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Nov 06, 2017 11:49 EEST
SOFIA (Bulgaria), November 6 (SeeNews) – Bulgaria’s CIBANK and United Bulgarian Bank (UBB), both subsidiaries of Belgium's KBC Group, have signed an agreement on October 18 under which UBB will absorb CIBANK, data from the Bulgarian commercial register showed.
Under the terms of the agreement, CIBANK shares will be converted into shares in UBB at a ratio of 1 : 0.78419, CIBANK said in a filing to the country’s commercial register. The agreement is subject to approval by the shareholders of the two lenders.
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In June, KBC completed the acquisition of leasing company Interlease and a 99.91% stake in UBB from National Bank of Greece for a total consideration of 610 million euro ($707.4 million).
Following the merger, UBB’s registered capital will be increased to 93.84 million levs from 75.96 million levs. UBB’s capital will be spread in 93.84 million shares with a nominal value of 1 lev each. KBC will hold 93.77 million shares of UBB representing a stake of 99.93%.
At end-September, UBB was Bulgaria’s fifth largest lender by total assets, according to central bank data. UBB's total assets stood at 7.15 billion levs. CIBANK’s assets totalled 3.36 billion levs at end-September, making it the ninth largest lender.
After UBB absorbs CIBANK, it will become Bulgaria’s third largest bank UniCredit Bulbank and DSK Bank.
($ = 0.8623 euro)
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