Oman Fund 'Working Toward Solving KTB Problems'

The State General Reserve Fund (SGRF) of the Sultanate of Oman is working with the Bulgarian government to handle the situation at Corporate Commercial Bank (Corpbank or KTB).

SGRF President Darwish al-Balushi, also serving as the country's Finance Minister, made the announcement, stopping short of revealing any details, BGNES wire service reports.

He told reporters KTB, which was severely hit by a bank run in June and requested to be placed under special supervision by the central bank BNB, had "no problems related to its financial status, its assets or its performance".

Its issues "are related to the government and the regulators instead," Al-Balushi added without elaborating.

SGRF is Corpbank's second-largest shareholder, owning about 30% of its assets.

The BNB announced last week the two biggest shareholders in the bank had declaret their intention to offer rescue plans.