Tsvetelia's Feed
May 20, 2015

Clock ticking for Bulgarian bank checks, lenders warn

SOFIA, May 20 (Reuters) – Bulgaria must speed up
preparations for an asset quality review (AQR) of its banks
planned for the first quarter of next year to restore trust
after a 2014 banking crisis, lenders warned on Wednesday.

The Balkan country has pledged to assess its 28 banks and
aims to join Europe’s banking union following the collapse of
its fourth largest lender, Corporate Commercial Bank
(Corpbank), after a run on deposits last year.

May 19, 2015

Russia not coordinating oil policy with OPEC-Lukoil

SOFIA, May 19 (Reuters) – Russia is not coordinating its oil
policy with OPEC, the chief executive of Lukoil, the country’s
second biggest oil producer, said on Tuesday.

Some producers in the Organization of the Petroleum
Exporting Countries, keen to preserve their market share, have
said they would only consider cutting output to defend oil
prices if others outside the group did so too.

May 11, 2015

Bulgarian central bank officials probed over Corpbank activities

SOFIA, May 11 (Reuters) – Bulgarian prosecutors have
launched an investigation into two central bank officials
suspected of deliberate mismanagement as they took over the
running of insolvent lender Corporate Commercial Bank (Corpbank)
in November.

The investigation is the latest in a string that opened in
the aftermath of Corpbank’s collapse last June, which also
include probes into the activities of top central bank
officials, the bank’s main shareholder and its auditors.

May 10, 2015

Amid protests and plunder, Bulgaria aims to bring trains up to speed

DOBRINISHTE, Bulgaria, May 10 (Reuters) – The narrow-gauge
train snaking its way through the valleys and gorges of
southwestern Bulgaria is a lifeline for surrounding villages,
but could face the axe as the government tries to modernise a
network mired in losses and debt.

Corruption and mismanagement have for years hobbled the
state railways, which are among the least efficient in Europe,
while workers have been caught stealing fuel from locomotives.
Many lines have barely changed since the fall of Communism in
1989, despite a sharp drop in population due to emigration and
an end to the planned economy.

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.”