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Nov 02, 2017 17:28 EEST
SOFIA (Bulgaria), November 2 (SeeNews) – Sofia-based banks Bulgarian American Credit Bank (BACB) and Investbank have submitted binding offers for the purchase of Bulgaria's Victoria Bank, its parent - bankrupt Corporate Commercial Bank (Corpbank) - said on its website.
The two banks have submitted offers to acquire 100% of Victoria Bank, a statement published on Corpbank's website reads.
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In September, Victoria bank said that BACB, Investbank and Vabo Internal submitted non-binding offers within the deadline.
The candidates, whose offers are admitted to the next stage of the sale, will be provided with an opportunity to conduct due diligence of the bank, Victoria bank said in September.
The previous procedure for the bank’s sale failed after Bulgaria's central bank said in March it refused to grant preliminary approval to a request of Sofia-based D Commerce Bank to acquire 100% of Victoria. The strategy for the acquisition and business development of Victoria proposed by D Commerce Bank pose considerable risks, the central bank said at the time.
Victoria Bank recorded a net loss of 5.6 million levs ($3.4 million/2.9 million euro) in 2016, compared to a loss of 9.3 million levs a year earlier. Its total assets stood at 128.5 million levs at end-2016.
(1 euro = 1.95583 levs)
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