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Total 1,094 shares of Bulgaria's delicensed Corpbank trade on Sofia bourse

Dec 17, 2014, 4:28:42 PMArticle by Borislava Andreevska
share
SOFIA (Bulgaria), December 17 (SeeNews) – A total of 1,094 shares of delicensed Bulgarian lender Corporate Commercial Bank [BUL:6C9] changed hands on the Sofia stock exchange by 1303 CET on Wednesday.

Total 1,094 shares of Bulgaria's delicensed Corpbank trade on Sofia bourse

The shares were trading at an average price of 0.92 levs ($0.59/0.47 euro), bourse data indicated. They closed at 0.60 levs on Monday, when they last traded.

Following a five-month suspension, the shares of Corpbank resumed trading on November 26.

On June 20, Bulgaria's central bank placed Corpbank under special supervision over risk of insolvency after it notified the central bank it had run out of liquidity and had suspended payments and all types of banking operations. Reacting to the notification from Corpbank, the Sofia stock exchange suspended trading of equities issued by the lender and extended the suspension several times. The latest suspension expired on Tuesday.

On November 6, the central bank delicensed Corpbank and said it would seek the bank's insolvency after it was found to have a negative own capital of 3.75 billion levs as of September 3.

The central bank's decision to revoke the licence of the troubled lender is being challenged by the bank's majority shareholder Bromak, owned by businessman Tsvetan Vasilev, and another Corpbank shareholder - the State General Reserve Fund of the Sultanate of Oman, as well as two other physical persons.

(1 euro = 1.95583 Bulgarian levs)

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