Bulgaria's Investbank Completes Acquisition of Victoria Bank

Bulgaria's Investbank Completes Acquisition of Victoria Bank

Bulgarian lender Investbank said on Thursday it has completed the acquisition of 100% of Victoria Bank from bankrupt Corporate Commercial Bank (Corpbank) for an undisclosed price.The next stage in Investbank's strategy is to absorb Victoria Bank, Investbank said in a statement.Last week, Investbank received approval from the competition regulator for the deal. The combined market share of the two lenders does not exceed 15% on any segment, the regulator said at the time.Last month, Investbank's shareholders approved an increase of the lender's capital to 131.67 million levs ($78.7 million/67.3 million euro) from 121.67 million levs via a new share issue. All shares will be subscribed for by local company Festa Holding. Festa Holding held a 51.69% stake in Investbank at the end of 2017, according to latest available data.Investbank received preliminary approval for the acquisition of Victoria Bank from the central bank in March.

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