C-bank Gives Nod to Unionbank, Fibank Merger

C-bank Gives Nod to Unionbank, Fibank Merger

Bulgaria's central bank said it has approved the merger of local Unionbank and its parent First Investment Bank (Fibank).

As a result, Unionbank will be wound up without liquidation, the Bulgarian National Bank (BNB) said in a statement.

After the merger, Unionbank is expected to improve its financial performance, according to BNB's analysis.

The merger comes after Fibank acquired 100% of Unionbank from Hungary's MKB in August last year.

Fibank is currently Bulgaria's third biggest bank with assets of 7.45 billion levs ($5.3 billion/3.8 billion euro) and Sofia-based Unionbank ranks 15th with assets worth 1.45 billion levs at end-December.

The decision can be contested within 14 days.

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