Boyanov & Co. has advised the Valea Foundation on the acquisition of a minority capital package in FIB Bank.
FIB is the fifth-largest bank by assets in Bulgaria. According to Boyanov & Co., on July 2, 2020, “FIB Bank announced the successful completion of the capital increase procedure, where all newly issued shares were subscribed by the state-owned Bulgarian Development Bank and Valea Foundation. The Valea Foundation is the family foundation of Mr. Karel Komarek, an investor from the Czech Republic with various interests in the energy, tourism, gambling, and other sectors of the economy.”
According to Boyanov & Co., “the capital increase procedure may have far-reaching political and financial consequences as the re-capitalization of FIBank was the last condition put to Bulgaria on its way to the ERM II, acceptance in the Eurozone and the Banking Union."
Boyanov & Co.’s team was led by Partner Yordan Naydenov.
Boyanov & Co. did not reply to our inquiry on the matter.