Bulgaria's C-Bank Gives Nod to Investbank to Absorb Victoria Bank

Bulgaria's C-Bank Gives Nod to Investbank to Absorb Victoria Bank

The Bulgarian National Bank (BNB) said that it has issued an approval to local lender Investbank to absorb Commercial Bank Victoria, which it recently acquired from bankrupt Corporate Commercial Bank (Corpbank). Investbank will become the legal successor of all of Commercial Bank Victoria's rights and obligations once the deal has been entered into the commercial register, BNB said in a statement on Friday.Investbank completed the acquisition of 100% in Commercial Bank Victoria for an undisclosed price in July. Investbank received preliminary approval for the acquisition of Victoria Bank from the central bank in March. The bank's strategy envisages absorbing Victoria Bank within six months after the acquisition is complete, the central bank said at the time. In November, Corpbank said that the Bulgarian American Credit Bank and Investbank have submitted binding offers for Victoria Bank.

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