Boyanov & Co advised Valea Foundation on the acquisition of important minority package in First Investment Bank
Our M&A and Corporate Partner Yordan Naydenov advised Valea Foundation on all Bulgarian law aspects of the acquisition of a minority package in the capital of FIBank (No. 5 in terms of assets on the Bulgarian banking market).
On July 2, 2020, FIBank announced the successful completion of the capital increase procedure, where all newly issued shares were subscribed by the state-owned Bulgarian Development Bank and Valea Foundation.
Valea Foundation is the family foundation of Mr. Karel Komarek, one of the leading investors from the Czech Republic with various interests in the energy, tourism, gambling and other sectors of the economy. He is No. 648 on Forbes’ Billionaires List 2020.
That was the first portfolio investment of Valea Foundation in Bulgaria, which is viewed by the investor as a promising and fast developing EU country.
The capital increase procedure may have far reaching political and financial consequences as the re-capitalization of FIBank was the last condition put to Bulgaria on its way to the ERM II, acceptance in the Eurozone and the Banking Union.
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