Financial Supervision Commission

Belgium-based KBC group has finalized the purchase of the United Bulgarian Bank (UBB) and leasing company Interlease, according to its own statement.

The deal, with a price tag of EUR 610 M, gives KBC control over 99.9% of the bank's shares and 100% of Interlease.

KBC is the owner of CIBank and insurance company DZI in Bulgaria.

The deadline for the evaluation of insurance and pension funds has been extended until the end of January, announced the Financial Supervision Commission.

Initially, the deadline for the results of the review of the assets of pension funds and of the balance of insurers was the end of December.

At a meeting on November 23, the government approved additional еxpenses and transfers amounting to BGN 4.071 M, announced the press center of the government. 

Under the budget of the National Audit Office, BGN 140,000 were approved for additional expenses for 2016. These will be used for the payment of compensations to its retired employees.

The new Chairwoman of the Financial Supervision Commission Karina Karaivanova is planning a serious increase in taxes paid by pension funds, insurers and the investment community.

Karaivanova has already had meetings with representatives of the non-banking sector.

The Bulgarian legislators have imposed an upper limit for the salary of the head of the country's financial regulator, making it equal to the wage of the Speaker of Parliament.

Bulgaria's Financial Supervision Commission (FSC) has warned the potential investors about 18 firms that are not entitled to operate as investment intermediaries in the country.

"The list of the firms, which haven't been licensed by the FSC, will help prevent fraud when investment is made in financial instruments," the financial watchdog said in a statement on Wednesday.

Bulgaria's Financial Supervision Commission (FSC) has refused to approve the IPO prospectus of Smart Organic AD, a producer and distributor of organic products.

The Bulgarian company will not appeal the decision or try to remove the alleged omissions and regularities, according to its majority owner, Yani Dragov, as cited by investor.bg.

Industrial Holding Doverie AD, a subsidiary of Doverie Obedinen Holding AD, has signed a preliminary contract for the acquisition of 99.53% of the capital of Tokuda Bank AD, according to an official media statement of the company.

Emil Karanikolov, head of the Privatization and Post-Privatization Control Agency, has said that the State Agency for National Security (DANS) will be consulted on the privatization of the Central Depository AD.

Bulgaria's Tourism Ministry prepares legislative amendments, which will offer better protection to users in cases of unfulfillment of paid organised excursions or bankruptcy of tour operators.

These measures are foreseen after the latest in a series of tour operator bankruptcies, which left 300 people without a holiday.