Bulgaria's Commission for Protection of Competition said that it has allowed state-owned Bulgarian Development Bank AD to proceed with the planned acquisition of 18.35% interest in First Investment Bank AD (BUL:5F4) through participation in its capital increase. The 18.35% interest will give the BDB no real control over Fibank's commercial activities as there will be two other shareholders with 31.35% interest each following Fibank's capital increase, the competition authority said. The two major shareholders in Fibank are businessmen Tseko Minev and Ivaylo Mutafchiev, who own 42.5% interest each before the completion of the capital increase. Last month, Fibank said it has raised BGN 195.4 million ($112.8 million /€99.9 million) in a capital increase, through which BDB is acquiring 18.35% interest in the company. The other major investor in the capital increase - Liechtenstein-registered Valea Foundation - is acquiring shares equal to a 7.87% stake in Fibank. BDB's decision caused a public outcry as it subscribed for the shares in Fibank at a price of BGN 5 apiece, representing a 92% premium over the existing shares' closing price of BGN 2.6 on the Bulgarian Stock Exchange at the time of the auction of the subscription rights.