Bulgaria's C-Bank Oks FIB Acquisition of MKB Unionbank

Bulgaria's central bank BNB said on Thursday it has approved First Investment Bank's acquisition of 100% of the shares of MKB Unionbank EAD.

"The deal is yet another major consolidation on the Bulgarian banking market following the successful merger of Bulbank, HVB Bank Biochim and Hebros Bank, which was a positive contribution to the stability and confidence in the Bulgarian banking system," the central bank said in a statement.

After the acquisition of MKB Unionbank EAD, the assets of FIB reach over BGN 8.5 B, according to reports of the buyer.

The consultancies for the deal were international financial advisor Lazard and First Financial Brokerage House.

In mid-March, FIB was the only candidate buyer who filed a binding offer for MKB Unionbank.

Another candidate to buy MKB Unionbank was Hungarian OTP Bank, owner of DSK Bank in Bulgaria.

After the acquisition, FIB ranks third by assets, preceded by DSK Bank with BGN 8.9 B and Unicredit Bulbank with BGN 12.7 B.

The value of the deal has not been disclosed.

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