BNB Permits Merger of Two Bulgarian Banks

The Bulgarian National Bank (BNB) issued a permission for the merger of First Investment Bank (FIBank) and Unionbank.

On the grounds of the Credit Institutions law the BNB deputy governor in charge of banking supervision, Tsvetan Gunev, allowed the transformation by merging of Unionbank into FIBank (acquiring bank) under full legal succession after which the merging credit institution will be wound up without liquidation.

The merger is a logical ending to the consolidation of the two banks, undertaken in the second half of 2013, by FIBank buying all shares of Unionbank's capital.

All assets, liabilities and activities of the merging bank will pass onto FIBank with the rights and obligations of Unionbank customers, including its depositors, borrowers and other customers, remaining as they have been until the point of merger without any need on their part to act further.

All relations regarding the protection of deposits of individuals, households and business customers will remain unchanged.

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