Local physical person Tsvetelina Borislavova sold 3.94% of the country’s tenth largest Cibank (former Economic and Investment Bank – EIBank) to the majority owner KBC for a total of BGN 29.3mn (EUR 15mn) in a block deal on the local stock exchange. The pricing sends the total value of the bank at BGN 744mn (EUR 380mn) that is several times higher than the current valuations of other publicly traded banks. The price is however very close to the benchmarks reported during the acquisition of the bank by Belgium ’s KBC in September 2007 when Borislavova received a call option for selling out its stake of 22.25% over a period of 3 to 5 years. KBC acquired 77.41% of the local lender at that time for EUR 295mn. Since then, the stock indices have fallen dramatically brining the present value of the blue-chip gauge SOFIX to about 15% of its peak values from 2007. The net profit of Cibank contracted by 54% to BGN 19mn last year.