AIB sells €216m bank stake for €100k

AIB HAS sold its near-50% stake in a Bulgarian bank, which cost €216 million just three years ago, for a mere €100,000.

Confirmation of the Sofia-based Bulgarian-American Credit Bank’s (BACB) sale to an investment firm led by Tsvetelina Borislavova was made on Bulgaria’s stock exchange yesterday.

Ms Borislavova is the girlfriend of the Balkan country’s prime minister, Boyko Borisov.