Corporate Commercial Bank
| Public | |
| Industry | Financial services |
| Founded | 1994 |
| Defunct | 2014 |
| Headquarters | Sofia, Bulgaria |
| Products | Retail, private and corporate banking |
| Website | Corporate Commercial Bank |
Corporate Commercial Bank AD (Bulgarian: „Корпоративна търговска банка“ АД), commonly called Corpbank, was a Bulgarian bank. Corpbank was a universal bank, serving both as a traditional commercial bank, as well as an investment bank.
According to official data from the Bulgarian National Bank (Bulgaria's central bank) at the end of November 2013, Corpbank was the fourth largest bank in Bulgaria in terms of assets, third in terms of net profit, and first in terms of deposit growth. The bank's leadership has been accused of operating a Ponzi scheme. Its license was revoked by the Bulgarian National Bank in 2014. The bank's chairman, Tsvetan Vasilev, fled the country and as of the end of 2014 faces extradition proceeding in Serbia.
Since 2007, Corpbank is a publicly traded company with a two-tier management system. The shares of the bank are traded on the Bulgarian Stock Exchange (BSE) – Sofia AD. In 2009, 30% of the bank’s capital was acquired by the State General Reserve of the Sultanate of Oman through its subsidiary Bulgarian Acquisition Company II Luxembourg. In 2010, Fata Assicurazioni Danni S.p.A and Fata Vita S.p.A (subsidiaries of the Italian insurance holding Generali Group) acquired a minority stake in Corpbank. In 2013, 9.9% of the bank was acquired by VTB Capital.
In the beginning of 2014, Corpbank signed an agreement with Credit Agricole S.A., France, to acquire 100% of the shares of Credit Agricole Bulgaria EAD’s capital. The completion of the acquisition was expected to be done after an approval from the regulatory agencies.
Following a Bank run in the 3rd week of June 2014, the administration of the bank was forced to seek conservatorship from the Bulgarian National Bank. However, its license was revoked on 6 November 2014. The reason for the revocation, according to the Bulgarian National Bank, was a significant exposure of the bank's credit sheet to investors related to Tsvetan Vasilev.
In 2012, Vassilev bought a stake in Vivacom, which is the brand name of the Bulgarian Telecommunications Company EAD (BTC). Vivacom is the largest telecommunications company in Bulgaria. It is the leading market provider in a variety of telecommunications services, including landline, mobile, Internet, radio, and TV. Around 3,500 work for Vivacom, and it is headquartered in Bulgaria’s capital, Sofia.
...
Wikipedia