of a broader localization strategy.
“Our ambition is not just to offer a digital alternative in Greece, but to deliver a complete and intuitive banking experience that rivals the best fintech solutions on the market. With My Fibank, we are focused on convenience, transparency, and delivering real value to customers.” – added Vladimir Ikonomov, Chief Digital Officer and Member of the MB at Fibank.
CEE’s digital banking shift is uneven
Digital transformation is reshaping banking across CEE, with countries like Poland and Austria leading in fintech integration and mobile services, while others like Bulgaria, Albania, and North Macedonia show more gradual progress due to regulatory and infrastructural constraints.
Banks are embracing innovations like AI, digital payments, and cybersecurity upgrades, yet many core banking services remain dominated by traditional institutions.
Fintechs are gaining ground, especially in payments and asset management, but regulatory frameworks vary widely, ranging from supportive sandboxes in Poland to cautious oversight in Bulgaria and limited fintech regulation in Bosnia. (Source: CEE Legal Matters)
Recent Results Point to Expansion Readiness
The Greek launch follows a period of impressive performance for Fibank. In 2024, the bank reported a record pre-impairment profit of BGN 363.4M (EUR 185.8M) , driven by increased operational income and sound risk management. First-quarter data for 2025 signals continued momentum, with net profit rising by 165% year-on-year, reaching BGN 49.6 million ((EUR 25.4M).
Investor confidence is also at a high. Fibank’s shares have appreciated by nearly 20% since the start of the year, earning it the title of “Most Liquid Issuer in the Premium and EUROBRIDGE Segment” on the Bulgarian Stock Exchange. Credit rating agency Fitch Ratings affirmed Fibank’s stable outlook, underscoring the bank’s solid capital base and consistent profitability.
As the fifth-largest bank in Bulgaria with an 8.22% market share, Fibank aims to become a regional financial player ready to take on new markets.
Not Fibank’s first move abroad
While the Greek market marks a new phase in Fibank’s journey, it’s not the first time the bank has looked beyond Bulgaria. Fibank already operates a branch in Cyprus and a subsidiary in Albania. The entry into Greece — Bulgaria’s neighbor and one of its top trading partners — is a logical next step, especially in light of Bulgaria’s entry into the Schengen economic area and its closer economic alignment with the EU.
With Greece as its first Eurozone testbed, Fibank is laying the groundwork for scalable international operations, combining localized offers with centralized digital infrastructure.
While Fibank hasn’t revealed plans for its next market, the digital launch in Greece signals a new chapter in the bank’s regional development. Fibank’s experience with launching a digital-only banking service in Greece — without physical branches — could influence how it approaches similar expansions or innovations in the future.
