The Bulgarian central bank has issued a permit to Icelandic billionaire Thor Bjorgolfsson to acquire a stake of up to 34% in the local Economic and Investment Bank (EIBank). The 34% stake is calculated after the capital of the bank was raised to BGN 69.7 mln, said the central bank. The contract for the transfer of the EIBank stake was signed in September and had since been awaiting a nod from the central bank. Bjorgolfsson will further increase his stake in EIBank to 50% in early 2007. Bjorgolfsson, with a net worth of around USD 1.4 bln, already owns an interest in drug maker Actavis which operates units in Bulgarian cities Razgrad, Dupnitsa and Troyan. The Icelandic businessman is also a co-owner of Advent International, the global equity fund that bought the Bulgarian Telecommunications Company in 2004.