The Bulgarian National Bank (BNB) granted approval for the transformation of Tokuda Bank by a merger into Bulgarian-American Credit Bank (BACB). This is the final regulatory condition for completion of the merger and BACB will take the necessary steps to register it in the Commercial Register. Note that BACB is the sole owner of Tokuda Bank’s capital. The acquisition deal was completed in January this year and according to BACB Q1 report the price of the deal is EUR 30m or at a P/B of 0.9x. Tokuda Bank is the smallest bank in Bulgaria and the third smallest if include the branches of foreign banks. As of end-June, it had EUR 257.2m of assets and EUR 32.9m of equity. BACB is the 14th largest bank by assets as of end-June with EUR 1.6bn of assets and EUR 209m of equity and after the merger is completed should move to number 13.