November 12, 2018 / 5:19 PM / 6 months ago

ECB to test six Bulgarian banks before banking union membership

FILE PHOTO: The headquarters of the European Central Bank in Frankfurt, Germany, September 30, 2018. REUTERS/Kai Pfaffenbach/File Photo

FRANKFURT (Reuters) - The European Central Bank will undertake a comprehensive assessment of six Bulgarian banks by next July, it said on Monday, part of Sofia’s effort to join the banking union before adapting the euro currency.

The banks to be tested are UniCredit Bulbank AD, DSK Bank EAD, United Bulgarian Bank AD, First Investment Bank AD,

Central Cooperative Bank AD, and Investbank AD, the ECB said in a statement.

The test will include an asset quality review and a stress test.

Reporting by Balazs Koranyi; Editing by Francesco Canepa

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