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Bulgarian lender buys its third bank in Macedonia

Tue, Mar 16 2010 12:39 CET

byThe Sofia Echo staff

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Bulgarian lender buys its third bank in Macedonia

Photo: Valentina Petrova

Bulgarian Central Co-operative Bank (CCB) has been given the go-ahead to acquire 100 per cent of Macedonia's Stater Banka AD Kumanovo, SeeNews wire agency quoted Macedonia's financial supervision authorities as saying on March 16 2010.

Stater Banka will be CCB's third Macedonian bank. The Bulgarian bank already owns shares in Sileks bank and Post Bank.

The CCB will pay 5.9 million euro for Stater Banka's 339 178 shares to its majority owner Milestone Group. This means that CCB will pay 17.3 euro a share.

The money has already been deposited in Macedonia's central depositary office.

Stater Banka (formally known as Komercijalno Investiciona Banka AD Kumanovo) was founded in 1955.

The CCB is part of Chimimport holding company.

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