Bulgaria's Govt to End State Aid Contract with Fibank
The Bulgarian government has allowed the Finance Minister to end a contract with First Investment Bank (Fibank) under which the financial company received state aid to prevent a collapse.
First Investment Bank, which suffered from the panic on Bulgaria's banking system last week, is trying to lure back its old customers with promises of interest rates.
FIBank promises its customers who withdrew their savings in the end of last week and earlier this week, to pay off the interests, which they lost. The only condition is that the depositors bring back their money by end of July.
“The bank does not want to gain from the fears of people, because they were abused and this is why it will restore the lost interests on the withdrawn deposits,” said the bank in a press statement.
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