Bulgarian Development Bank seeks antitrust nod to absorb BDB Factoring

The Bulgarian Development Bank (BDB) is seeking the approval of the competition regulator to absorb its fully-owned unit BDB Factoring.

As a result of the transaction, BDB Factoring's property will be transferred to its parent, as the company will be terminated without liquidation, the antitrust body the Commission for Protection of Competition said.

BDB Factoring provides working capital for the business through the transfer of ownership of receivables, without the requirement for material security. Last year, the state-owned lender successfully completed a BGL140 million ($86.2 million) capital increase, raising its capital to some BGL1.44 billion.