First Investment Bank

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FIB

Three Arrested for Informational Attack on First Investment Bank

Three people have been arrested in connection with the informational attack on First Investment Bank (FIB) earlier this week.

They are suspected of having sent emails and short text messages to the bank’s clients, urging them to withdraw their money, as FIB is facing bankruptcy. This stirred mass panic, with over BGN 800 M withdrawn from the bank on Friday alone.

FinMin Warns against Opposition Leader's 'Overreaction' on Banks

Excessively emotional political messages by GERB party's leader Boyko Borisov could lead Bulgaria to destabilization, Finance Minister Petar Chobanov said.

In an official statement to the media he warned against "uncontrollable and incompetent" comments on "sensitive" issues such as financial security and stability of the state.

Bulgaria Says Banking System Under Attack

The National Bank issued its warning after shares in one of the largest banks in Bulgaria, First Investment Bank, plunged by 23 per cent on Friday amid rumours that it had run into trouble.

This followed a run on deposits last week at the country's fourth-biggest bank, Corporate Commercial Bank, leading the National Bank to assume control of it and freeze its all operations.  

Interior Ministry Probing Deliberate Informational Attack on Banks

There have been deliberate attempts to destabilize Bulgaria’s banking system and authorities are investigating the case, Interior Minister Tsvetlin Yovchev revealed.

“We are talking about an organized campaign, through the Internet and telephones, by sending SMS texts urging clients to pull out their savings. The goal is to create mass panic”, Yovchev said, quoted by Dnevnik.bg.

Bulgarian National Bank Governor: Banking System Stable

Bulgarian central bank Governor Ivan Iskrov has issued an official statement on rumors and speculations questioning the stability of certain Bulgarian banks.

He has described information propagated online as malicious and has denied Bulgaria's banking system could be in jeopardy.

The оull text of his statement dating June 27, 2014 is below.

SOFIX Index Lost 5.5% on Thursday

The index of the Bulgarian stock exchange SOFIX lost 5.5% on Thursday, compared to Wednesday, reports Mediapool.bg. 

A drop was posted by the Central Cooperative Bank (CCB) – 6.35% and the First Investment Bank – 7.95%. The shares of Chimimport dropped significantly – 10.79%, Petrol – 12.28% and Eurohold – 7.03%. Bulgartabak Holding's shares dropped by 18.17%. 

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