Majority Owner to Submit KTB Rescue Plan in Next Two Days - Media

The majority owner of Bulgaria’s troubled Corpbank Tsvetan Vasilev will submit a plan for its rescue to the central bank in the next two days, local media reported on Tuesday.

According to Vasilev’s lawyer Konstantin Simeonov, investors are being currently sought to provide funding that would enable Corporate Commercial Bank (KTB) to repay its depositors, bnews.bg media outlet reported.

Simeonov also said he didn’t know details of the plan.

Also on Tuesday, representatives of employers, trade unions and financiers met with Chief Prosecutor Sotir Tsatsarov to discuss rescue options for Bulgaria’s fourth largest lender.

KTB has been closed since June 21 following a deposits run that prompted the central bank to place KTB under special supervision, freezing all of its operations and ordering an audit of its books.

Sasho Donchev, Chairman of the Management Board of the Bulgarian Industrial Association said after the meeting that there were “deliberate actions against KTB and organizers of these actions”.

He also told reporters that BNB governor Ivan Iskrov will present a comprehensive report on KTB on September 21.

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