Each of the new shares will have a nominal value of BGN 1 and an issue value of BGN 8. The new share issue will allow
After the issue of the new shares, the total share capital of the Bank will increase from BGN 110 million to BGN 135 million. As of
The issue price was determined after a comprehensive analysis taking into account the interests of all shareholders of the Bank, including:
Book value per share as a key factor in determining the price;Market data and estimates of recent acquisitions of other banks in Bulgaria;Financial indicators, market position and size of the Bank;Expected development taking into account the innovative profile of the Bank;Risk factors and measures taken to eliminate them;The excellent condition of the Bulgarian banking system as a whole and the positive outlook for the forthcoming
The shares' carrying value is based on the audited financial statements of the Bank as at the end of 2019, and amounts to BGN 8.57 per share on an individual basis and BGN 8.87 per share on a consolidated basis. In order to attract wider interest among investors, the issue price of the new shares includes a 10% discount over the book value per share on a consolidated basis. At the end of March, the book value of the Bank's shares increased further to BGN 8.63 per share on an individual basis and BGN 8.90 on a consolidated basis. The earnings per share for 2019 amounted to BGN 1.25. This capital increase will be considered successful if at least 2,500,000 shares are subscribed and paid.
As part of its strategy to diversify its sources of funding, at the end of last year,
In 2019, Fibank's assets increased by more than BGN 1 billion, reaching BGN 10,660 million on a consolidated basis. Regulatory capital reached BGN 1,284 million for the same period, with an increase of BGN 176 million. During the year Fibank's deposits grew by BGN 761 million its total borrowings exceeding BGN 9,104 million. In 2019, the Bank successfully issued a debt-equity instrument totaling
In the first quarter of 2020, Fibank's capital position strengthened further after the 2019 profit was included in its equity following BNB permission. As of
With the placement of the new issue, the Bank will fulfill 100% of the latest recommendation of the
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