Press Releases

The time line for submitting Letters of Interest for the acquisition of 100% of the share capital of Commercial Bank Victoria EAD and the overall exposure of the sole owner to CB Victoria EAD has been extended until 16 September 2016. With a view to guarantee transparency of the procedure for sale of CB Victoria EAD and following the announcement made on 1 June 2016, we publish today, 24 August 2016, the marketing document for the investment opportunity together with an accompanying letter. The marketing document is presented solely for the purpose of informing prospective buyers about the existing investment opportunity. You can find both documents here.

All banks – members of the deposit guarantee system in Bulgaria, transferred within the statutory deadline of 31 May 2016 their annual premium contributions for 2016 totaling BGN 150,587,996 (EUR 76,994,420) to BDIF.

The assignees in bankruptcy of Corporate Commercial Bank AD (in bankruptcy) upon considering the recommendations of BNB Deputy Governor in charge of the Banking Supervision Department and of the consultant on the sale of CB Victoria EAD – AFA OOD, decided the deadline for submission of Letters of Interest related to the sale of 100% of CB Victoria EAD capital and the overall exposure of the sole owner of capital to the Bank to be extended up to one month after the announcement of the results from the ongoing banking sector asset quality review.

BDIF Management Board set the lump sum of the annual premium contributions due by the member banks to BDIF for 2016 at BGN 150,587,996 (EUR 76,994,420). Resolution was adopted in compliance with Art. 2, para 1 of BNB Ordinance No. 30 on Calculation of the Premium Contributions Due by Banks under the Law on Bank Deposit Guarantee.

The Minister of Finance Mr. Vladislav Goranov and the EBRD Regional Director for Bulgaria and Romania Mr. Matteo Patrone signed today in Sofia a Guarantee Agreement between the Republic of Bulgaria and the EBRD granting a state guarantee for a loan of EUR 300 million extended to the Bulgarian Deposit Insurance Fund. The Guarantee Agreement was signed with a provision for a subsequent ratification by the National Assembly of the Republic of Bulgaria. In parallel to that, the Chairman of the BDIF Management Board Mr. Radoslav Milenkov and Mr. Matteo Patrone signed the Loan Agreement between BDIF and EBRD. The loan which is extended for a period of 9 years with a grace period of 6 years will replenish the reserves of BDIF and will help optimise its financing structure. With these financial resources the Fund, which was set up in 1999 and aims to contribute to the stability and trust in Bulgaria’s financial system, will get a greater financial independence and sustainability in the long run. The European Bank for Reconstruction and Development is one of the significant investors in Bulgaria. Since the launch of its activities, the Bank has invested a total of EUR 3.3 billion in the financing of over 220 projects in the country.

The announcement for the investment opportunity for acquisition of CB Victoria EAD is published at the 17-th of March 2016 copy of Financial Times and as well on the online platform of the edition: http://www.businessesforsale.com/ft/EU-BANK-FOR-SALE.aspx.

The time line for submitting Letters of Interest for the acquisition of 100% of the share capital of Commercial Bank Victoria EAD and the overall exposure of the sole owner to CB Victoria EAD has been extended until 18 April 2016. With a view to guarantee transparency of the procedure for sale of CB Victoria EAD and following the announcement made a week ago, we publish today, 16 March 2016, the marketing document for the investment opportunity together with an accompanying letter. The marketing document is presented solely for the purpose of informing prospective buyers about the existing investment opportunity. You can find both documents HERE. An announcement for the investment opportunity will be also published in Financial Times.

Joint statement on behalf of the Bulgarian Deposit Insurance Fund and AlixPartners regarding KTB (in insolvency), 10.03.2016

Sorry, this entry is only available in Bulgarian.

With regard to some media publications BDIF would like to advise that АlixPartners Services UK LLP is a 100% subsidiary of АlixPartners. On АlixPartners’ website are available the profiles of some of the members of the team working on the KTB case: Diane Hughes и Paul Huck. АlixPartners’ official statement is: “In common with many of the world’s international businesses, AlixPartners is comprised of a number of individual entities appropriate to the jurisdictions in which it operates. AlixPartners Services UK LLP is one of those subsidiaries and is wholly owned by AlixPartners, a leading global business advisory firm. Speculation to the contrary is both unfounded and unhelpful”. (Translation in Bulgarian has been provided for the Bulgarian version.)