Small and medium-sized companies received funding for over BGN 35 million from BACB Many small and medium-sized enterprises in the country have received funding of over BGN 35 million from the Bulgarian-American Credit Bank under the Bulgarian Development Bank's program "Forward". The data is from April, 2016, and the credit line is fully utilized. The main objective of the program is to support small and medium-sized businesses in Bulgaria under favorable conditions. It aims to support the development of the economy, the creation of new jobs and the realization of investments in areas of high unemployment, with priority to the processing industry. In this way, BACB aims to produce more added value, with high quality end products. The credit line between BACB and BDB was agreed at the end of July, 2015 in an initial amount of BGN 25 million with low-interest resource. The Bank is committed to providing loans to small and medium-sized companies in Bulgaria on preferential terms. Due to the great interest in the program, in September, 2016 BACB negotiated an increase of the credit line by BGN 10 million. In this way, it reaches a total exposure of BGN 35 million.
Source: Banker (05.05.2017)

Bulgaria's National Guarantee Fund, BACB sign SME loan guarantee deal Bulgaria's National Guarantee Fund (NGF) and the Bulgarian-American Credit Bank (BACB) [BUL:5BN] signed a guarantee agreement for credits to small and medium-sized enterprises (SMEs), the fund said on Wednesday. NGF will guarantee up to 50% of each loan, which should be up to 3 million levs ($1.71 million/1.53 million euro), the fund said in a statement. The funding is provided under the EU's COSME programme in support of SMEs in all phases of their lifecycle – creation, expansion, or business transfer.
Source: Capital (01.06.2017)

Four show interest in buying Bulgaria's Victoria Bank Four potential bidders have expressed interest in the purchase of 100% of Bulgaria's Victoria Bank, a wholly-owned subsidiary of bankrupt Corporate Commercial Bank (Corpbank), Victoria Bank said on Monday. The list of interested companies contains two Sofia-based banks – Investbank and Bulgarian American Credit Bank, Victoria Bank said in a statement. The other two offers were submitted by Sofia-based Vabo Internal and a tie-up between Kerbler Holding, Imfarr Beteiligungs and Green Finance. The initial procedure for the bank’s sale failed after Bulgaria's central bank said in March it refused to grant preliminary approval to the request of Sofia-based D Commerce Bank to acquire 100% of Victoria. The proposed strategy for the acquisition and business development of Victoria pose considerable risks, the central bank said at the time. Victoria Bank recorded a net loss of 5.6 million levs in 2016, compared to a loss of 9.3 million levs a year earlier. Its total assets stood at 128.5 million levs at end-2016.
Source: Monitor (25.07.2017)

Bulgarian banks show interest in financing projects of SMEs under Juncker Plan State-owned Bulgarian Development Bank (BDB) said nine offers have been submitted by local commercial banks for its EUR 300 million programme for providing financing to small and medium-sized businesses under the European Commission's investment plan for Europe. The offers were submitted by Allianz Bank Bulgaria, Bulgarian-American Credit Bank, Piraeus Bank Bulgaria, Investbank, Municipal bank, First Investment bank, D Commerce Bank, Eurobank Bulgaria, as well as a joint offer by UBB and CIBank. The financing of the new programme is jointly provided by BDB and EIB as part of the EU's Investment Plan for Europe. Under the programme BDB will provide up to EUR 50 million of financing to each eligible commercial bank for on-lending to small and medium-sized entreprises (SMEs) and it is prepared to assume up to 100% of the credit risk. Companies will be able to apply for loans of between BGN 3 million and BGN 24 million, for investment or operational financing purposes, excluding refinancing of existing loans.
Source: Banker (18.08.2017)

For the subsequent stage of the procedure for the sale of 100% of the capital of CB "Victoria" EAD are invited all four candidates, which have submitted letters of interest. These are Bulgarian-American Credit Bank AD, Investbank AD, Vabo Internal AD and the group of investors acting together - Kerble Holding GmbH, Imfarr Beteiligungs GmbH and Green Finance GmbH. This was announced by the trustees of Corporate Commercial Bank. "Following the expiration of the deadline for submitting letters of interest regarding the procedure for the sale of 100% of the capital of Victoria Bank EAD and the total exposition of the sole owner of the capital to the bank, an analysis and evaluation of the received letters of interest was made, on the provided accompanying information and profiles of the candidates - potential investors," the official letter reads.
Source: Sega (24.08.2017)

Three offers have been submitted for Victoria Bank The Bulgarian-American Credit Bank AD, Investbank AD and Vabo International AD have submitted indicative offers for the purchase of 100% of the capital of Victoria Bank EAD and the entire exposition of the sole owner of the capital to the Bank. An analysis and evaluation of the indicative offers will be forthcoming and the candidates admitted to the next stage of the procedure will be given the opportunity to carry out a thorough investigation of Victoria EAD and to submit their bids for 100% of the bank’s capital and the total exposition of the sole owner of the capital to the bank.
Source: Banker (07.09.2017)

Bulgarian Development Bank Approves All Partner Banks under Juncker Plan Scheme The Bulgarian Development Bank (BDB) has approved all ten partner banks in a new lending scheme under the Juncker Plan. These are Alianz Bank, the Bulgarian-American Credit Bank, DSK, Pireos, Investbank, United Bulgarian Bank and CIBank, Municipal Bank,First Investment Bank, Commercial Bank and Eurobank. The partner banks are yet to be vetted by the European Investment Bank. The money under the scheme for the Bulgarian business have been secured by BDB and EIB within the Investment Plan for Europe. The scheme is aimed at small, middle and intermediate companies with up to 3,00 staff which are among the existing clients of the banks. Banks will extend investment, project and turnover financing between BGN 3 and 24 million and the BDB will provide loan cover at 100%.
Source: Other (04.10.2017)

The Bulgarian-American Credit Bank (BACB) ended the first half of 2017 with a 15.7% profit growth after tax of BGN 4.4 million, according to the Bank's consolidated statement as of June 30, distributed through the Bulgarian Stock Exchange. Improvement in performance was achieved, given that in the first half of 2016 the group reported significant extra revenues as a result of the sale of ownership of VISA Europe. Comparing revenues from main activity (interest income) for both periods shows a decrease for the year 2017 with BGN 74 thousand to BGN 19.1 million. Main share in the interest income is from credit activity - with 96.1 %. Net fee and commission income remains the same as the previous year's figure of BGN 2.6 million, accounting for about 14% of the Group's operating income, as a direct consequence of the increase in market competition and the tendency to expand digital services. BACB shares rose 28% from the beginning of the year and in the last 12 months the increase reached 42.22% at a market capitalization of BGN 158.024 million.
Source: investor.bg (16.10.2017)

The deadline for submitting offers for Victoria Bank is until the end of October The deadline for submitting the final offers for the purchase of Commercial bank Victoria is the end of October. After bidding in short terms, one or several candidate buyers will be selected within a week. This means that in early November there should be a decision on the buyer. It will be made by the trustees of Corporate Commercial Bank (CCB), which owns the small and practically non-operating bank. Then the selected potential buyer - one or more - must be inspected by the BNB and the central bank has to decide whether or not to authorize a purchase. According to information from Capital, the Bulgarian-American Credit Bank (BACB) has completed the legal and financial analysis and will submit a bid. The other two bidders who checked in the bank are Vabo Internal and Investbank. In addition to 100% of Victoria's capital, the trustees are selling separately the bank’s deposit in the CCB - about BGN 85 million. The bank's own capital is BGN 34.2 million as of June 30, 2017.
Source: Capital (26.10.2017)

BACB, Investbank submit binding bids for Bulgaria's Victoria Bank Sofia-based banks Bulgarian American Credit Bank (BACB) and Investbank have submitted binding offers for the purchase of Bulgaria's Victoria Bank, its parent - bankrupt Corporate Commercial Bank (Corpbank) - said on its website. The two banks have submitted offers to acquire 100% of Victoria Bank, a statement published on Corpbank's website reads. In September, Victoria bank said that BACB, Investbank and Vabo Internal submitted non-binding offers within the deadline. The candidates, whose offers are admitted to the next stage of the sale, will be provided with an opportunity to conduct due diligence of the bank, Victoria bank said in September. The previous procedure for the bank’s sale failed after Bulgaria's central bank said in March it refused to grant preliminary approval to a request of Sofia-based D Commerce Bank to acquire 100% of Victoria. The strategy for the acquisition and business development of Victoria proposed by D Commerce Bank pose considerable risks, the central bank said at the time. Victoria Bank recorded a net loss of 5.6 million levs ($3.4 million/2.9 million euro) in 2016, compared to a loss of 9.3 million levs a year earlier. Its total assets stood at 128.5 million levs at end-2016.
Source: Capital (03.11.2017)

An eco-gated complex at the foot of Vitosha mountain A new-generation residential complex is being built and with it a step towards Green Sofia is being made. This is the exact definition of the newly built residential complex - HILL SIDE on Simeonovsko Shosse Blvd. in the capital. HILL SIDE is located at the foot of Vitosha mountain and sets the future of the closed environmentally friendly complexes in Bulgaria - emitting calmness, comfort, fresh air, green home, and at the same time with a key location. The authors of the project are Smart Consultants and AT Engineering 2000, which are supported by the Bulgarian American Credit Bank (BACB) in this project. HILL SIDE consists of six buildings with diverse and spacious apartments, office areas, underground parking, a richly landscaped and well-kept park, complemented by decorative water elements; a children's playground, a pet zone, a cardio alley for nature lovers, two outdoor pools, a spa and a fitness center.
Source: Standart (03.11.2017)