Bulgarian Central Bank has just announced that Victoria Bank will start servicing all depositors as of Dec 12.
The control over Victoria Bank was seized by BNB (Bulgarian National Bank) on June 22. Two days earlier Victoria Bank’s parent, Corporate Commercial Bank or KTB, was placed under special supervision following a deposits run.
Even though KTB’s banking license was revoked by BNB on November 6, Victoria Bank was found in good financial shape by the BNB-appointed auditors.
In a statement BNB described Victoria Bank’s financial indicators as stable and within the regulatory parameters. Seven bidders have submitted offers to acquire parts of Victoria Bank’s portfolio after an analysis by Ernst & Young Bulgaria. Tokuda Bank was selected as the best buyer of loans in the categories – ‘small business credits’ and ‘mortgage-covered consumer credits’. Societe General Express will buy the category mortgage loans and Central Cooperative Bank will take the ‘consumer loans and credit cards’ portion of the loan portfolio.
According to BNB the sale should be completed in approximately three weeks and will bring enough money to repay in full the guaranteed as well as the non-guaranteed deposits.