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Bulgarian Corpbank cleared to buy Credit Agricole unit
May 7, 2014 / 10:20 AM / 4 years ago

Bulgarian Corpbank cleared to buy Credit Agricole unit

SOFIA, May 7 (Reuters) - Bulgaria’s Corporate Commercial Bank (Corpbank) received approval from the central bank on Wednesday to acquire the Bulgarian division of Credit Agricole.

Corpbank, the Balkan country’s fourth largest lender, has already received a regulatory approval for the deal from the competition watchdog and plans to wrap up the deal in a month.

The sale, agreed in January for an undisclosed sum, would lead to a 160 million euro ($222.93 million) reduction in risk-weighted assets of Credit Agricole, the French bank has said, while lowering its solvency ratios by less than 1 basis point.

Credit Agricole’s unit ranks 21st among 29 banks that operate in Bulgaria, with total assets of 403 million levs ($285.84 million)at the end of March, central bank data showed. It posted a net loss of 1.6 million levs for the first quarter. ($1 = 0.7177 Euros) ($1 = 1.4099 Bulgarian Levs) (Reporting By Tsvetelia Tsolova, editing by William Hardy)

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