Private commercial bank Bulgarian-American Credit Bank (BACB) was established in July 1996.
The core activity of the bank is to provide credits to small and medium-sized enterprises, to finance construction and tourism projects as well as provide mortgage lending.
The bank was licensed with a share capital worth BGN 450 million, of which over 90% was owned by the Bulgarian-American Enterprise Fund (BAEF). BAEF is a private U.S. corporation established in 1991 by the U.S. Congress through the Support for East European Democracy Act.
In 2000, BACB started to attract deposits mainly from banks and institutional investors. The bank broadened the scope of its operations in 2002 when it started conducting cash and deposit operations. In April 2006, BACB raised EUR 55.7 million in an initial public offering on Bulgaria's stock exchange by successfully placing 30% of its capital to institutional and private investors.
In February 2008, Irish financial group Allied Irish Banks Plc bought 49.99 per cent in BACB from the Bulgarian-American Enterprise Fund (BAEF) in a deal subject to regulatory approval from the Bulgarian and Irish central banks. The buyer paid EUR 216.2 million for the stake. BAEF retained 3.89% in the bank. In mid-2010, Allied Irish Banks and Gramercy Emerging Markets Fund announced plans to sell their stakes in the bank. In summer 2011, local investment company CSIF (Clever Synergies Investment Fund) acquired a 49.99% stake in the bank from Allied Irish Bank. In October it raised its stake to 56.37% following a capital increase. CSIF is a private investment company where shareholders are local businesswoman Tsvetelina Borislavova and the established by her fund Credo Bonum.
2 Slavyanska Str.
Sofia; Sofia - city; Postal Code: 1000
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