Bulgarian capital Sofia's Municipal Privatization and Investment Agency announced a one-stage tender for the sale of 3,880,388 Municipal Bank Plc shares.

The minimum bid price has been set at 45.65 million Bulgarian levs for the tendered stake, which is equivalent to Sofia Municipality's entire 67.6% holding in the bank.

The tender is targeting strategic investors, such as financial institutions with a full banking license and an S&P rating of at least BB- or equivalent, and financial investors with capital equivalent to at least €20 million.

Potential buyers were invited to submit their offers within 60 days from the date of publishing the tender announcement in Bulgaria's State Gazette.

In addition to Sofia Municipality, the lender's shareholders also include municipal and private companies jointly owning a 30.80% stake, and sixteen other municipalities with a holding of 1.55%, according to the bank's website.

As of Oct. 12, US$1 was equivalent to 1.65 Bulgarian levs.

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