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Shareholders to submit Corpbank rescue proposals - Bulgaria central bank
September 1, 2014 / 3:07 PM / 3 years ago

Shareholders to submit Corpbank rescue proposals - Bulgaria central bank

SOFIA, Sept 1 (Reuters) - The two biggest shareholders of Bulgaria’s Corporate Commercial Bank (Corpbank) have pledged to submit proposals to rescue the country’s fourth-largest lender, the central bank said in a statement on Monday.

The main owner of Corpbank, businessman Tsvetan Vassilev, has told the central bank that an investment company will submit a rescue proposal for the lender within days, according to the statement. Separately Oman’s sovereign wealth fund, which owns about 30 percent of Corpbank, will set up a consortium to make a rescue offer, it said.

Corpbank was hit by a run on deposits in June, prompting the central bank to seize control of the lender and shut down its operations pending the outcome of an audit into its books that is due to completed in October.

Reporting by Tsvetelia Tsolova, editing by David Evans

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