BNB Welcomes KTB Shareholders' Efforts to Work on Recovery Plan

Bulgarian National Bank (BNB) has welcomed the efforts of EPIC Financial Consulting to prepare a plan for the recovery of Corpbank (KTB), Monday.

BNB is willing to participate within its competence in discussions on the restructuring and recapitalization of the bank, a statement issued by the press office of the Central Bank reads.

Bulgarian National Bank has requested more information on the financial capacity of KTB's shareholders, represented by EPIC Financial Consulting, Darik news reports.

The financial adviser should provide more clarity on the measures KTB's shareholders consider taking for the bank's recovery.

Moreover, BNB has stressed that the Ministry of Finance is the state institution which the financial adviser should contact regarding an eventual government support.

Newswires quoted Vienna-based EPIC Financial Consulting as saying in a statement on Friday that KTB's main shareholders want to draft a plan for the restructuring and recapitalization of the troubled lender following "a full due diligence process" to be conducted by EPIC.

EPIC said that it had sent a letter to Bulgarian National Bank (BNB) Governor Ivan Iskrov, interim Prime Minister Georgi Bliznashki and Finance Minister Rumen Porozhanov, seeking their support to work together on a recovery plan for KTB.