AIB To Acquire Interest in Bulgarian American Credit Bank
April, 2008 - Sofia, Bulgaria
In the beginning of 2008 Borislav Boyanov & Co. advised Allied Irish Banks, p.l.c. [NYSE: AIB] - Ireland’s leading banking and financial services organization, on the acquisition of a 49.99% interest in Bulgarian-American Credit Bank AD (BACB - a specialist provider of secured finance to small and medium sized companies in Bulgaria) from its majority shareholder the Bulgarian-American Enterprise Fund - a private U.S. corporation established in 1991 under legislation enacted by the U.S. Congress to promote active participation in the development and expansion of the economy in Bulgaria.
In this connection Borislav Boyanov & Co. made a legal due diligence of BACB and advised on Bulgarian law matters relevant to the share purchase agreement and the transaction in general. The transaction is expected to be completed by the end of 2008 subject to obtaining a merger control clearance and regulatory approval by the central bank of Bulgaria.
AIB was advised by AIB Corporate Finance Limited and BAEF was advised by UniCredit Markets & Investment Banking acting through CA IB Corporate Finance Limited.
