Silvena Bogoeva-Andreeva: The People Who Run Businesses and the Bank That Understands Them
"It's been many years, and there have been plenty of challenges along the way. I was fortunate enough to join the ProCredit Bank team right from my very first job and to embark on a journey that taught me a great deal and contributed to my growth as a person and a professional."
These are the words of Silvena Bogoeva-Andreeva, Executive Director and member of the Management Board of ProCredit Bank. Her story is interesting because she started as an intern at the bank 18 years ago in Burgas. Even more remarkable—for the entire financial institution—is that Silvena is not the only member of the Management Board who started at the very bottom and worked her way up to the leadership of one of the most innovative banks in Bulgaria, part of the German ProCredit holding group.
Silvena joined the bank 18 years ago, right after graduating from university.
“Actually, that was my very first interview; I hadn’t been to any others. I ended up there by chance, on the recommendation of a current employee at the time. They told me they were looking for young people - interns, to become credit analysts. I remember every detail of the phone call and the entire process I went through. Nothing was by the ‘book,’ and even then I realized that this place would be different,” she says.
At that time, ProCredit looked very different - life revolved entirely around the office, digitalization was still a thing of the future, and career advancement often required moving from one city to another.
Silvena Bogoeva-Andreeva worked for seven years with business clients in Burgas and to this day, that aspect of her profession - speaking the language of entrepreneurs and understanding them, is what interests her most.
“Working with clients has always brought me genuine satisfaction - the meetings, the conversations, and gaining an inside understanding of the business. The opportunity to gain insight into how a company operates, what its plans are, and how we, as their partner, can best support them was the key factor for me in deciding to stay at the bank.”
He then spent a year in Varna, after which he took the next important step - becoming a branch manager in Ruse.
“That was my first management position. It was quite a challenging experience, especially at first, but very valuable and meaningful. That’s where I realized how important it is to lead people with courage, to make decisions, and to take responsibility - not only for the results but also for the team,” she says.
Speaking about herself, she says that some of her strongest qualities are adaptability and long-term thinking. “These are probably some of my greatest strengths. Over the years, I’ve done various things in different cities and roles, and it’s always been in the bank’s best interest and in the best interest of my colleagues,” adds Bogoyeva.
If you talk with ProCredit representatives for a little while longer, you’ll notice two words that often come up in conversation - one is “people,” and the other is “culture.”
"As soon as you walk into our branch, you don’t get a sense of formality inside the building - on the contrary, it’s a very friendly, healthy environment. Another thing that has really brought us together over the years is that we’ve built a strong culture of teamwork. We talk to our colleagues all the time, and we’ve proven over the years that there’s nothing we can’t achieve together. We make a decision and we get it done,” explains Silvena Bogoeva-Andreeva.
“We’re a team where everyone knows everyone else. The connection we have with people makes them more likely to trust us, and we, in turn, trust them,” Bogoeva adds.
“Everyone can share their opinion without hesitation, regardless of the situation we’re in. It’s better to say things as they are, even when we’re facing a challenge, and resolve it, rather than not being honest.”
ProCredit has had a very clear focus since its inception - small and medium-sized businesses in Bulgaria. Of course, over the years, in addition to its customer base, the bank has accumulated a wealth of experience and knowledge that goes beyond the numbers. “We’re also taking steps that aren’t typical for a financial institution, such as the ProConnect platform, which connects the bank’s users across all markets—one of the bank’s initiatives that delivers very high added value for our customers,” Silvena explains.
The idea came from a real-life event. “At the end of 2024, we held a very large-scale event for our business clients from absolutely the entire group in Bosnia. They represented a variety of different sectors. That’s where the idea for the platform came from.”
How does it work?
It creates an environment for networking - something banks haven’t done before.
“Imagine that I’m a furniture manufacturer who needs to purchase materials. Through the platform, I check in those countries to see if there are manufacturers or distributors I can source from. Or conversely, when I want to expand beyond Bulgaria, beyond my home market, to find where I have a chance to sell my products,” explains Silvena
“This platform operates in absolutely every country where we have a presence. A client from Bulgaria, once registered, can showcase their business and connect with customers and suppliers from Germany, Greece, Romania, Serbia, North Macedonia, and all other countries where we operate. This is added value that goes beyond the traditional role of a bank,” she clarifies.
Another problem the bank has observed in recent years, and for which a solution is being sought, is the labor shortage, regardless of sector or location.
ProCredit is conducting a survey of businesses throughout Bulgaria, asking entrepreneurs what their biggest challenges are. And the answer it receives is unequivocal - staff.
“At every level. There is practically no unemployment, and one of the most difficult tasks facing businesses is finding people,” says Silvena Bogoeva
For ProCredit Bank, this became the starting point for creating something entirely new on the Bulgarian market - an Employee Investment Product.
“At a time when the labor market is becoming increasingly challenging, we’re creating an incentive for companies to invest in the development of their current employees,” explains Silvena. “We have developed financing at a preferential rate that clients can use for employee training, improving the work environment, recruitment consulting services, and implementing projects under the ‘Human Resources Development’ Program.”
Along with the shortage of skilled workforce, some Bulgarian businesses are facing a brand-new and intriguing stage in their development - one that is proving to be a challenge. We’re talking about “succession.” At first glance, it has nothing to do with capital or financing, but one wrong decision can have fatal consequences.
“The generation that founded these companies 25–30 years ago is now asking itself: Who will carry on this business? A family member? One of the current employees? There is a 5–10-year period coming up during which succession must be prepared. The larger a business becomes, the greater the need for a structure to manage it.”
To help its clients, ProCredit is planning new initiatives through which the bank’s staff can pass on their expertise and support businesses.
“We have a wealth of knowledge beyond the purely financial sphere, and we want to share it with our clients,” explains Bogoyeva.
The Bank’s team knows how to handle even difficult conversations with entrepreneurs and, when necessary, openly addresses the risks. This is precisely how they manage to find lasting and effective solutions even in the most complex cases.
There are also paradoxical moments, says Silvena. “We’ve had instances where clients later came back to thank us for not supporting them in an investment because we deemed it short-sighted given their repayment capacity or because it would be very difficult to manage. We saw a risk that, if they went through with that investment, it could ruin their existing business. Saying ‘NO’ in those moments is necessary and requires courage. But for us, that is the essence of a responsible partnership.”
However, to make such an assessment, ProCredit’s employees need experience and knowledge.
"Training a good expert takes time and investment. We invest heavily in training our colleagues, as well as in building knowledge and expertise through hands-on experience. This approach sets us apart in the banking market, and I dare say that our people are among the best. The fact is, our clients say so too - our product innovations and the professionalism of our team are highly praised and always make a strong impression. For us, that’s the best feedback,” Bogoeva concludes.