UniCredit Bulbank

The four executive directors of collapsed Corporate Commercial Bank (KTB) on Thursday addressed Bulgarian Prime Minister Boyko Borisov in a letter, in which they expressed concern that he was being deceived.

In the letter they explain the functioning of the Bulgarian Deposit Insurance Fund (BDIF) and dismiss accusations hurled at KTB, private bTV station reported.

The Supervisory Board of the state-owned Bulgarian Development Bank (BDB) has conducted a top-level reshuffle.

Angel Gekov and Iliya Kirchev will replace the outgoing Chairman of the Management Board and Chief Executive Officer Dimo Spasov and the member of the Management Board and Executive Director Ivan Hristov.

Bilian Balev remains part of the governing body of the BDB.

Interior Minister Veselin Vuchkov has announced he had approved measures to step up security at bank offices where deposit holders will have access to their savings at Corporate Commercial Bank (Corpbank or KTB).

Thursday, December 4 is the first day of reimbursement, with deposit holders allowed to manage their assets over the next five years.

Bulgarian police has beefed up security measures relating to the upcoming repayment of state-guaranteed deposits with the collapsed Corporate Commercial Bank.

Bulgaria's Bank Deposit Insurance Fund has announced the names of the nine banks to be in charge of reimbursing deposits at Corporate Commercial Bank (Corpbank or KTB) from December 4.

After KTB has been under conservatorship since June 20, depositors are still waiting for access to their savings.

The Bulgarian Red Cross (BRC) urges the business and the retail chains to donate bottled water and packaged non perishable food for the flood victims in the Vratsa region. 

BRC volunteers are already at the site and hand out food and water to the affected people in the town of Mizia. It also delivered blankets and bedsheets. 

There is no risk of the domino effect in the banking system because of the Corporate Commercial Bank (KTB), said the chairman of the Bulgarian Bank Association Levon Hampartzumian. 

Hampartzumian, who is also the CEO of UniCredit Bulbank told journalists, quoted by the BTA wire service, that there were no other Bulgarian banks at risk of similar problems. 

A nationwide campaign has raised over BGN 120 000 for the victims of the floods in northeastern Bulgaria within hours.

The heavy rain which hit the region on Thursday claimed 12 lives, including 10 in Varna and 2 in Dobrich, with three people still missing, according to Interior Minister Tsvetlin Yovchev.

Italy's exports to Bulgaria are three times the Chinese exports to the country, according to Andrea Casini, Chief Operating Officer of UniCredit Bulbank.

Speaking Monday at the conference "Bulgaria and Italy: We Build Together" organized by Confindustria Bulgaria, he noted that Italy was Bulgaria's third biggest partner after Germany and Russia.

The Bulgarian Red Cross starts a donation drive for those affected by the floods in Serbia and Bosnia and Herzegovina, said the organization in a press release. 

It has activated the short number 1466 for SMS donations – a text to this number donates BGN 1.