Bulgarian lender BACB agrees to buy smaller lender Tokuda Bank

Bulgarian-American Credit Bank (BACB) said on April 16 that it entered into an agreement to buy 99.94 per cent in smaller Bulgarian lender Tokuda Bank.

In a statement, BACB said that it would purchase 6,796,250 shares in Tokuda Bank from Tokushukai Incorporated, but gave no further financial details.

The book value of the shares BACB agreed to purchase is 67.96 million leva, or about 34.75 million euro.

BACB said that the deal was subject to regulatory approval, but gave no tentative timeframe for closing the deal.

Bulgaria’s central bank BNB and competition regulator CPC are seen as unlikely to block the merger, given the small size of both lenders.

BACB is the country’s 12th-largest bank by assets, with 2.8 billion leva at the end of 2023. Tokuda Bank had assets of 485 million leva at the end of last year.

(BACB logo: BACB)

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