Korporatiwna Targowska Banka

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  Korporatiwna Targowska Banka AD (Corporate Commercial Bank AD)
Country BulgariaBulgaria Bulgaria
Seat Sofia
legal form Corporation
BIC KORPBGSFXXX
Website http://www.corpbank.bg
management
Board Orlin Rusev - chairman of the board
Supervisory board Tsvetan Vasilev - Chairman of the Supervisory Board

The Corporate Commercial Bank AD ( Bulgarian Корпоративна търговска банка АД ) is a Bulgarian bank. Since 2007 it has been a joint stock company whose shares are traded on the Bulgarian Stock Exchange (Bulgarian for short: БФБ) - Sofia .

The bank is mainly focused on corporate banking. Since 2009 she has been a member of the Bulgarian Network of the Global Treaty, the United Nations Organization, and is actively involved in the implementation of its guiding principles.

Rumors in the electronic media led to a run of customers on savings in 2014 . According to the NZZ, the cause was suspected to be a dispute between the Bulgarian oligarchs Deljan Peewski and Tsvetan Wassilew .

The Corporate Commercial Bank had to flee under the rescue package of the Bulgarian central bank on June 20. Bulgarian media noted after a second run of the third largest bank in Bulgaria, Fibank , which took place immediately after this - at the Corporate Commercial Bank, the state security agency Dans and the public prosecutor's office of the bank did not come to the aid; rather, reports from the oligarch and MP Peewski, related electronic media and high-reach print editions about a - not carried out - search of the bank's offices are held responsible for this.

On July 10, 2014, it was announced that the Bulgarian National Bank would dissolve Korporatiwna Targowska Banka. The reasons are loans in the amount of 1.79 billion euros for which there are no documents.

After the National Bank announced the idea of ​​closing it over a weekend as part of a questionable emergency law, the President summoned the government, political parties, the central bank and the Attorney General on July 14, 2014. The National Bank came under strong criticism in Bulgaria and the decision did not find consensus among politicians either. An agreement was reached for EU banking supervision by the National Bank and an international audit, while the Corporate Commercial Bank will remain under special supervision by the National Bank for up to a further 3 months. Many questions about the assets and whether there is any bankruptcy have not been clarified. According to Bulgarian media, the bank's audit revealed a much more complex picture than the presentation by Central Bank Governor Iskrov made last Friday. Bank experts in Sofia said that the minority shareholders - the state of Oman and the Russian bank VTB - could not get a move before. Oman wants to sue the central bank and Bulgaria.

Shareholders

In 2009, 30% of its capital was acquired by a subsidiary of the sovereign wealth fund of the Sultanate of Oman, the “Bulgarian Acquisition Company II, Luxembourg”. In 2010 a subsidiary of the “Generali” group, “Fata Asicurazioni Danni SpA и Fata Vita SpA”, acquired minority interests in Corporate Commercial Bank AD.

In 2013, 9.9% of the shares were acquired by the Russian company " VTB Capital".

Market shares

According to the Balgarska Narodna Banka , in June 2013 Korporatiwna Targowska Banka ranked fifth in terms of the amount of assets compared to other banks in Bulgaria.

Since the end of November 2013, the bank has risen to fourth place in terms of the assets of the Bulgarian banks. Korporatiwna Targowska Banka ranks third in terms of profits and first place in growth of deposits.

In early 2014 the bank signed an agreement with the French Credit Agricole SA to acquire 100% of the shares in its Bulgarian subsidiary Credit Agricole Bulgaria EAD. The acquisition is expected to close in 2014 [obsolete] once the necessary approvals have been received from the relevant regulatory authority .

Corporate management

The management of the bank is implemented by the management board , which is subject to control by the supervisory board .

The members of the Supervisory Board of Korporatiwna Targowska Banka are (as of 2013):

  • Tsvetan Vasilev - Chairman of the Supervisory Board
  • Zlatozar Sourlekow - member of the supervisory board
  • Abdul Salam Mohamed Abdullah Al Murshidi - Member of the Supervisory Board
  • Faisal Amur Mohamed Al Riyami - Member of the Supervisory Board
  • Lyubomir Denev - member of the supervisory board

The members of the Management Board of Korporatiwna Targowska Banka are (as of 2013):

  • Orlin Rusev - chairman of the board, managing director
  • Ilian Zafirov - member of the board of directors, managing director
  • Georgi Hristov - member of the board of directors, managing director
  • Alexander Pantaleev - member of the board, managing director

Branch network

In 2013 the bank had offices in 32 cities in Bulgaria . The larger cities in which the bank serves customers include Blagoevgrad , Burgas , Gabrovo , Haskovo , Pleven , Plovdiv , Ruse , Sofia , Stara Zagora and Varna .

Network of correspondents

Korporatiwna Targowska Banka AD maintains correspondent accounts in different currencies at the banks Credit Suisse ( Zurich ), Commerzbank AG ( Frankfurt am Main ), Raiffeisen Bank International AG ( Vienna ), Danske Bank A / S ( Copenhagen ), Citibank NA ( New York ).

Headquarters

The head office of the bank is located at Graf-Ignatiew-Straße 10 in Sofia / Bulgaria . The building has an interesting history, since in the 19th and early 20th centuries the headquarters of the “Bulgarian Commercial Bank” - the largest bank with local and private capital at the time - was located there. The most famous Bulgarian banker Atanas Burow , whose original office can still be seen today by visitors to the headquarters of Korporatiwna Targowska Banka, took part in its management . The architects who designed the house in 1921 were Georgi Fingow , Dimo ​​Nichev and Nicola Jurukov of the well-known architectural firm "Fingow, Nichev and Apostolov". The house was designed in the neo-baroque style, which was typical of the architecture of the early 20th century. In 1978 the building was declared a Bulgarian cultural monument.

References

Web links

Footnotes

  1. ↑ Entry in the BIC directory at SWIFT
  2. ↑ Charts for the Corporate Commercial Bank share, on Finanz.net
  3. ↑ Thomas Fuster (tf.): The calm after the storm. Stabilization of Bulgaria's banking market after government intervention , in: NZZ , July 5, 2014, p. 12
  4. ↑ Paul Flückiger: Dispute among oligarchs shattered Bulgaria , in: NZZ , July 5, 2014, p. 5
  5. ↑ In the beginning it was Corporate Commercial Bank, Deutsche Welle, July 1, 2014
  6. ↑ Billion credit line stops the banking crisis in Bulgaria, Marcus Bernarth Der Standard, June 30, 2014
  7. ^ Report on the bank's closure, FAZ, source: DPA-AFX
  8. ↑ Bulgaria wants to be under EU banking supervision, Der Standard July 14, 2014
  9. ^ State General Reserve Fund of Oman Buys Stake in Bulgarian Bank, Bloomberg, January 28, 2009
  10. ↑ Generali Acquires Stakes in Corporate Commercial Bank, Bloomberg December 10, 2010
  11. ↑ VTB Capital Acquires 9.9% of Corporate Commercial Bank AD, Reuters April 22, 2013
  12. ↑ Distribution of Banks by Group as of 31 July 2013, Official website of Bulgarian National Bank (PDF; 7 kB)
  13. ↑ Corporate Commercial Bank AD signs an agreement with Credit Agricole SA for the acquisition of Credit Agricole Bulgaria EAD, from the newspaper Trud, January 22, 2014 (in Bulgarian language) ( Memento of the original of February 21, 2014 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.trud.bg
  14. ↑ KTB acquires Credit Agricole Bulgaria EAD, Zeitung Banker, January 22, 2014 (in Bulgarian)
  15. ^ "List of the public companies that have declared to comply with the principles of the Bulgarian Code For Corporate Governance", Bulgarian Stock Exchange