United Bulgarian Bank AD said Feb. 6 that it finalized its legal merger with CIBANK EAD, which ceased to exist as a separate legal entity as a result.
The legal merger of the two units constitutes part of KBC Group NV's business consolidation process in Bulgaria.
With assets worth 11 billion Bulgarian leva and 245 branches throughout Bulgaria, the merged bank will rank third in the Bulgarian market
KBC acquired National Bank of Greece SA's Bulgarian units, including United Bulgarian Bank, in June 2017 for a total consideration of €610 million. A merger agreement between the two Bulgarian banks was signed in November 2017.
As of Feb. 6, US$1 was equivalent to 1.58 Bulgarian leva.
