First Investment Bank files bid to acquire Bulgarian unit of BayernLB-report.

By bne IntelliNews March 19, 2013
First Investment Bank (FIB), which is Bulgaria's third largest lender in terms of assets has submitted a binding offer to acquire its smaller peer - the country's fourteenth-largest bank, MKB Unionbank, Capital daily reported, citing unnamed sources. The majority shareholder of Unionbank, Hungarian MKB Bank, is a subsidiary of German Bayerische Landesbank (BayernLB). In 2012, BayernLB was rescued by its home state of Bavaria and in exchange it committed to reducing its balance sheet by 51% in order to repay EUR 5bn of state aid. According to unconfirmed reports, the price offered by FIB for the local MKB unit is close to BGN 100mn (EUR 51mn). Other potential buyers, including Hungary's OTP bank, have not filed bids.

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