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Monday, August 25, 2014

Bulgaria Corpbank's Owner Says Working With Oman On Restructuring Plan

Per www.globalinsolvency.com:


Tue., August 26, 2014
The majority owner of Bulgaria's troubled Corporate Commercial Bank (Corpbank) said on Monday it was working with Oman's sovereign wealth fund and other interested investors to restructure the lender, Reuters reported. Corpbank's fate has been in limbo since June, when a run on deposits prompted the central bank to seize control of it and close its operations, sparking the worst banking crisis in the poor Black Sea state since 1990s. Tsvetan Vassilev's Bromak owns just over half of Corpbank, the Balkan country's fourth-largest lender. Oman's sovereign wealth fund is the second-biggest shareholder with a stake of about 30 percent. The central bank said on Friday it had asked the two shareholders to unveil plans for the bank's rescue by the end of August. "I believe we are close to unveiling a decision in principle for the bank's rehabilitation that will fully comply with the legal requirements for capital adequacy and liquidity," Bromak owner Vassilev said in a statement posted on his personal website. Two days after Bulgarian Interim Prime Minister Georgi Bliznashki said an unidentified fund based in Vienna had expressed interest in rescuing the bank, the central bank said it had sent letters to the two shareholders. The central bank said in its statement that Bromak had not yet notified it of any initiative regarding support for Corpbank nor had Bromak sought information on the financial state of the lender.

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