Three submit non-binding bids for Bulgaria's Victoria Bank

"Bulgarian-American Credit Bank, Investbank and Vabo Internal have submitted within the deadline non-binding offers for the purchase of 100% of the share capital of Victoria Bank and the overall exposure of the sole owner to the bank," Victoria says in a statement posted on its website.

The candidates, whose offers are admitted to the next stage of the sale, will be provided the opportunity to conduct due diligence of Victoria Bank.

The previous procedure for the bank’s sale failed after Bulgaria's central bank said in March it refused to grant preliminary approval to the request of Sofia-based D Commerce Bank to acquire 100% of Victoria. The strategy for the acquisition and business development of Victoria proposed by D Commerce Bank pose considerable risks, the central bank said at the time.

Victoria Bank recorded a net loss of 5.6 million levs ($3.4 million/2.9 million euro) in 2016, compared to a loss of 9.3 million levs a year earlier. Its total assets stood at 128.5 million levs at end-2016.

(1 euro = 1.95583 levs)