The General Meeting of Shareholders of United Bulgarian Bank AD (UBB) has approved the merger of CIBANK EAD into UBB
06 Decempber 2017
On 6 December 2017 an extraordinary General Meeting of UBB Shareholders was held, approving the merger of CIBANK into UBB. Once the Bulgarian National Bank (BNB) authorizes the merger and the latter is registered in the Commercial Register with the Registry Agency there will be only one legal entity - United Bulgarian Bank AD.
The General Meeting was attended by representatives of KBC Bank, UBB majority shareholder and sole owner of CIBANK’s capital.
The meeting approved the proposed merger agreement, as well as the related report of UBB’s Management Board. As a result, the capital of UBB will increase by BGN 17 874 239. The increased amount is not larger than the net value of CIBANK’s property, which, after the merger, will become UBB property. Among the resolutions approved by the General Meeting is also the one, concerning the change in the head office address of UBB. The new head office address of UBB coincides with that of CIBANK - 1463 Sofia, Triaditsa District, 89B Vitosha Blvd.
A resolution with a similar content, approving the merger of CIBANK into UBB, has been made by KBC Bank as a sole owner of CIBANK’s capital.
Both resolutions will be submitted to the Bulgarian National Bank, as the latter is expected to consider and issue an opinion on the full set of merger-related documents in the first months of Y2018.
The finalization of the procedure of CIBANK’s merger into UBB will result in the existence of a sole legal entity - United Bulgarian Bank AD, with CIBANK’s clients becoming UBB clients. CIBANK’s activity will be discontinued without liquidation and its entire property will be taken over by UBB, in the latter’s capacity as a universal legal successor.