First Investment Bank Shares Up on Monday

Long queues of customers waiting to withdraw their savings could be seen at a number of FIBank branches on Friday. Photo by BGNES

Shares of Bulgaria's First Investment Bank were up 24% as of Monday, 13:00 EEST (11:00 GMT).

Data from the Sofia Stock Exchange, cited by website Capital.bg, came despite Friday's surge of panic among many Bulgarians following rumors spread via SMS and online that the bank could fail.

The information forced scores of people to withdraw their savings.

FIBank shares are gradually restoring their levels to those before the attacks (which pushed them down 20%) and were sold on Monday for BGN 3.50 each, close to their Thursday's value of BGN 3.74.

The bank meanwhile says on its website there is a growing number of customers who have canceled requests to withdraw deposits they issued Friday. Despite concerns of liquidity problems the bank opened as usual on Monday and is to continue receiving clients during business hours.

Experts cite the EU Commission's decision to approve a liquidity support scheme for Bulgarian banks and the final decision on early elections date announced Sunday as reasons fo the stabilization.

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