SOFIA (Bulgaria), December 11 (SeeNews) – The Bulgarian central bank said on Thursday it has instructed the conservators of Victoria Commercial Bank, a subsidiary of the delicensed Corporate Commercial Bank [BUL:6C9], to call a shareholders meeting to vote in a new board and reshuffle its management model.
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.
Last month, the central bank said that as of December 12 Victoria Commercial Bank will resume all operations in line with its banking licence and depositors will have access to their savings with the bank.
Victoria Commercial Bank's shareholders will vote on December 15 on the line-up of a five-member board and will also weigh in on switching from a two- to a one-tier management system, BNB said in a statement, adding that the lender will resume operations with 160 million levs ($101 million/81.8 million euro) in liquid funds.
(1 euro=1.95583 Bulgarian levs)