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Kinstellar advises on the merger between Cibank and United Bulgarian Bank

Feburary 2018 – Kinstellar is pleased to announce that it has successfully advised United Bulgarian Bank (“UBB”) and Cibank on their merger. The transaction follows UBB’s acquisition by KBC Group in 2017. Our team in Sofia has worked on the merger documentation, including obtaining the regulatory approvals from the Bulgarian National Bank, as well as on the related employment and corporate law aspects.

The newly formed bank has, as a result of the merger, assets exceeding BGN 11 billion (EUR 5.6 billion), a larger branch network throughout Bulgaria and a wider range of products and services, focused on individuals and small and medium-sized enterprises (SMEs). UBB’s offering in Bulgaria will also capitalise on the support of the international banking group КBC.

The Kinstellar team comprised Diana Dimova (Partner), Svilen Issaev (Counsel), Nina Tsifudina (Managing Associate) and Stiliyana Ivanova (Associate).

The merger followed the EUR 610 million acquisition of UBB and Interlease by KBC Group in 2017 where Kinstellar acted as main legal advisor to KBC Group. This was the most significant M&A transaction in the Bulgarian financial sector in recent years.

For more information please contact Diana Dimova, Partner, at