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Bulgarian insurer Armeec lifts stake in CCB to 9.43%

Author Mario Tanev
Bulgarian insurer Armeec lifts stake in CCB to 9.43% wrangler/Shutterstock.com

SOFIA (Bulgaria), March 12 (SeeNews) - Bulgarian lender Central Cooperative Bank (CCB) [BUL:4CF] said that local insurer Armeec has increased its direct holding in the company to 9.43%.

Armeec's stake in the lender was below 5% before the transaction, CCB said in a statement on Monday.

Last month, CCB hiked its capital by 14 million levs ($8.1 million/7.2 million euro) to 127.1 million levs, by converting part of its 36 million euro bond issue.

CCB converted 23,009 of its bonds, each with a nominal value of 1,000 euro.

CCB was Bulgaria's eight largest lender by assets at the end of January, according to central bank data.

(1 euro = 1.95583 levs)

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