Tsvetelia's Feed
Apr 24, 2015

Bulgaria scoffs at video of bank tycoon, cbank governor singing

SOFIA, April 24 (Reuters) – A video went viral on Friday
showing Bulgaria’s central bank governor dancing and singing
arm-in-arm with the fugitive businessman Tsvetan Vassilev, who
was at the centre of a banking crisis last year.

Two of Vassilev’s lawyers told Reuters that one of them had
leaked the tape to a local television channel.

Apr 22, 2015

Exclusive – Raiffeisen to submit Poland unit IPO prospectus in mid 2015

SOFIA (Reuters) – Raiffeisen Bank International (RBIV.VI: Quote, Profile, Research) will submit plans around the middle of this year to list part of its Polish business in Warsaw, and hopes to sell the whole business by the start of 2016, its chief executive told Reuters on Wednesday.

Emerging Europe’s second-biggest lender, which could post a second straight loss this year, wants to sell its Polish and Slovenian businesses as part of a restructuring drive.

Apr 22, 2015

Raiffeisen to submit Poland unit IPO prospectus in mid 2015

SOFIA (Reuters) – Raiffeisen Bank International will submit plans around the middle of this year to list part of its Polish business in Warsaw, and hopes to sell the whole business by the start of 2016, its chief executive told Reuters on Wednesday.

Emerging Europe’s second-biggest lender, which could post a second straight loss this year, wants to sell its Polish and Slovenian businesses as part of a restructuring drive.

Apr 8, 2015

Bulgaria charges KPMG auditors over Corpbank activities

SOFIA (Reuters) – Prosecutors charged two auditors from the Bulgarian unit of consulting firm KPMG [KPMG.UL] on Wednesday with not reporting shortcomings in the activities of Corporate Commercial Bank (Corpbank) to the central bank.

The Bulgarian prosecutors said in a statement that they had also charged the head of Corpbank’s internal audit unit with neglecting her duties, which they said resulted in significant damage to the lender and helped precipitate a liquidity crisis.

Apr 7, 2015

Former Bulgarian central bank official charged in bank collapse

SOFIA, April 7 (Reuters) – Bulgarian prosecutors charged a
former central bank deputy governor for abuse of office on
Tuesday, saying he failed to act on a report showing failings in
how Corporate Commercial Bank (Corpbank) was run.

Corpbank collapsed last year following a run on it in June,
triggering the biggest banking crisis the country has seen since
the 1990s.

Mar 29, 2015

As Bulgaria empties, government struggles to dole out pension pot

SOFIA (Reuters) – The poorest country in the European Union enables some public sector workers to retire in their forties. Elena Yaneva hopes she won’t be caught up in Bulgaria’s pending pensions overhaul.

“I do hope I can retire by the end of the year, otherwise I will have to race with the increase (in retirement age) for who knows how many years,” said Yaneva, an accountant who turned 60 this month. “And I do not want to die at my workplace.”

Mar 24, 2015

Investor says buys stakes in Bulgarian tycoon’s firms

SOFIA, March 24 (Reuters) – A Luxembourg-registered group
has bought company stakes owned by fugitive Bulgarian tycoon
Tsvetan Vassilev for 1 euro ($1), including in Bulgaria’s
biggest telecoms firm, and will take on a related 900 million
euros of debt, it said on Tuesday.

Vassilev was at the centre of a scandal last year when a
bank he majority-owned, Corporate Commercial Bank (Corpbank)
, was hit by a run on deposits and shut down.

Mar 19, 2015

Bulgaria sells 3.1 bln euros in largest ever bond sale

SOFIA/LONDON, March 19 (Reuters) – Bulgaria sold 3.1 billion
euros of government bonds in its biggest ever sale on Thursday,
becoming the latest emerging market to ride the strong demand
for euro debt being created by the European Central Bank’s
quantitative easing programme.

Sofia launched three separate bonds at the tight end of the
price guidance in seven-, 12- and 20-year maturities.

Mar 18, 2015

Bulgaria changes law to reverse Corpbank asset drain

SOFIA, March 18 (Reuters) – Bulgaria changed its bank
bankruptcy law on Wednesday to protect creditors of Corporate
Commercial Bank (Corpbank) and try to claw back the
collapsed lender’s assets.

Corpbank was hit by run on deposits in June after reports of
murky deals surfaced, sparking Bulgaria’s worst financial crisis
since the 1990s and putting corruption and the quality of the
Balkan country’s banking supervision into the spotlight.

Mar 12, 2015

Bulgaria plans law change to prevent “plundering” of Corpbank

SOFIA, March 12 (Reuters) – Bulgaria is planning urgent
legal changes to protect creditors of Corporate Commercial Bank
(Corpbank) and prevent the collapsed lender’s assets
from being depleted through behind-the-scenes deals, officials
said on Thursday.

Corpbank was hit by a run on deposits last June, which
sparked Bulgaria’s worst financial crisis since the 1990s and
shone a spotlight on the quality of its banking supervision.