Bulgaria's Fibank completes capital increase

First Investment Bank AD

02/07/2020 14:36

SOFIA, July 2 (Reuters) - Bulgaria's fifth largest lender
First Investment Bank (Fibank) 5F4.BB  said on Thursday it has
increased its capital by 195.4 million levs ($112.58 million) to
cover a capital shortfall found by the European Central Bank
last year.
    State-owned Bulgarian Development Bank has acquired 18.35%
stake in the bank, and Valea Foundation, owned by Czech
entrepreneur Karel Komarek, will hold 7.87%, the bank said in a
statement.
    Fibank's capital increase is the last criteria the EU's
poorest member state has to fulfil before it can get approval to
enter the banking union and the two-year obligatory precursor to
the euro zone. Sofia hopes to join both this year.       
($1 = 1.7357 leva)

 (Reporting by Tsvetelia Tsolova)
 ((tsvetelia.tsolova@thomsonreuters.com; +359-2-93-99-731;))