BNB Printing House

What BNB Printing House does

BNB Printing House (legal name: Printing Works of the Bulgarian National Bank Corp.; Печатница на БНБ АД) is a state-owned security printing enterprise established in 1994 by the Bulgarian National Bank and registered as a single person joint stock company in December 2001. It is the sole Bulgarian entity authorized by the Ministry of Finance to produce securities, and operates a 25,542 sq m production complex in Sofia (117 Tsarigradsko Shose Blvd.) equipped with full-cycle security printing infrastructure including offset, metallographic (intaglio), screen, inkjet/laser personalization, holographic foil application, and the first Goebel all-in-one hybrid tax stamp press in Bulgaria.

The company's product portfolio spans high-security government documents (passports, national ID cards, driving licenses, vehicle registration certificates, visa stickers, election ballots, diplomas), securities (banknotes — including commemorative notes, excise/tax stamps, share certificates, lottery tickets), commercial security print (food vouchers, transport tickets, parking coupons, brand protection), and standard print. It also operates the www.bgtpd.com electronic platform as Bulgaria's designated ID issuer for EU tobacco traceability under Regulation 2018/574. Its proprietary and licensed security features — OVI® optically variable ink, VARIFEYE® windowed threads, intaglio, micro-engraving, and holographic elements — are produced by a specialized in-house graphic design studio.

Revenue is generated through four streams: government-negotiated per-project security document printing priced via cost calculation plus a Tariff No. 12 financial control fee; transaction-based unit-level unique identifier issuance for tobacco products; standard commercial print; and specialized graphic design services. Sales are conducted exclusively via direct delivery to government institutions (Sofia-based and domestic only) and via the bgtpd.com electronic platform. The customer base is overwhelmingly Bulgarian central government — Bulgarian National Bank, Ministry of Finance, Central Electoral Commission, Ministry of Interior, National Revenue Agency, BDZ, Sofia Airport, National Health Insurance Fund — supplemented by a small set of enterprise customers (Kaufland, Lidl, Penny Bulgaria) for food voucher programs. Marketing channels are minimal: a bilingual website, participation in High Security Printing EMEA, and regulatory-mandated inquiry forms. The company holds a 30% stake in the Oberthur Fiduciaire JSC joint venture established in 2013, which separated banknote production operations.

Name

BNB Printing House

Legal name

Printing Works of the Bulgarian National Bank Corp.

Website

https://bnbprint.com

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

1–10 employees

Short description

BNB Printing House (Печатница на БНБ АД) is a Bulgarian state-owned security printing company, wholly owned by the Bulgarian National Bank, that produces banknotes, passports, ID cards, tax stamps, election ballots, and securities exclusively for the Bulgarian government and select institutional clients, and serves as Bulgaria's statutory ID issuer for the EU tobacco traceability system.

Ownership category

akta.pro rank

Product category

Security Printing Services

NAICS

Printing and Related Support Activities (323), Commercial Printing (except Screen and Books) (323111), Printing (32311), Printing and Related Support Activities (3231)

SIC

Commercial Printing (2750)

akta.pro primary industry

Printing & Business Forms (continuous forms, checks, tickets) (IMAMAHAH)

Keywords

• Security printing services
• Banknote printing
• Identity document production
• Tobacco traceability identifiers
• Excise stamp manufacturing

Headquarters

HQ city

Sofia

HQ country

Bulgaria

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Supply Chain, Infrastructure, Technology or R&D, Operations

Revenue model

1. Security Document Printing Services: The company produces and sells banknotes, identity documents, securities, tax/excise stamps, lottery tickets, transport tickets, and other protected printed products. Pricing is determined via cost calculation (calculation sheet) by the Printing Works, with a financial control fee added per Tariff No. 12 collected by the Ministry of Finance. Revenue is project-based, not recurring.
2. Tobacco Product Identifier Issuance: As the officially appointed ID issuer for Bulgaria under EU Regulation 2018/574, the company generates and issues unique identifiers for tobacco product unit packets. Identifier codes for economic operators, facilities, and machines are issued free of charge. Unit-level unique identifiers are paid at rates agreed in a bilateral agreement between the ID issuer and the requesting manufacturer/importer.
3. Standard Print Products: Production and sale of standard print products such as letterhead paper, leaflets, posters, booklets, and other commercial printing. Equipment allows multi-color offset, digital and screen printing, hot foil embossing, perforation, folding, and various binding methods.
4. Specialized Graphic Design Services: Unique graphic design of share certificates and prepress procedures for securities printing, provided to licensed printing works under Ministry of Finance supervision.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

BNB Printing House designs, manufactures, and sells high-security printed products and securities — including banknotes, identity documents (passports, ID cards, driving licenses, visa stickers, vehicle registration certificates), excise/tax stamps, share certificates, election ballots, lottery and transport tickets, food vouchers, diplomas, and standard commercial print products — under Bulgarian National Bank ownership and Ministry of Finance supervision. As Bulgaria's officially appointed ID issuer, it also operates the electronic platform that generates and issues unique identifiers for tobacco product traceability per EU Regulation 2018/574.

Product overview

BNB Printing House operates as a comprehensive security printing facility offering a diverse portfolio of secure print products and related services. The company's core offering includes high-security documents (passports, ID cards, driving licenses, vehicle registration certificates), securities (share certificates, excise labels, lottery tickets), government documents (diplomas, health insurance cards, election papers), and standard print products (leaflets, posters). The company provides integrated services including specialized graphic design, security feature integration (OVI, intaglio, microprint), unique numbering and personalization, and operates the tobacco traceability system as the official ID issuer for Bulgaria under EU Regulation 2018/574. The product portfolio is organized into three main categories: Securities and Documents, Security Print Products, and Other Print Products, supported by manufacturing services and unique identifier issuance capabilities.

Differentiator

Problem solved

Functional benefit

Products and services

• Banknotes Currency banknotes including commemorative notes, produced with advanced security features including VARIFEYE® windowed threads, OVI, intaglio, and other anti-counterfeit measures. Produced for the Bulgarian National Bank and commemorative editions.
• Passports Bulgarian passports including diplomatic, service, temporary, and seafarer passports with advanced security features. Produced for the Ministry of Interior of Bulgaria.
• ID Cards (L-karta) National identity cards (L-karta) with integrated security features and personalization capabilities, produced for the Ministry of Interior of Bulgaria.
• Driving Licenses Vehicle operator licenses with security print features and personalization for the Ministry of Interior of Bulgaria.
• Vehicle Registration Certificates Vehicle registration documents with security features for automotive registration purposes, produced for government authorities.

Quantifiable outcome

• Produced over 240 million banknotes in 6 denominations within a very short period during the 1999 Lev redenomination.
• +4 more outcomes

Named customers13 records

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Four partnerships are on record, tiered core.

• Demax AD (Печатница Демакс АД)coreStrategic or Co-development Partner · 5 February 2025Demax AD supplied the diffraction ribbon for the Printing Works' award-winning 'Butterfly Effect' promotional banknote, incorporating 3D and bas-relief effects, positive/negative electronic motion effects, achromatic micro-engraved portraiture, micro- and nano-engineered images, and registered demetallization. Demax AD also serves as a key subcontractor for election ballot printing under Ministry of Finance certification.
• EA AD (ЕА АД)coreStrategic or Co-development PartnerEA AD served as a subcontractor for printing and delivery of election ballots for the November 2021 presidential and parliamentary elections, alongside Demax AD.
• Demax DPI AD (Демакс Ди Пи Ай АД)coreStrategic or Co-development PartnerDeveloped and maintained a digital verification system for electronic approval of ballot information by RIK andЦИК for the July 2021 parliamentary elections, in partnership with BNB Printing Works.
• Bulgarian National BankcoreStrategic or Co-development PartnerParent organization and governing body. The Printing Works was established by BNB Resolution No. 248 of 11 August 1994 and operates as a wholly-owned state enterprise under the central bank's governance.

Scale indicators5 records

Recent moves9 records

Expansion highlights4 records

Direct peers

• Veridos: German identity solutions joint venture between Giesecke+Devrient and Bundesdruckerei, producing passports, ID cards, and identity systems for governments. Comparable to BNB Printing House in the identity document vertical specifically (passports, ID cards, driving licenses) though with broader geographic reach and deeper digital identity capabilities.
• De La Rue: UK-listed global security printer and one of the world's largest producers of banknotes, identity documents, and security paper. Directly comparable to BNB Printing House across the full security printing portfolio (banknotes, passports, excise stamps, identity documents) and serves the same central bank and government customer base, though at vastly greater scale.
• Crane Currency: US-based subsidiary of Crane Co. specializing in currency paper, banknote substrate, and security features. Directly comparable as a specialist banknote security printing peer serving central bank customers, with similar focus on advanced security features (security threads, Optically Variable Ink, micro-optics).
• IDEMIA: French-American identity and security solutions company producing biometric passports, ID cards, driving licenses, and border management systems for governments globally. Comparable to BNB Printing House specifically on the identity document and secure credential side, though with substantially broader technology stack and international footprint.
• Giesecke+Devrient: German-headquartered global security technology company and one of the largest banknote and secure document producers worldwide. Directly comparable across currency, identity, and payment security printing, and is also a stated technology partner of BNB Printing House, indicating direct market overlap and competitive positioning in the same European security printing ecosystem.
• Royal Joh. Enschede: Dutch security printer with over 300 years of history producing banknotes, identity documents, postage stamps, and security certificates for European governments. Directly comparable as a similarly-sized European security printing specialist and stated partner of BNB Printing House — competing in the same niche of national/currency security print work.
• Oberthur Fiduciaire: French security printing company and one of the world's largest banknote producers, owned by François-Charles Oberthur International. Directly comparable as a banknote and secure document peer, and notably the JV partner of BNB Printing House in Oberthur Fiduciaire JSC (30% BNB Printing House stake established in 2013) — sharing both technology and partial commercial alignment.

Others

• SICPA: Swiss-headquartered global provider of security inks and identification solutions, dominant in optically variable and track-and-trace security inks. Comparable as a critical enabling supplier to BNB Printing House for OVI® and other security inks, and as a participant in the broader tobacco and excise traceability systems market.

Broad incumbents

• KBA-NotaSys: Koenig & Bauer subsidiary and global leader in banknote and security printing press manufacturing (intaglio, offset, numbering systems). Comparable as the dominant equipment supplier to security printers including BNB Printing House, with a wider portfolio spanning sheetfed, web, and special-purpose security presses.

Regional players

• Demax AD: Bulgarian security printer and BNB Printing House's core subcontractor for election ballots and holographic diffraction ribbon supply (notably on the Butterfly Effect award-winning banknote). Operates in the same Bulgarian security printing market with overlapping capabilities (holograms, security print), making it the closest local peer and strategic counterpart.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BNB Printing House