Bulgaria's delicensed Corpbank changes management system of Victoria unit

In late June, the Bulgarian National Bank (BNB) placed Corporate Commercial Bank (Corpbank) and Victoria Commercial Bank under conservatorship and suspended all payments. BNB has since revoked Corpbank's licence with Victoria Commercial Bank's special supervision due to run out on December 23.

Corpbank has also replaced its subsidiary's board of directors, appointing a five-member one for a period of three years, Corpbank said in a statement filed with the Sofia bourse on Wednesday.

The decisions were voted on at an extraordinary meeting held on December 16.

Earlier in December, the BNB said it had instructed the conservators of Victoria Commercial Bank to call a shareholders' meeting to vote in a new board and reshuffle its management model, as well as to switch from a two- to a one-tier management.

BNB said at the time the lender will resume operations with 160 million levs ($100.7 million/81.8 million euro) in liquid funds.

In January, Credit Agricole and Corpbank signed an agreement for the sale of Credit Agricole Bulgaria, later re-named to Victoria Commercial Bank. The value of the deal was not disclosed.

(1 euro = 1.95583 Bulgarian levs)