Investbank Plans Capital Hike

Bulgaria’s Investbank has said it plans to increase its capital by 10 million levs ($6.1 million/5.1 million euro) via a new share issue.

The bank intends to issue 10 million shares with a nominal value of 1 lev each, equal to their sale price, according to a filing submitted by Investbank to Bulgaria’s commercial register.

Investbank shareholders will vote on the proposal at a general meeting scheduled for June 19.

According to data from the commercial register, Investbank has a registered capital of 121.67 million levs.

Last month, Investbank signed an agreement to acquire local Victoria Bank from bankrupt Corporate Commercial Bank (Corpbank) for an undisclosed sum.

“The administrator of Corpbank has signed a framework agreement with Investbank for the transfer of 100% of Victoria bank’s capital and the entire financial exposure of the bank’s sole owner to Victoria Bank at the agreed price,” Corpbank said at the time.

The deal is subject to approval by Bulgaria’s Commission for Protection of Competition.

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