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Bulgaria: Competition watchdog approves sale of Victoria Bank

 |  July 8, 2018

Bulgaria’s Commission for Protection of Competition has approved the sale of Victoria Bank, the subsidiary of bankrupt Corporate Commercial Bank (CCB), to Investbank. The decision, made on June 28, was published on July 5.

The financial details of the deal were not disclosed when it was announced in April. Under the proposed deal, Investbank would purchase 100% of Victoria Bank’s shares and repay the deposit held by CCB, which reports in Bulgarian media put at ‎лв85 million (around US$51 million).

Bulgaria’s central bank already gave its preliminary approval to two shortlisted candidate buyers, Investbank and the Bulgarian-American Credit Bank, in March.

The proposed deal would not have a major impact on Bulgaria’s banking sector, as the merged group would have 2.1% of the total assets in the banking sector, the competition regulator said.

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