June 16 (SeeNews) - Bulgaria's competition authority said it gave the go-ahead to the chair of the supervisory board of Bulgarian-American Credit Bank (BACB), Tsvetelina Borislavova Karagyozova, to acquire a direct ownership stake of 9.98% in the Sofia-based lender.
The proposed transaction would not result in change of control or creation of a relevant merger situation, the Commission for Protection of Competition said in a statement on Tuesday.
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The stake will be acquired from BACB’s majority shareholder - local company CSIF, which owns 55.66% shareholding interest in the bank. Tsvetelina Borislavova Karagyozova is owner and chief executive officer of CSIF.
Shares in BACB closed 0.77% higher at 6.55 levs on the Bulgarian Stock Exchange on Tuesday. The company’s market capitalisation stands at about 162 million levs ($100.4 million/82.8million euro).
(1 euro = 1.9558 levs)
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