Inspection of Assets, Liabilities of Bulgarian KTB Bank Starts

An inspection of the assets and liabilities of the Corporate Commercial Bank (KTB) banking group has been launched.

The inspection, which was requested by the Bulgarian National Bank (BNB) and the government, includes the credit and investment portfolios, according to a media statement of BNB.

The inspection at KTB is conducted jointly by Deloitte Audit OOD, Ernst & Young OOD, and AFA OOD, while the inspection at Credit Agricole Bulgaria EAD is conducted by AFA OOD.

The probe is to be wrapped up within 10 business days, as announced on June 22.

At the same time, the BNB Governing Council reshuffled the teams of conservators in order to speed p and optimize their work.

Stanislav Georgiev Lyutov and Elena Zdravkova Kostadinchev, who were until now conservators at Credit Agricole Bulgaria EAD, were appointed conservators at KTB AD.

Hristina Ivanova Stamova, conservator at KTB AD, was appointed conservator at Credit Agricole Bulgaria EAD, together with Bozhidar Ivanov Arshinkov, who replaced Slaviana Stoilova Danailova-Veleva.

The change aims to make sure that the size of the teams of conservators matches the workload due to the different size of the two companies within the banking group of KTB.

KTB and its subsidiary Credit Agricole Bulgaria were placed under conservatorship by the Bulgarian National Bank (BNB) on June 20 and June 22, respectively.