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Report: Fibank to seek shareholder nod for debt issuance

Bulgarian lender First Investment Bank AD said April 11 that it will seekshareholder approval to issue debt securities worth up to 2 billion Bulgarianleva within five years, SEENews reported April 12, citing a bourse filing.

Fibank added that its board has proposed that the lenderhold off on dividend payments for 2015 and use that year's net profit toincrease equity.

For 2015, Fibank recorded a consolidated group profit aftertax of 17.9 million leva, down from 30.8 million leva in 2014, as a result oflower interest and fee and commission income and conservative provisioning,according to the lender.

Banks in the country are going through an asset qualityreview as part of theBulgarian NationalBank's efforts to restore confidence in the local banking system.Results are set to be released Aug. 13, the report explained.

As of April 12, US$1 wasequivalent to 1.72 Bulgarian leva.