First Investment Bank

Bulgaria's Bank Deposit Insurance Fund has announced the names of the nine banks to be in charge of reimbursing deposits at Corporate Commercial Bank (Corpbank or KTB) from December 4.

After KTB has been under conservatorship since June 20, depositors are still waiting for access to their savings.

First Investment Bank (Fibank) has paid BGN 8,893 M at an auction to acquire the main part of the assets of bankrupt machine building company Remotex-Radnevo.

Fibank now be able to get back around half of the loan of nearly BGN 16 M which it provided to the company for the repair of heavy mining equipment.

Bulgaria's Corporate Commercial Bank (KTB) has made it to the Top 10 in terms of Tier 1 capital increase in this year's EU banks ranking of The Banker magazine. 

Fitch Ratings has affirmed Bulgaria's First Investment Bank (FIBank) Long-term Issuer Default Rating (IDR) at 'BB-' with a Negative Outlook and its Viability Rating (VR) at 'b-'.

The rating action reflects Fitch's view that "as a domestically-owned systemically important bank in Bulgaria, extraordinary support from the Republic of Bulgaria (BBB-/Stable) may be available, if needed".

An analysis of the latest developments in the case of Bulgaria’s Corporate Commercial Bank by Frances Coppola has been published on the website of Forbes magazine.

Bulgaria's Ministry of Agriculture has confirmed that 359 da of woodland were sold to South Stream Bulgaria in July.

The ministry's press office made the announcement after the investigative website Bivol.bg published a report on the deal.

Deposits for over BGN 1 B have been withdrawn in June from Bulgarian banks, shows data of the Bulgarian National Bank (BNB). 

Last Saturday the Movement for Rights and Freedoms (DPS), GERB and the Central Bank wanted to temporarily suspend the operations of all banks in Bulgaria, said Rumen Gechev. 

First Investment Bank, which suffered from the panic on Bulgaria's banking system last week, is trying to lure back its old customers with promises of interest rates.

Liquidity risks are heightened for all Bulgarian banks following two bank runs in quick succession, rating agency Fitch said Wednesday.

In a message posted on its website, Fitch stresses that "corporate governance problems at domestically owned companies" were highlighted by events at the two largest Bulgarian-owned banks.