The acquisition of the bank is part of Kardan's recently published strategy of strengthening its holdings in Bulgaria and Romania.
Kardan NV (TASE: KRNV;AEX:KARD) unit TBIF Financial Services BV has signed an agreement to acquire Bulgarian bank NLB Banka Sofia AD for €15 million. TBIF is buying the bank from two Slovenian banks - Nova Ljublijanska Banka and Factor Banka.
Acquisition of the bank is part of Kardan's recently published strategy of strengthening its existing investments in Bulgaria and Romania, while making new synergetic investments in those countries.
Kardan NV's wholly owned subsidiary Kardan Financial Services BV holds 90% of TBIF Financial Services.
Kardan's share price was down 0.26% to NIS 19.02 in early afternoon trading on the TASE today.
Published by Globes, Israel business news - www.globes-online.com - on April 5, 2011
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