First Investment Bank AD (Fibank) signed an agreement with the Hungarian MKB Bank for acquisition of 100% of the shares of MKB Unionbank EAD. The acquisition will take place after receiving the necessary approvals from the competent authorities, announced Fibank.
Fibank is a dynamically operating institution, which is the third largest bank in Bulgaria with 8.4% market share and is second in terms of depositors' confidence, measured by the amount of retail deposits, where it has over 13% market share.
Fibank has a 10% market share in loans to businesses and a 15% market share in retail credit cards. MKB Unionbank EAD ranks 15th in the banking system with BGN 1.5 billion in assets according to BNB data as of June 30, 2013.
Following the acquisition of MKB Unionbank EAD, Fibank's assets will reach over BGN 8.5 billion. The bank will offer a wide range of products to its customers with a focus on lending to small and medium enterprises, as well as lending to individuals, which will be offered in a larger branch network.
The acquisition will increase the efficiency of the bank, as a result of which it will offer even better and competitive services for people, business and society and thus the line of good practices of First Investment Bank AD will be continued and established as a social responsible financial institution.
Fibank and MKB Bank Zrt. reached a mutually beneficial agreement, which is in favor of the strategic goals of both parties. Lazard Ltd (International Financial Consulting Company) together with First Financial Brokerage House were a leading consultant of Fibank, and legal advisors were Stephenson Harwood and Tsvetkova, Bebov & Partners.