Bulgaria's Victoria Bank Opens Friday

Commercial Bank Victoria EAD is opening on Friday, December 12, following nearly half a year of conservatorship.

All sums, and not only those of up to BGN 196 000 (as the case was with Corporate Commercial Bank) will be available for withdrawal.

Victoria, formerly Credit Agricole Bulgaria and a subsidiary of Corporate Commercial Bank (Corpbank or KTB) has been under the special supervision of Bulgaria's central bank since June, just days after a similar move at KTB following a deposits run.

Victoria's liquidity is now at BGN 160 M, the Bulgarian National Bank BNB has said in a statement. The bank secured the money through selling part of its loans to two other financial companies - Societe Generale Expressbank and the Central Cooperative Bank.

Depositors there will be offered unlimited services from Friday.

A shareholders meeting is scheduled for December 15 at Commercial Bank Victoria to sit on a proposal to change the bank's Statute and to have a new five-strong Board of Directors.

The five names mentioned by the national regulator are Krasimir Zhilov, Galya Dimitrova, Bozhidar Arshinkov, Evgeniya Stoyanova and Boyka Vasileva.

Ernst & Young is the BNB's proposal to become an auditor at Victoria, a function the company had had until end-2013.

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