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LONDON, Sep 22 – Fitch Ratings changed Bulgaria-based First Investment Bank’s (FIBank) Outlook to Negative from Stable.
The Outlook change reflects the challenges that FIBank is facing in the current market environment in terms of attracting new long-term funding and capital at an acceptable cost and refinancing its existing obligations in full.
As a result, FIBank’s prospects in terms of both profitability and market share could well be negatively impacted.
Founded in 1993 and considered to be the sixth-largest bank in Bulgaria where it is the largest remaining Bulgarian-owned bank. FIBank is partially listed on the Sofia Stock Exchange. It has a small subsidiary bank in Albania.
