| The majority owner of Bulgaria’s troubled Corporate Commercial Bank (Corpbank) said yesterday it was working with Oman’s sovereign wealth fund and other interested investors to restructure the lender. Corpbank’s fate has been in limbo since June, when a run on deposits prompted the central bank to seize control of it and close its operations, sparking the worst banking crisis in the poor Black Sea state since 1990s.
Tsvetan Vassilev’s Bromak owns just over half of Corpbank, the Balkan country’s fourth-largest lender. Oman’s sovereign wealth fund is the second-biggest shareholder with a stake of about 30%. The central bank said on Friday it had asked the two shareholders to unveil plans for the bank’s rescue by the end of August...............................................Full Article: Source
|