Allied Irish Banks sold its 49.99% interest in Bulgarian-American Credit Bank
On June 17, 2011, following receipt of the relevant competition and regulatory clearances, Allied Irish Banks, p.l.c. (”AIB”) sold its entire stake of 49.99% in the Bulgarian-American Credit Bank (“BACB”) to CSIF AD.
Borislav Boyanov & Co. acted as counsel to the seller, AIB, on all aspects of the transaction.
As part of the deal (subject to the positive vote of the other shareholders of the bank), the share capital of BACB will be raised by BGN 50 million to support the bank.
Copyright picture: AIB