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Kinstellar Advises on Merger of Cibank and United Bulgarian Bank

Kinstellar Advises on Merger of Cibank and United Bulgarian Bank

Bulgaria
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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.

 

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Schoenherr is a leading full-service law firm providing local and international companies stellar advice that is straight to the point. With 14 offices and 4 country desks Schoenherr has a firm footprint in Central and Eastern Europe. Our lawyers are recognised leaders in their specialised areas and have a track record of getting deals done with a can-do, solution-oriented approach. Quality, flexibility, innovation and practical problem-solving in complex commercial mandates are at the core of our philosophy.

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