Ruse prospered due to its role as a major port on the Danube, its rapid industrial development and its well-established ties with Central Europe along that river.

The founders of Girdap sought to "liberate the population of money lenders", in the words of later bank director Boncho Boev.

In Istanbul, the bank was known under a French name, Société de Crédit Ghirdap, though the branch only existed for 18 months and was closed down due to political pressure.

On the other hand, the Bulgarian Commercial Bank (Balgarska targovska banka), which was also founded in Ruse in 1885, was close to the Popular Party.

[8] As the Bulgarian economy consolidated in the first decade of the 20th century and the emerging industry required increasing funds, local banks grew in importance.

The Pleven-based Lev cement factory was founded in 1917 with Girdap board of managers member Ivan Kovachev as chief shareholder.

Ninety percent of the capital of the Kurilo mine in the Iskar Gorge was controlled by Girdap or its head figures Ivan Kovachev and Boncho Boev.

[11] Despite Girdap's active involvement in assistance to national industry, it failed to make a significant contribution and gradually minimised its participation due to insufficient profits.

In 1919 Boncho Bonev was imprisoned in Berkovitsa for eight months before he was acquitted, Ivan Kovachev was put on trial, and the bank's funds were sealed.

[13] Girdap's central office in Ruse was located in a historic edifice at 2 Aleksandrovska Street that takes up 260 square metres (2,800 sq ft).

It was finished in 1896 and designed either by Stoyan Zolotov and Udo Ribau (architect of what is known as Ruse's Old High School of Music) or by Samuil Danailov, at the time still an architecture student.