August 29 (SeeNews) - Allied Irish Banks (AIB) has wrapped up its 422.8 million levs ($318.5 million/216.2 million) acquisition of 49.99% of blue-chip Bulgarian-American Credit Bank (BACB), BACB said on Friday.
“On August 29, 2008 the Bulgarian-American Enterprise Fund (BAEF) sold 6,311,100 shares from the registered capital of BACB […] at a price of 67.00 levs per share to Allied Irish Banks, p.l.c., Ireland through an ОТС transaction,” BACB said in a statement.
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In February AIB said it signed an agreement to acquire the minority stake in BACB from the bank's majority shareholder, BAEF, as part of its expansion strategy in central and eastern Europe.
Following the deal BAEF owns 3.89% of the Bulgarian lender. BACB, which ranked Bulgaria's 17th largest bank in terms of assets at the end of July, reported a net profit of 30.5 million levs for the first half of 2008, up 29.3% on the year.
Shares in BACB were last traded at 58.7 levs at 0933 GMT, unchanged from the previous close.
(1 euro = 1.95583 Bulgarian levs)
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