ROSSEXIMBANK TARGETS CREDIT BANK

Business | May 28, 2001, Monday // 00:00

Rosseximbank intends to buy insolvent Credit Bank, insiders said. The negotiations are in progress and a preliminary contract has been already agreed, they added. Credit Bank was declared insolvent in January 1999. The bank`s receivers have managed to pay off half of the liabilities of the financial institution. Credit Bank still owns some 9 M Bulgarian levs (BGN) to the state Fund for Guaranteeing Deposits in banks, which were declared insolvent. Other liabilities include $12 M to state DSK Bank (monopolist in personal savings), a couple of USD million to ex-Economic Bank, currently Economic and Investments Bank (EIB). Credit Bank`s assets total some BGN 30 M.

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