Five major Bulgarian commercial banks are to go under the direct supervision of the European Central Bank as of October 1, 2020, BNR reports. This is part of the cooperation of the Bulgarian National Bank with the European financial institution on the way to Bulgaria’s accession to the Euro area and the euro. 
The ECB’s list includes UniCredit Bulbank, DSK Bank, United Bulgarian Bank, Postbank and Raiffeisenbank (Bulgaria). Cooperation between the ECB and the BNB will also cover the supervision of less significant banks that remain under the direct supervision of the BNB.
Radoslav Milenkov, Deputy Governor of the BNB and Head of Banking Supervision department, will represent Bulgaria in the Supervisory Board of the ECB, with the right to vote.