site.btaBankruptcy Petition for Corpbank Submitted to Sofia City Court

Bankruptcy Petition
for Corpbank Submitted
to Sofia City Court


Sofia, November 7 (BTA) - A petition for the institution of
bankruptcy proceedings against Corpbank has been submitted to
the Sofia City Court, the Court said on Friday.

On November 5, the Governing Council of the Bulgarian National
Bank (BNB) withdrew the banking licence of Corporate Commercial
Bank (Corpbank).

On June 20, 2014, Corpbank suspended all operations after a run
by depositors left it illiquid, and on the same day the BNB
placed it under special supervision for a maximum of six months
to allow a thorough audit and possible restructuring. On
September 16, the special supervision was extended until
November 20.

On Friday the BNB specified that the withdrawal of Corpbank's
licence does not apply to its subsidiary, Commercial Bank
Victoria. The central bank recalled for BTA that the special
supervision for Commercial Bank Victoria expires on November 22
and until then its fate will be decided. LI/LG