ɪn nˈaɪntiːnhˈʌndɹɪd nˈaɪnti sˈɛvən jˌuːbˌiːbˈiː wʌz ɐkwˈaɪɚd baɪ ɐ kənsˈɔːɹɾiəm ʌvðə jˌʊɹɹəpˈiən bˈæŋk fɔːɹ ɹˌiːkənstɹˈʌkʃən ænd dɪvˈɛləpmənt ˈɛbəd, bˈʌlbæŋk ænd ˈɑːpənhˌeɪmɚ faɪnˈænʃəl kˈʌmpəni, ðˈʌs bᵻkˈʌmɪŋ ðə fˈɜːst pɹˈaɪvətˌaɪzd stˈeɪtˈoʊnd bˈæŋk ɪn bʌlɡˈɛɹiə.
In 1997 UBB was acquired by a consortium of the European Bank for Reconstruction and Development (EBRD), BULBANK and Oppenheimer financial company, thus becoming the first privatised state-owned bank in Bulgaria.