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The Governing Council of the Bulgarian National Bank (BNB) has granted preliminary approval to Bulgarian-American Credit Bank AD (BACB) to acquire a controlling stake in Tokuda Bank EAD, exceeding 50% of both the capital and voting rights, the central bank announced. The decision follows instructions from the European Central Bank (ECB) and is part of the regulatory framework established after Bulgaria joined the Single Supervisory Mechanism on October 1, 2020. Since that date, the ECB has held exclusive authority to evaluate notifications regarding acquisitions of qualifying holdings in credit institutions, with assessments carried out in close collaboration with the BNB.
This approval builds on an earlier decision by the Commission for Protection of Competition (CPC) in July 2024, which cleared BACB to purchase Tokuda Bank. The CPC concluded on July 18, 2024, that the transaction would not significantly hinder effective competition in the relevant markets, particularly by creating or strengthening a dominant position. The BNB’s recent preliminary approval ensures that the acquisition can move forward within the EU-regulated supervisory framework.
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