News Column

Oman fund holds talks with Bulgaria on Corpbank rescue

June 25, 2014

Reuters



Sofia:Oman's sovereign wealth fund has held talks with the Bulgarian government and the central bank about recapitalising Corporate Commercial Bank (Corpbank), Oman's honorary consul in Sofia said on Wednesday.



The fund had earlier sent a letter to Bulgarian authorities about holding talks to protect its interest in Bulgaria's fourth-largest lender, the consul said.



The central bank seized control of Corpbank on Friday after a run on the lender, froze its operations and said it would start talks with its existing shareholders, which include the Oman fund, about supporting it. If the talks fail, Bulgaria has said it will nationalise the bank.



"I know that the fund has sent a letter to the Bulgarian government and the central bank insisting talks be held in respect to protecting its interest in the bank," Stoyan Denchev said by phone."




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Source: Times of Oman


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