The fifth biggest in assets (3,148 bln lv by the end of 2006) bank in Bulgaria is planning an initial public offering, a bank representative told Profit.bg.

The company plans to offer 10 million shares increasing its capital up to 110 mln lv. The capital increase will be carried out through issuing of 10 mln new dematerialized and voting shares. First Financial Brokerage House OOD will act as a manager on the deal.

The shareholders have delegated the Board of directors the decision about the exact amount of the emission, the emission value of the new shares as well as all other conditions and key parameters of the IPO and the capital increase.

The shareholders' meeting of the bank has also voted a change in the current nominal value of FIB shares from 10lv to 1lv. Thus the capital of 100 mln lv will be divided in 100 mln dematerialized voting shares.

According to the bank this will be beneficial for the smaller investors on the market.

The increase of the capital is aimed towards guaranteeing the growth of the financial institution. The accumulated means will be used for expanding the market share of the bank, broadening the credit portfolio, more credit and debit cards in the branch system, more ATMs and POS terminals, as well as the offering of competitive financial instruments to corporate clients, small and average companies and individuals.

At the end of 2006 the net income of FIB has marked a remarkable 36.34% increase compared to last year’s and amounts to 29 mln. lv, while the capital liquidity exceeds the regulative requirements with 15.81%.

On February 13, 2007 Growth Managements Ltd. and Hillside Fund Ltd., Caymans have transferred their FIB shares to Rafaela Consultants Ltd. and 10% more each to Domenico Ventures Ltd and Legnano Enterprise Ltd. The rest of the shares are divided as follows: Tzeko Minev - 31.83%, Ivaylo Mutafchiev - 31.83%, First Financial Broker’s House - 13.89%, others - 2.45%.