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BNB gives preliminary approval for the acquisition of Municipal Bank

The Bulgarian National Bank gave preliminary nod for Municipal Bank acquisition by Novito Opportunities. Novito Opportunities is a Lichtenstein based alternative investment fund, which according to the BNB statement, is owned by CAIAC Fund Management AG, a Lichtenstein based fund administrator. The statement also reveals that the non-voting shares issued by the acquirer were subscribed by Insa Oil OOD and if Insa Oil requests to convert its shares to voting, it will have to undergo BNB approval. Insa Oil is a Bulgarian fuel trading and manufacturing company with 2016 revenue of BGN 253m and net income of BGN 9m. Please recall that previous majority owner Sofia Municipally as well as the anti-monopoly commission had already approved the deal.

Source: BNB; Trade registry; FFBH

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