FIB Files Sole Bid for MKB Unionbank

FIB Files Sole Bid for MKB Unionbank

Bulgaria's First Investment Bank (FIB) has filed the sole bid for the sale of another local bank, MKB Unionbank, Capital Daily reported.

FIB has submitted a binding bid worth some 100 million levs, equivalent to about half of MKB Unionbank's own capital, the daily wrote.

Hungary's OTP Bank, tapped as another likely buyer, has still not come up with an offer, according to the business daily.

MKB Unionbank is owned by Germany's Bayern LB via Hungary's MKB Bank.

FIB, known to be controlled by local businessman by Tseko Minev, has financed a number of tourist development projects in the country, including in the ski resort of Bansko, and is creditor to troubled state-owned ammunition maker VMZ Sopot.

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