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Skip Navigation LinksHome :: Corporate finance :: BAIF officially transfers stake in BACB to Allied Irish Banks.

Monday, September 1, 2008

BAIF officially transfers stake in BACB to Allied Irish Banks.





BAIF officially transfers stake in BACB to Allied Irish Banks. The Bulgarian-American Investment Fund (BAIF) transferred 49.99% of the Bulgarian American Credit Bank (BACB) to Allied Irish Banks on the local stock exchange Friday last week. The stake was priced at BGN 422.8mn (EUR 216.2mn) or BGN 67 per share, which is 14% higher than the average price reached during the bourse trading on Friday. BACB has a free float of 26.7% at present. The stake of BAIF has fallen to 3.89% after the sell-out. BACB is a medium-sized bank for the standards of the local market with high exposure to mortgage lending and private equity operations with high returns rates. The net profit of BACB rose by 29% to BGN 30.4mn (EUR 15.5mn) in H1 while its assets increased by 32.3% y/y to BGN 771.5mn. BACB is the 17 th largest lender in terms of assets. The contract for the take-over was signed at the beginning of the year and the state antitrust commission approved it a month ago. The central bank is expected to do so in near terms. The international credit rating agency S&P keeps the BB long-term and B short-term credit ratings of BACB on positive watch and is expected to raise them by one or two notches after the take-over is completed. The acquisition is part of the expansion strategy of Allied Irish Banks in the CEE countries.







Initially I would recommend her to tackle a couple of easy-to-fix issues like send her husband on a six-month fully paid vacation – she needs to show the people she is in control and not him

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