Third Bulgarian Bank Enters Macedonian Financial Market

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Third Bulgarian Bank Enters Macedonian Financial Market

Cooperative Bank (CCB) is the third Bulgarian bank in succession to enter the Macedonian financial market. CCB follows the First Investment Bank and the Capital Bank, after Macedonian National Bank Governor Petar Goshev approved a transaction, under which CCB will buy a 66 per cent stake of Macedonian Post Bank and 100 per cent of voting shares of Silex Bank, it emerged on Wednesday.

Macedonia's central bank made this decision at the beginning of December and the transaction has to be finalized within 180 days after the approval.

Goshev's decision to sell both banks was surprising to a certain extent as CCB's original intention was to buy Post Bank only, where the state would keep on holding one third of the capital and a golden share.

The total capital of CCB stood at 578.8 million euro at end-2006.

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