Velchev & Co provided legal advice on the transaction, as well as on the approval processes before the Commission for Protection of Competition (CPC), the Bulgarian National Bank (BNB), and the European Central Bank (ECB).

The transaction is among the first bank acquisitions in the country to undergo direct oversight and coordination at the European level.

The project was highly complex due to the specific legal and regulatory requirements imposed by all relevant Bulgarian and European authorities. The legal work on the acquisition involved not only multi-layered structuring of the legal processes, but also management of communications with supervisory authorities and assessment of specific regulatory risks.

"The project was significant both for the client and for the banking sector in Bulgaria. The regulatory framework required the utmost precision and an exceptionally thorough approach. For us, it was crucial to ensure transparency, consistency, and legal certainty for all parties at every stage of the transaction. The entire Velchev & Co team invested considerable effort over nearly two years. The successful completion of the acquisition was also largely attributable to the professionalism and hard work of our colleagues at EY Bulgaria (Ernst & Young Bulgaria), as well as the team at Braikov Law Office. We are proud to have contributed to the successful conclusion of the transaction," said Pavel Velchev, Managing Partner of Velchev & Co.