Bulgaria’s Municipal Bank Raises Capital by 4.4 Mln Euro

Bulgaria’s Municipal Bank Raises Capital by 4.4 Mln Euro

Bulgaria's Municipal Bank said it has raised its capital by 8.7 million levs ($5.9 million/4.4 million euro) to 43.5 million levs.

The capital increase included a cash component worth just below 2.0 million levs and a non-cash contribution comprising real estate assets located in Sofia, the bank said in a statement.

The decision for the capital increase was adopted at the general shareholders' meeting of the bank held on November 12 with the aim to strengthen the bank's capital adequacy ratio.

The municipality of Sofia remains the majority shareholder in Municipal Bank with a stake of 67.7%.

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