Russian VTB Bank Buys 10% Stake from Bulgarian Corpbank

Business » FINANCE | April 19, 2013, Friday // 20:57
Russian VTB Bank Buys 10% Stake from Bulgarian Corpbank: Russian VTB Bank Buys 10% Stake from Bulgarian Corpbank Tsvetan Vassilev, chairman of the supervisory board of Corporate Commercial Bank. Photo by BGNES

VTB Capital, the investment business of VTB group, the second largest Russian bank has acquired 9.9% of the capital of Bulgarian lender Corporate Commercial Bank from Dewa International Limited.

The sides have sealed contracts for put and call options for the shares acquired by VTB Capital, to be applied no later than three years after the deal.

Corporate Commercial Bank, CCB, is the fifth largest bank in Bulgaria, listed on the Bulgarian Stock Exchange.

Corpbank manages 48% of the monies parked by state-controlled enterprises and 95% of the deposits of the energy holding, which adds up to more than BGN 76 M.

VTB Capital opened its office in Bulgaria in March 2012.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Finance » Be a reporter: Write and send your article
Tags: Corporate Commercial Bank, VTB, bank, VTB Capital, Dewa International Limited, stake, shares, put and call

Advertisement
Advertisement
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria