The Belgian financial group KBC submitted on Dec 28 a buyout offer to the minority stakeholders in country’s ninth largest Economic and Investment Bank (EIBank) in line with previously announced plans to withdraw the shares from public trade. KBC paid EUR 295mn for 75% of EIBank in September last year and the price offered for the residual shares is identical in unit terms. However, only about 2% of the shares of the local bank are recorded as a free float on the local stock exchange, as local physical person Tsvetelina Karagiozova holds a 22.25% stake with a call option to sell it to KBC over a period of 3 to 5 years.

Meanwhile, the international credit rating agency Fitch has assigned a credit rating A- with stable outlook to EIBank pricing in the overall performance and risk exposure of the bank and the backing from its majority stakeholder.