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Bulgaria: Bank sells unit to rival to meet EC concessions

By  |  August 15, 2013
Bulgaria: Bank sells unit to rival to meet EC concessions

In a notice filed to the Bulgarian Stock Exchange, First Investment Bank announced an agreement to acquire smaller rival MKB Unionbank, a move that allows MKB Bank to conform to agreements made with the European Commission. MKB Bank confirmed the news to the Bulgarian Stock Exchange and stated that the Bulgarian unit was “a successful company on a perspective market,” but the sale meet concessions agreed upon when the Commission cleared the bank’s restructuring plan. Under the agreement, cleared last year, the bank would sell the majority of its foreign subsidiaries and repay state aid. The deal in Bulgaria remains subject to regulatory approval by the Commission for Protection of Competition as well as the Bulgarian National Bank.

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