Kinstellar has advised United Bulgarian Bank and Cibank on the merger of the two companies.
According to Kinstellar, as a result of the merger, the newly formed bank now has assets exceeding BGN 11 billion (EUR 5.6 billion), a larger branch network throughout Bulgaria, and a wider range of products and services, focused on individuals and small and medium-sized enterprises. The United Bulgarian Bank’s offering in Bulgaria will also capitalize on the support of the international banking group КBC.
The merger followed the EUR 610 million acquisition of UBB and Interlease by KBC Group in 2017, where Kinstellar acted as main legal adviser to KBC Group (as reported by CEE Legal Matters on January 16, 2017).
Kinstellar Sofia office worked on the merger documentation, including obtaining regulatory approvals from the Bulgarian National Bank, as well as on related employment and corporate law aspects. The firm's team consisted of Partner Diana Dimova, Counsel Svilen Issaev, Managing Associate Nina Tsifudina, and Associate Stiliyana Ivanova.