SOFIA (Bulgaria), March 10 (SeeNews) – US investment fund Gramercy Select Master Fund has sold a 32.73% stake in Bulgarian-American Credit Bank [BUL:5BN] to another US company, LBI Holdings, Sofia-based media reported on Tuesday.
Following the transaction, Gramercy Select Master Fund has cut its shareholdings in Bulgarian-American Credit Bank (BACB) to 2.27% from 35%, online news portal Investor.bg reported.
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The deal, worth a total of 34.67 million levs, involved 8,081,692 shares, which changed hands at 4.29 levs ($2.4 million/2.2 million euro) apiece, the news portal reported, quoting data from First Financial Brokerage House, which acted as financial intermediary in the deal.
Sofia-based private investment fund CSIF owned 61.43% of BACB at the end of September, and Gramercy Select Master Fund held a a stake of 35%, according to the bank's latest financial report.
BACB was the 17th largest lender in terms of assets in Bulgaria at the end of January. Twenty-eight locally-registered and foreign banks operate in the country.
(1 euro=1.95583 Bulgarian levs)
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