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Bulgarian SIBank on sale

banks moneyBulgarian SIBank is in talks with two European candidates interested in buying a majority share.
The results of these talks could be announced before the end of the month, Za Grada reported.
Candidates are the KBC Bank from Belgium, which has already bought insurance company DZI, and La Caixa, the largest private bank in Spain. This reported Dnevnik daily, citing Reuters. The agency quoted a source close to the process who requested anonymity.
Caixa and KBC have both made offers to buy quota in the ninth largest Bulgarian bank. “At this moment the offers are examined and a choice would most likely be made before the end of the month,” the anonymous source announced.
A different source told Reuters that the дdetermination might be taken as early as September 19 2007.
A spokesperson for SIBank decline to comment. Reuters' sources did not mention the value of the offers.
According to Reuters, the market capitalisation of SIBank is 930 million leva.
The news caused SIBank shares to rise in price with 5.89 % to a record level of 145 leva on September 18.

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