BA-CA Keeps Divesting of Stake in Bulgarian American Credit Bank

10. Oktober 2006, 00:00

Bank Austria Creditanstalt (BA-CA) cut shareholding in listed Bulgarian American Credit Bank (BACB) from 5.328 per...

Bank Austria Creditanstalt (BA-CA) cut shareholding in listed Bulgarian American Credit Bank (BACB) from 5.328 per cent to 4.93 per cent, the latest newsletter of the central depository reads.

This is the latest in a string of equity divestitures since April this year, when the Austrian bank bought 20 per cent of the Bulgarian banks stock.

Meanwhile, BACB issued Monday its third-quarter financials. By the end of September, the banks assets soared to EUR 234 million, a solid improvement from EUR 167.6 million. Credit exposure stood at EUR 180 million. At the same time, interest income totaled EUR 16.9 million, while profit edged up from EUR 7.5 million in September 2005 to EUR 12.4 million.

The banks market capitalisation soared from Aprils BGN 366 million and a BGN 29 price per share to BGN 420 million and BGN 33-34 price apiece.

Only telecom BTC, drug maker Sopharma and Economic and Investment Bank have bigger market capitalisation among the local public corporations.

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