The Bulgarian subsidiary of the National Bank of Greece (NBG) is up for sale, according to banking industry sources who have reported that there are currently two bids to buy the bank.
United Bulgarian Bank (UBB) is valued at 1.32 billion less or $724 million according to the latest numbers released in September by the Central Bank.
Reuters has reported that so far those bidding in hopes of acquiring UBB are the Belgian bank KBC and Hungarian lender OTP Bank.
“A sale to one of the two bidders is likely to be agreed by the end of the year,” reported a source close to the matter commented.
Both KBC and OTP declined to comment on the rumored bids, Reuters reported.
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