Austria's Meinl Bank to set foot in Bulgaria

The unit’s initial investment capital will be 10 million euro ($13.2 million), the bank said in a statement.

The bank plans to focus on providing funding and financial advice for the reorganization of troubled companies from the manufacturing sector.

Meinl Bank Bulgaria will also offer all services provided by commercial banks.

The Austrian financial institution plans to invest some 200 million euro in distressed Bulgarian assets in the next two years.

The bank said it intends to invest into a Bulgarian financial institution in 2013, but did not disclose details about the potential target company.

($ = 0.7592 euro)