Wednesday 15 August 2012

Omani investor takes 25 pct in Bulgaria Investbank | Reuters

The chief executive of Oman's Shanfari Group of Companies has stepped in to bail out Bulgaria's Investbank, buying a 25 percent stake in the lender in return for 50 million levs ($31.50 million) in a deal approved on Wednesday.

Bulgaria's central bank had asked Investbank, majority controlled by local company Festa Holding, to boost its capital by 50 million levs to ensure its proper operation as the quality of its assets worsened.

Banking in Bulgaria, the EU's poorest country by income per head, has lagged behind swift development of lenders elsewhere in eastern Europe which has generated huge profits for Italy's Unicredit and Austria's Raiffeisen among others.

No comments:

Post a Comment