July 26, 2019 / 7:15 PM / 6 months ago

Bulgaria's Fibank has secured 130 million euros to prop up capital

SOFIA (Reuters) - Bulgaria’s fourth largest lender First Investment Bank 5F4.BB said on Friday it had already secured 130 million euros to prop up its capital after the European Central Bank found a 262.9 million euro shortfall.

The ECB carried out a comprehensive assessment on six Bulgarian banks and found capital shortfalls at First Investment Bank and another small bank that it would now help supervise, a preliminary step in Sofia’s efforts to join the euro zone.

Fibank said in a statement it would address the 133 million euros with its profit, by de-risking of its credit portfolio and other measures.

Reporting by Tsvetelia Tsolova; Editing by Kirsten Donovan

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