BULGARIA’S CENTRAL BANK REVOKES THE LICENCE OF CORPORATE COMMERCIAL BANK

On 6th of November, in a press release published on the website of Bulgaria’s central bank, it was announced that:

“Today, 6.11.2014 on the grounds of art.36, par.2, item 2, art.103, par.1, item 1, par.2, item 25 and art.151, par. 1, first motion, of the Law on Credit Institutions and art. 16, item 15 of the Law on the Bulgarian National Bank, the BNB Governing Council has revoked Corporate Commercial Bank AD’s license for conducting banking activities. Under that decision:

1. The BNB Governing Council revoked the license for conducting banking activities granted by the BNB Governing Council’s Decision No. 24/21.01.1994...” and the further text quotes all amendments to the license that took place over the years.

The bank will sign a contract with a legal entity to trace where the money from Corporate Commercial Bank went.

The text of a different BNB press release, again from 6th of November, says that the ВNB Governing Council tasked the BNB representative in the Bulgarian Deposit Insurance Fund (BDIF) to propose either BDIF, or the assignee in bankruptcy appointed by BDIF to sign a contract with a legal entity, which has the relevant international experience to trace the operations carried out with Corp Bank assets, which led to a negative value of Corp Bank’s own fund and the revoking of its license.