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Bulgaria’s central bank asks Omani fund to present rescue plan

: Monday, August 25 - 2014 @ 09:00

Bulgaria’s central bank has asked the two biggest shareholders of troubled Corporate Commercial Bank (Corpbank) – Bulgarian company Bromak and Oman’s sovereign wealth fund – to present plans for the bank’s rescue by the end of this month, Reuters reported. Bulgarian Interim Prime Minister Georgi Bliznashki said on Wednesday an unidentified fund based in Vienna had expressed interest in rescuing the bank and would present its plan within 10 days. The Omani fund has already held talks with Bulgarian authorities about stabilising Corpbank. Interim Finance Minister Rumen Porozhanov, however, said on Wednesday that he had not met with the Oman fund’s representatives since taking office earlier two weeks ago. The central bank said that Bromak had not yet notified it of any initiative regarding support for Corpbank nor had it sought information on the financial state of the lender. Bulgarian prosecutors have charged Vassilev with embezzlement and said that an international warrant for his arrest had been issued.

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Monday, August 25- 2014 @ 9:00 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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