BULGARIA STRIPS MAJOR BANK OF ITS LICENSE 

SOFIA, Bulgaria (AP) — Bulgaria’s central bank has stripped the country’s fourth-biggest lender of its license and announced that it will launch bankruptcy proceedings against the bank.

The central bank said in a statement on Thursday that “the management board of the Bulgarian National Bank withdrew the license for banking activity of Corporate Commercial Bank.” It also said that according to a report submitted by Corpbank’s supervisors it had negative capital of leva 3.75 billion ($2.4 billion).

In June, Corpbank was hit by a run, leading the central bank to put the firm under special supervision after it had stopped all payments and bank operations because of a liquidity drain.

The bank’s main shareholder, TsvetanVasilev, who is out of the country, has been charged with embezzlement, which he denies.

WANT TO BUILD A FINANCIAL EMPIRE?

Subscribe to the Global Banking & Finance Review Newsletter for FREE
Get Access to Exclusive Reports to Save Time & Money

By using this form you agree with the storage and handling of your data by this website. We Will Not Spam, Rent, or Sell Your Information.
All emails include an unsubscribe link. You may opt-out at any time. See our privacy policy.

Copyright 2014 The Associated Press. All rights reserved.

WANT TO BUILD A FINANCIAL EMPIRE?

Subscribe to the Global Banking & Finance Review Newsletter for FREE

Get Access to Exclusive Reports - Save Time & Money
Submit
By using this form you agree with the storage and handling of your data by this website. We Will Not Spam, Rent, or Sell Your Information.
All emails include an unsubscribe link. You may opt-out at any time. See our privacy policy.
Close