The Bulgarian Financial Supervision Commission - FSC announced that it has allowed Vienna Insurance Group (VIG) to increase its direct shareholding in Bulstrad Vienna Insurance Group, following the liquidation of its fully-owned subsidiary TBI Bulgaria.

Vienna Insurance Group AG Wiener Versicherung Gruppe, which holds direct and indirect shares amounting to 100% of the capital of ZAD Bulstrad Vienna Insurance Group, is the sole owner of the capital of TBI Bulgaria EAD.

TBI Bulgaria AD currently holds directly 85.80% of the capital of ZAD Bulstrad Vienna Insurance Group.

Vienna Insurance Group AG Wiener Versicherung Gruppe currently holds directly 14.20% of the capital of ZAD Bulstrad Vienna Insurance Group.

TBI Bulgaria entered liquidation proceedings in July and set a six-month deadline for their completion.

In its announcement, FSC did not disclose further information.