Bulgaria's BACB to acquire 99.94% of Tokuda Bank

By bne IntelliNews April 16, 2024

The Bulgarian-American Credit Bank said on April 16 it has agreed to acquire 99.94% of local Tokuda Bank from Japan-based Tokushukai Incorporated.

The two banks are among the smallest in Bulgaria and their merger will not lead to a significant change of market share.

BACB plans to acquire 6.796mn voting shares in Tokuda Bank with a par value of BGN10 (€5.1) per share, BACB said in a statement without providing further details.

The deal will have to be approved by Bulgarian regulatory bodies – the central bank and the Competition protection Commission (CPC).

Currently, BACB is the 12th largest bank in Bulgaria with assets of BGN2.8bn as of end-2023. Tokuda Bank is the 17th largest bank with assets of BGN485.4mn as of end-2023.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

bne IntelliNews Southeast Europe Outlook 2024

This Southeast Europe Outlook 2024 has been prepared by bne IntelliNews as part of a series of annual reviews providing updates on the geopolitical, macroeconomic and commercial state of ... more

EBRD 2023: EBRD, EU and ILX to co-operate to boost private-sector finance in Emerging Europe

The European Bank for Reconstruction and Development (EBRD), the European Union, and ILX Management, an emerging market asset manager, have joined forces to enhance private-sector finance in Emerging ... more

EU ban on Russian LNG could backfire

Momentum is building behind calls for the EU to impose a ban on Russian LNG, even though doing so could make it harder for the bloc to stock up on gas supplies before next winter. The EU has ... more

Follow Us On

Most Read

  1. The models are wrong, climate change is accelerating faster than predicted
    4 days ago
  2. EU finally boosts defence investment into arms production as Ukraine runs out of ammo
    1 month ago
  3. Don't mention the "D" word - Ukraine
    9 days ago
  4. The 'wet-bulb' set to kill hundreds of thousands of people if temperatures and humidity levels continue to rise
    6 days ago
  5. COLLINGWOOD: Ukraine’s power blackout means a dark future
    7 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    30 days ago
  2. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  3. BRICS announce a blockchain-based payment system to create a common currency
    1 month ago
  4. Saudi Arabia to scale back plans for Neom city
    19 days ago
  5. Iran vs Israel: Who is better equipped for war?
    15 days ago

Reports

Dismiss