Bulgarian Development Bank to acquire minority stake in Fibank

The Bulgarian Development Bank is to buy up to 70% of the capital increase by First Investment Bank (Fibank). Fibank will issue 40 million new shares to cover a capital shortfall found by the European Central Bank last year. The increase is the last measure the country must complete to receive approval to enter the banking union and the mandatory two-year precursor to the euro zone. Bulgaria expects to join both by July.