In the fourth quarter of 2013, the Bank together with Borealis AG formed a joint venture in Bulgaria, FEBORAN AD. The joint-venture company purchased 20.3% of the shares of Neochim AD which is Bulgaria’s leading producer and distributor of fertilizers; it operates one ammonia plant, two nitric acid plants and an ammonium nitrate plant in Dimitrovgrad in southern Bulgaria. Borealis AG is a leading provider of innovative solutions in the fields of polyolefins, base chemicals and fertilizers.