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Jul 22, 2015

Oman fund set to seek ruling against Bulgaria over bank collapse-source

SOFIA, July 22 (Reuters) – Oman’s biggest sovereign wealth
fund is set to seek an arbitration ruling against Bulgaria over
the collapse of Corporate Commercial Bank (Corpbank), a
source familiar with the situation told Reuters on Wednesday.

Oman’s State General Reserve Fund (SGRF) owned a 30 percent
stake in Corpbank, Bulgaria’s fourth-largest lender, which
collapsed last year following a bank run.

Jul 17, 2015

Greece’s Eurobank to buy Alpha Bank branches in Bulgaria

ATHENS/SOFIA (Reuters) – Eurobank (EURBr.AT: Quote, Profile, Research, Stock Buzz) bought the loss-making Bulgarian branch network of fellow Greek lender Alpha Bank for 1 euro on Friday, a move that will allow Alpha to shore up liquidity in Greece and may also help insulate Bulgaria from the Greek debt crisis.

Greek banks, which have been closed for weeks as the near-bankrupt country negotiates a bailout deal with international creditors, face liquidity problems and are bracing for a deep overhaul including closures or mergers.

Jul 14, 2015

Bulgaria appoints IMF economist as central bank governor

SOFIA, July 14 (Reuters) – Bulgarian appointed a new central
bank governor on Tuesday hoping to boost confidence after the
collapse of Corporate Commercial Bank (Corpbank) and to
shield lenders from a debt crisis in Greece.

Dimitar Radev, 59 a senior economist at the International
Monetary Fund, succeeds Ivan Iskrov, who resigned a year after
the fall of Corpbank that triggered Bulgaria’s worst financial
crisis since the 1990s. He will take office on Wednesday.

Jul 8, 2015

Exclusive: Oman takes legal action against Bulgaria over bank collapse

MUSCAT/SOFIA (Reuters) – Oman’s biggest sovereign wealth fund has started legal action against the Bulgarian government over the collapse of Corporate Commercial Bank (Corpbank), a source at the fund told Reuters on Wednesday.

Oman’s State General Reserve Fund owned a 30 percent stake in the Balkan country’s fourth-biggest lender, which was felled by a bank run and shut down by the central bank, triggering the country’s worst financial crisis since the 1990s.

Jul 8, 2015

Exclusive – Oman takes legal action against Bulgaria over bank collapse: source

MUSCAT/SOFIA (Reuters) – Oman’s biggest sovereign wealth fund has started legal action against the Bulgarian government over the collapse of Corporate Commercial Bank (Corpbank) 6C9.BB, a source at the fund told Reuters on Wednesday.

Oman’s State General Reserve Fund owned a 30 percent stake in the Balkan country’s fourth-biggest lender, which was felled by a bank run and shut down by the central bank, triggering the country’s worst financial crisis since the 1990s.

Jul 8, 2015

Oman takes legal action against Bulgaria over bank collapse: source

MUSCAT/SOFIA, July 8 (Reuters) – Oman’s biggest sovereign
wealth fund has started legal action against the Bulgarian
government over the collapse of Corporate Commercial Bank
(Corpbank), a source at the fund told Reuters on
Wednesday.

Oman’s State General Reserve Fund owned a 30 percent stake
in the Balkan country’s fourth-biggest lender, which was felled
by a bank run and shut down by the central bank, triggering the
country’s worst financial crisis since the 1990s.

Jul 7, 2015

Bulgarian central bank steps up vigilance over Greece

SOFIA, July 7 (Reuters) – The Bulgarian central bank has
stepped up checks on local lenders by asking for data on
outgoing money transfers twice daily, monitoring for any
possible fallout from the debt crisis next door in Greece, three
banking sources said on Tuesday.

Bulgaria is seen as potentially vulnerable as more than a
fifth of its banking assets are Greek-owned and it has close
trade and investment ties to its southern neighbour, but the
sources told Reuters the situation remained calm.

Jul 3, 2015

Across Bulgaria border, fear and gloating over Greek crisis

SANDANSKI, Bulgaria, July 3 (Reuters) – Greece’s debt crisis
is lapping over the border into this southwestern corner of
Bulgaria, where the owner of the Felipe Z textile factory
worries she may not be able to pay her 60 workers next week.

Factory owner Snejana Zachariou explains buyers of her goods
are exclusively Greek. She will sit down with one of them on
Monday to try to work out how she can receive payment for a pile
of orders if Greek banks remain shut and capital controls stay
in place.

Jun 30, 2015

Prospective Bulgaria c.bank head aims to restore public trust, avert Greece contagion

SOFIA, June 30 (Reuters) – Restoring public trust in
Bulgaria’s central bank and closely monitoring any impact on the
country’s banks from the turmoil in neighbouring Greece will be
the priorities of the senior IMF economist tipped to become the
central bank’s next governor.

Dimitar Radev, nominated by the ruling centre-right GERB
party and expected to win parliament’s approval in a mid-July
vote, said he would respond “as needed” to the Greek crisis, but
played down concerns about contagion spreading to Bulgaria.

Jun 29, 2015

Greece’s neighbours feel ripples from bank crisis in Athens

SOFIA/SKOPJE, June 29 (Reuters) – A Greek-owned bank in
Bulgaria said on Monday it saw a slight increase in depositors
moving money to other banks, a first rumbling of the debt crisis
in Athens making itself felt in Greece’s ex-Communist
neighbours.

Millions of people in Bulgaria, Macedonia, Albania, Serbia
and Romania have deposits in banks owned by Greek lenders,
putting this corner of south-eastern Europe in the frontline if
the Greek crisis spreads.