Corporate Commercial Bank Acquires Credit Agricole Bulgaria
Bulgaria's Corporate Commercial Bank (KTB) has acquired all assets of Credit Agricole Bulgaria, the Bulgarian National Bank (BNB) announced Wednesday.
A deal worth BGN 92 M, which enables KTB to purchase Credit Agricole's Bulgarian unit, has been approved by the Bank Oversight department at the BNB, Bulgaria's bTV channel reported.
News of the forthcoming acquisition spread on January 22, with the French bank estimating a EUR 160 M reduction in its risk-weighted assets after the deal is finalized.
Credit Agricole, one of Europe's biggest banks, had its presence in the country only for two years after in 2012 it acquired 100% of Emporiky Bank Bulgaria's assets and was registered as Credit Agricole Bulgaria. Its market share (based on the BGN 484.9 B assets) was 0.6% in September 2013.
KTB representatives announced they would develop the branch as a separate venture.
Its deal with Credit Agricole is this year's second example of a foreign financial organization to have left Bulgaria after MKB Unionbank merged with First Investment Bank in February.
The new acquisition will not lead to changes in Bulgarian bank rankings, with KTB remaining fourth in assets (BGN 7.705 B as of March 31 2014) after Unicredit Bulbank (BGN 12.693 B), DSK (BGN 8.949 B) and First Investment Bank (BGN 8.708 B).
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