site.btaCentral Bank's Governing Council Extends Corpbank's, Victoria Bank's Special Supervision by Two More Months

Central Bank's Governing Council
Extends Corpbank's, Victoria Bank's Special Supervision
by Two More Months


Sofia, September 16 (BTA) - The Bulgarian National Bank's (BNB)
Governing Council decided on Tuesday to extend the special
supervision of Corporate Commercial Bank AD (Corpbank) and
Victoria Commercial Bank EAD by two more months, until November
20 and 22, respectively, said the central bank's press service.

Between October 28 and November 20, 2014 shareholders and other
potential investors, who have expressed interest in Corpbank's
restructuring, will be provided with the opportunity to propose
specific financial and legal commitments for providing capital
and liquidity. This will happen based on the results of the
assessment of Corpbank's condition and the reported capital
adequacy ratio, the press release reads.

Corpbank suspended all operations on June 21, 2014 after a run
by depositors left it illiquid and on the same day it was placed
by the BNB under special supervision for a maximum of six
months to allow a thorough audit and possible restructuring.