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.
Don’t just follow the news—understand it.
The IntelliNews PRO service includes access to reports, exclusive market data, and more news that decision-makers care about. Stay ahead of the market with IntelliNews PRO.
Sign Up NowRelated Articles
Eurozone manufacturing growth hits four-year high in April but Middle East war drives record price surge
Eurozone manufacturing activity expanded at the fastest pace in nearly four years in April as factories rushed to build safety stocks ahead of expected price rises and supply shortages linked to the ... more
Bulgargaz files claim against Gazprom over lost gas supply
Gazprom faces another compensation claim for lost gas supply from a former European customer – this time Bulgaria’s state gas company Bulgargaz. Bulgaria was one of a number of European ... more
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