Fourth largest bank in Bulgaria is up for sale
NBG could receive up to 500 mln euro for UBB
Още по темата
The banking system review was expectedly positive, yet questions remain15 яну 2017
Eight bidders expressed interest in the purchase of the bank15 яну 2017
This article is part of K Quarterly # Issue 1 / November-January 2017. Contact us for subscription options on email@example.com
Tthe fourth largest lender in Bulgaria, United Bulgarian Bank (UBB), is in a sale procedure. The bank has about 7 bln levs (3.5 bln euro) assets, or 8% market share. It is 99.9% owned by the National Bank of Greece, which is under pressure to sell its non-strategic units as it relies on ECB liquidity support.
The sale is in its initial phase as it is yet to attract indicative offers. According to unofficial information, at least 7 candidates have expressed interest. Among them are Belgian KBC (which already owns the smaller CIBank in Bulgaria) and Hungarian OTP (which is the owner of Bulgaria’s second biggest lender DSK). The French Credit Mutuel also expressed interest in the deal. The other candidates are financial investors or funds with shorter term interest such as Apollo, Warburg Pincus, JC Flowers.
The Bulgarian National Bank is likely to give its regulatory nod to groups that already control banks in the country as it has spoken frequently about the need to consolidate the sector. UBB passed the stress test well and with 1.2 bln leva capital it is among the best capitalized banks in the country. Analysts expect a deal at 60-75 percent of its capital, or 400-500 mln euro for NBG’s shares in bank. But NBG may choose to distribute profits and reserves as dividend before the sale which would lower the price.
26 апр 2017, 10148 прочитания
26 апр 2017, 9571 прочитания
26 апр 2017, 8994 прочитания
26 апр 2017, 8221 прочитания
26 апр 2017, 7771 прочитания
- Допълнителни издания
- Остъпки за участие в събития
- Ваучер за реклама
He promises cheaper fuel, cheaper medications and labor camps for corrupt politicians. He also doesn’t care who will become his coalition partner, so expect him in the next cabinet