Financial Services 

In the current economic climate, financial institutions face an unprecedented set of challenges. New layers of complexity are being introduced into business decisions due to regulatory reform, globalization, world-scale competition, technology advancement.


The financial institutions in Bulgaria are revising their business strategy and optimizing operations to remain competitive in the current circumstances. They address issues that will help them shape their strategy – from capital to governance, regulation and reporting to risk management, funding and liquidity to profitability and cash management.


Margarita Goleva

Margarita Goleva

Financial Services Leader

+359 (2) 9697 409

Lozina Alexieva

Lozina Alexieva

Financial Services Leader, Advisory

+359 (2) 9697 320

KPMG in Bulgaria is recognized for its commitment to Financial Services industry, servicing more than 60% of the banks’ total assets and nearly 55% of the insurance market in terms of written premium.


Our industry-focused teams are well-versed in leading business practices and regulatory requirements in the two main focus areas - Banking and Insurance.


Banking and non-banking financial institutions


The banking sector in Bulgaria is focused on addressing the effects from the declining economy through rigorous risk management, restructuring and resource optimization. Other financial institutions like consumer finance, pension funds, leasing companies, investment funds, etc. are facing difficult market conditions. All these are looking for advisors who bring in the global industry perspective and the local regulatory knowledge.


KPMG financial sector experts provide advice on regulatory issues as they unfold and assist clients to meet their accounting, reporting and compliance obligations.


We highlight concerns and contribute to improve processes, growth and strategy across a range of matters - regulatory compliance (Basel II and IFRS), reporting (incl. business intelligence), credit, market and operational risk management, technology driven operational improvement, project management and specialized training programs.


We provide expertise in the processes of restructuring, mergers, acquisition and divestments.


Our Banking advisory team will work with you to identify improvement opportunities, develop a customized solution for you, and assist in the actual implementation and monitoring of results.




The insurance market is undergoing a transformation. Many firms are devoting their attention to product development and the efficient use of capital, as well as securing liquidity either organically or through consolidation.


Backed by an international network of insurance professionals, KPMG’s team of dedicated insurance specialists offers comprehensive multidisciplinary services to life, non-life and health insurance, reinsurance, pension funds and broker sectors of the industry.


KPMG professionals help management make better decisions about important performance, growth, governance and prudential matters. We are able to quickly anticipate and address the concerns of our clients on the key themes in the insurance industry such as: 


  • Financial, Risk and Capital Management – The need to balance the core business aspects of finance, risk and capital remains a top priority for many firms. By proposing a consistent approach to risk and capital management, Solvency II can bring substantial benefits to insurers that take fewer risks.
  • Improving operational efficiency and optimizing costs – As the industry faces current market pressure, firms strive to optimize their cost base to become more competitive. All aspects of the cost base are under scrutiny: from Front Office expenses, through organization, processes and IT to Procurement.
  • Developing robust governance and compliance processes – With the escalation of risk management to the Board, senior management is increasingly required to understand and challenge management information to make business and strategic decisions. There is also a focus on implementing Enterprise Risk Management initiatives to bring robust risk management and governance to the core of the business. In addition, it remains to be seen what will emerge from the regulatory debate, especially with regard to developments in customer protection requirements.
  • Strategic re-evaluation of businesses – Insurers with sufficient capital basis are likely to continue to undertake M&A activity, acquiring assets at competitive prices. Others may need to raise cash by disposing assets or improving efficiency through off-shoring. These are just a few options that insurers may consider to improve low capital reserves as a result of continued low investment returns.