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Bulgaria submits official application for cooperation with ECB
Bulgaria has submitted official application for cooperation with the European Central Bank (ECB), according to announcement published by the Ministry of Finance on 18 July 2018.
Fitch upgrades Fibank to B from B- with a stable outlook
Fitch upgrades Fibank or First Investment Bank (5F4 BU) to B from B- with a stable outlook. It also affirms Unicredit Bulbank and Raiffeisen Bulgaria’s BBB- with a stable outlook and United Bulgarian Bank’s BBB- with a positive outlook, according to an announcement by the rating agency. Fibank improvement Fitch’s upgrade for Fibank is driven… Read more
Fibank explores strategic options, including new investors
Fibank (5F4 BU), 3rd largest bank in Bulgaria, explores strategic options and hired Citigroup Global Markets Limited as a financial adviser, the Company announced in a regulatory filing. The strategic opportunities include: Entering a strategic partnership and/or consolidation; Attracting new core investors; Raising capital to fund future growth. No time frame for the initiated exploration… Read more
First Investment Bank management expects 12% ROE in 2017
First Investment Bank (5F4 BU) held a meeting with minority shareholders on 24 March 2017 to present 2016 FY results. The meeting was attended by Mr. Vassil Christov, Chief Executive Officer of the bank, Mr. Dimitar Kostov, Chief Risk Officer, and Mr. Jivko Todorov, Chief Financial Officer, bank announcement to the stock exchange says. First… Read more
First Investment Bank reports for 2016 the best profit in history
Third largest bank in Bulgaria in terms of assets, First Investment Bank, booked best profit in history but missed on expected portfolio provisions – this showed in newly published unconsolidated unaudited FY 2016 financial statements. First Investment Bank net profit sevenfold y/y The Company’s net profit surged sevenfold y/y to BGN 90.2m on lower than… Read more
Outlook 2017: Bulgarian stocks continue on the upside, attracting new investment and IPOs
Sofia bourse blue-chip index SOFIX will add 20% gains more in 2017 after the lucky approx. 30% profit for investors in 2016 – this is what ELANA Trading chief investment consultant Tsvetoslav Tsachev wrote in the annual predictions on financial markets. The analysis of the Bulgarian stock market says investors’ mood has been diverted towards… Read more
Bulgaria mulls joining the Eurozone sooner
Key Eurozone members are warming up for Bulgaria in the Eurozone, Finance Minister Vladislav Goranov said at the 11th Annual Meeting Business & Government in Sofia, quoted by local media. If in 2014 and 2015 the initial reaction to our plans suggested a bit of mockery, in 2016, call it a post Brexit mood or… Read more
Public First Investment Bank to accumulate BGN 206m capital buffer post AQR
First Investment Bank to accumulate BGN 206m capital buffer post AQR and stress test results, according to Bulgarian National Bank announcement after completing a full banking system asset quality review (AQR) and stress test.
Bulgarian banks profitability up 34.7% y/y
Bulgarian banks report a 34.7% y/y net profit rise to BGN 906.5 m for the 10M 2014. Total assets of the banking system remain at BGN 85.5 b while the share of the top 5 banks by assets increase from 56.7% to 57.2%.
