BULGARIAN NATIONAL BANK PLACES CORPORATE COMMERCIAL BANK UNDER SPECIAL SUPERVISION

The Bulgarian National Bank (BNB) placed Corporate Commercial Bank (CCB) under special supervision for a period of 3 months, said the BNB Governor, Ivan Iskrov, on 20th June at a press conference.

BNB also suspended the performance of all obligations of the Commercial Corporate Bank for 3 months, banned it from executing its activities under its license, removed the Management and the Supervisory Board and withdrew the voting right of shareholders with more than 10% share of CCB assets, for a period of 3 months.

Two conservators will be appointed at the bank.

Ivan Iskrov emphasized that the CCB had not gone bankrupt and the BNB undertook a quick and decisive step to prevent bankruptcy. He added that there was no need for depositors to worry about losing their money.

BNB Governor Iskrov explained that the banking sector in Bulgaria did not have the same interdependences as the banks in Western Europe.  CCB will not affect other banks in the country, he said.