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Dec 08, 2017 11:09 EEST
SOFIA (Bulgaria), December 8 (SeeNews) – Bulgaria’s competition authority said Liechtenstein-based fund Novito Opportunities Fund has filed for regulatory approval to acquire a majority stake in Municipal Bank, currently owned by Sofia Municipality.
The transaction is not expected to affect competition on the banking segment of the Bulgarian market, a notice, published on the website of the Commission for Protection of Competition on Thursday, indicated.
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The privatisation agency of Bulgaria's capital Sofia said previously that it is offering for sale 3,880,388 Municipal Bank shares for a minimum total price of 45.65 million levs ($27.64 million/23.34 million euro).
Municipal Bank was the 15th largest bank in Bulgaria by assets among 22 banks and five branches of foreign banks as of end-October.
(1 euro = 1.95583 levs)
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