August 23 (SeeNews) - Israel's Bank Leumi is considering entering EU newcomer Bulgaria through its Romanian unit, a bank official said on Thursday.
“We are checking right now and we are planning if everything is going to be alright to give an application to the Bulgarian authorities by the end of the year,” a bank spokesman told SeeNews by phone from Tel Aviv.
Bank Leumi, Israel's second largest bank by assets, entered the Romanian market by acquiring 95% of Eurom Bank from Dutch-based Kolal BV Amsterdam for $41.7 million (30.7 million euro). The takeover was completed earlier this month and the Israeli bank now owns 99.27% of the Romanian bank which had a market share of 0.3% at the end of June.
Bulgaria has 25 banks and the branches of five foreign banks. Black Sea neighbours Romania and Bulgaria joined the European Union in January.
Bank Leumi's net profit for the first quarter of 2007 fell by 17.5% on the year to $221 million.
($ = 0.7381 euro)