ECB Grants Preliminary Authorization for Advent International's Acquisition of Bulgaria's TBI Bank

ECB Approves Major Banking Acquisition

The European Central Bank (ECB) has granted preliminary authorization for the acquisition of a qualifying holding in TBI Bank EAD, a leading tech-led challenger bank based in Bulgaria. The decision, adopted on February 13, 2026, allows Bago (Luxembourg) S.à r.l., a portfolio company of global private equity firm Advent International L.P., to acquire more than 50 percent of the shares and voting rights in TBI Bank.

This authorization is a crucial regulatory step following the definitive agreement signed on April 22, 2025, between Advent International and 4finance Holding S.A., the previous owner of TBI Bank. The transaction had previously received approval from the European Commission under the EU Merger Regulation on August 12, 2025.

TBI Bank: A Regional Challenger

TBI Bank, stylized as tbi bank, is recognized as a mobile-first challenger bank specializing in alternative payment solutions and embedded finance. It operates across Bulgaria, Romania, and Greece, with digital channels extending to Germany, Denmark, and Poland. The bank serves a substantial customer base of over 2.4 million individuals and partners with more than 32,000 merchant check-out points.

In 2024, TBI Bank reported strong financial performance, achieving a record net profit of EUR 50 million, an 18% increase year-on-year. Its total assets expanded by 20% to EUR 1.77 billion, positioning it as the ninth-largest bank in Bulgaria by asset size.

Regulatory Oversight and Future Outlook

The ECB's involvement in this acquisition highlights its expanded supervisory role since Bulgaria joined the Single Supervisory Mechanism on October 1, 2020. Since then, the ECB holds exclusive competence to assess notifications of acquisitions of qualifying holdings in credit institutions, working in conjunction with the Bulgarian National Bank.

The acquisition by Advent International is expected to further bolster TBI Bank's strategic growth plan, leveraging Advent's expertise in the banking and financial technology sectors. The transaction was initially anticipated to close in the fourth quarter of 2025, subject to the necessary regulatory approvals. The preliminary authorization from the ECB brings the deal closer to its final completion.