January 11, 2018 / 3:35 PM / a year ago

Novito gets approval to buy stake in Bulgaria's Municipal Bank

SOFIA, Jan 11 (Reuters) - Bulgaria’s central bank on Thursday gave a preliminary approval to Liechtenstein-registered fund Novito Opportunities to acquire a controlling stake in Bulgaria’s Municipal Bank, the central bank said in a statement.

The fund will acquire 67.65 percent in the bank from the Sofia Municipality for 57.4 million levs ($35.38 million) after it won a tender for the stake in a privatisation, in which it was the only bidder.

Novito is controlled by Liechtenstein-based investment fund CAIAC Fund Management AG. Bulgarian Insa Oil has non-voting shares in Novito, the central bank said, adding the company can only convert them into voting shares after approval from the central bank.

Municipal Bank has total assets worth 1.5 billion levs at the end of September, central bank data showed.

$1 = 1.6224 leva Reporting by Angel Krasimirov and Tsvetelia Tsolova, editing by David Evans

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