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A merger of banks is imminent in Bulgaria. UBB will merge with Raiffeisenbank.
This is clear from a message on the BNB website. On June 29, 2022, the Board of Directors of the Bulgarian National Bank (BNB) adopted a national decision by which, in compliance with an instruction of the European Central Bank (ECB), it issued preliminary approval for the direct acquisition by “KBC Bank” NV, Belgium, of the shares from the capital of “Raifeisenbank (Bulgaria)” EAD, as a result of which “Raifeisenbank (Bulgaria)” EAD will become a subsidiary of the Belgians from “KBC Bank”. OBB is also the creation of the Belgians.
The plans are for the payment to be made next week and the Raiffeisen shares to be immediately transferred to the new Belgian company.
The object of the transaction are also the subsidiaries of “Pyfaizenbank Bulgaria” – “Pyfaizen Leasing Bulgaria”, “Pyfaizen Asset Management (Bulgaria)”, “Pyfaizen Zactpaxovatelen bpoĸep” and “Pyfaizen Service”.
The price of the acquisition of all selected assets is at a total cost of 1.015 billion. evpo – this is probably the largest amount for which someone acquires a bank in Bulgaria
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