Emil Kyulev, head of Bulgaria's largest financial group, was gunned down in a central Sofia boulevard.
The incident took place at about 9 a.m. Wednesday, while the banker was in his car along Bulgaria Blvd.
Kyulev's driver was also wounded in the incident and was immediately taken to the hospital.
Emil Kyulev, CEO of the DZI Group, recently entered the list of the 100 richest businessmen in Central and Eastern Europe by the Polish magazine Vprost.