Corpbank Rescue Options to Be Discussed at BIA

Finance | September 12, 2014, Friday // 09:46|  views

KTB building in Sofia. Photo by Hristina Dimitrova

Bank experts, trade-union representatives and employers are set to discuss ways out of the crisis at Corporate Commercial Bank (Corpbank or KTB) and possible bailout scenarios.

A letter from the Sultanate of Oman's State General Reserve Fund (SGRF) is to be discussed during the talks at the Bulgarian Industrial Association (BIA).

The SGRF, Corpbank's second-largest shareholder, said earlier this week it is ready to begin talks with Bulgaria's central bank BNB to draft a plan on how KTB could be restructured.

The Sofia City Court is meanwhile due to hold a sitting on an appeal demanding that the arrest warrant issued for KTB's majority owner Tsvetan Vasilev be retracted.

Vasilev's lawyer announced on Monday he is in Belgrade and would like to return to Bulgaria.

The banker is also widely expected to table a rescue plan for KTB.

Corpbank was placed under conservatorship on June 20 following a bank run that later spread to another key financial company, First Investment Bank.

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Tags: Corporate Commercial Bank, Corpbank, KTB, BIA, Sultanate of Oman, SGRF, Tsvetan Vasilev


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