April 16, 2018 / 3:44 PM / 4 days ago

Bulgaria's Investbank acquires small Victoria Bank

SOFIA, April 16 (Reuters) - Bulgaria’s Investbank has signed a deal to acquire small Victoria Bank for an undisclosed sum, the receiver of insolvent Corporate Commercial Bank (Corpbank) said on Monday.

The deal, which includes what Victoria owes to its owner Corpbank, estimated at about 85 million levs ($54 million), is pending the approval of the anti-trust authorities.

“The buyer has committed to fully repay the exposure of Corpbank to Victoria Bank together with the interest due at the date of the transaction,” the receiver said in a statement.

Investbank has won a tender for the lender over Bulgarian American Credit Bank.

Victoria’s total equity stood at 31.6 million levs at the end of last year and will help Investbank boost its own capital ratios. ($1 = 1.5787 leva) (Reporting by Tsvetelia Tsolova Editing by Alexander Smith)

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