February 27 (SeeNews) - The Bulgarian National Bank (BNB) said on Thursday that it has granted approval to Sofia-based DSK Bank to absorb its majority-owned local unit Expressbank.
DSK Bank, part of Hungary's OTP Group, will become the universal legal successor of Expressbank, which will be dissolved without liquidation, the central bank said in a statement.
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Last year, DSK Bank said that Expressbank's minority shareholders, controlling 0.2648% of the lender, will be compensated with shares in DSK Bank. For this purpose, DSK Bank will increase its capital by 1,177,920 levs ($677,000/602,000 euro), through the issuance of 117,792 new shares.
DSK Bank completed the acquisition of the majority stake in Expressbank from France's Societe Generale Group last year.
DSK Bank was Bulgaria's second biggest lender by assets at the end of 2019, while Expressbank was seventh, according to central bank data.
(1 euro = 1.95583 levs)
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