Russian Bank To Acquire Bank Victoria?

Rossiyskiy Kredit Bank wants to acquire 100% of the capital of Bulgaria's Victoria commercial bank (formerly Credit Agricole Bulgaria), part of the troubled Corporate Commercial Bank (KTB), reports BGNES.

According to the media, on October 17 the Russian bank filed with Bulgaria's Finance Ministry and the Bulgaria National Bank (BNB) a letter of intent, expressing readiness to start a procedure and negotiations for acquiring the bank Victoria and to present guarantees for its intentions.

The letter of intent is reportedly accompanied by several documents, including current financial status of the company and financial reports as of December 31, 2013 and June 30, 2014.

According to the media, Rossiyskiy Kredit Bank expressed their long-term investment plans for Bulgaria's financial sector. “We have consistent and long-term interest in Bulgaria's banking and capital market and very much hope to have a potential opportunity to participate in it,” the letter said. “We are expecting your decision and declare our readiness to meet and discuss the questions regarding the potential opportunity to acquire the Victoria commercial bank.”

The Rossiyskiy Kredit Bank was established in 1990 as an investment bank.