The Bulgarian-American Credit Bank said on April 16 it has agreed to acquire 99.94% of local Tokuda Bank from Japan-based Tokushukai Incorporated.
The two banks are among the smallest in Bulgaria and their merger will not lead to a significant change of market share.
BACB plans to acquire 6.796mn voting shares in Tokuda Bank with a par value of BGN10 (€5.1) per share, BACB said in a statement without providing further details.
The deal will have to be approved by Bulgarian regulatory bodies – the central bank and the Competition protection Commission (CPC).
Currently, BACB is the 12 largest bank in Bulgaria with assets of BGN2.8bn as of end-2023. Tokuda Bank is the 17 largest bank with assets of BGN485.4mn as of end-2023.
