Russian VTB Bank 'Not Planning to Save' Bulgarian KTB

Business » FINANCE | June 24, 2014, Tuesday // 09:46
Bulgaria: Russian VTB Bank 'Not Planning to Save' Bulgarian KTB Reports come days after Bulgaria's central bank (headquarters are in the photo) placed KTB under conservatorship to prevent any further destabilization.Photo by BGNES

Russia's VTB bank does not intend to take part in the capital injection planned at the Corporate Commercial Bank (KTB), according to bank sources.

RIA Novosti agency, citing anonymous VTB officials, said Russia's second-largest bank owns a EUR 10 B stake in KTB and does not seek to increase it.

Press service representatives at VTB Capital (the subsidiary of VTB which purchased assets in KTB last year) refused to comment on the information.

Novosti's reports come days after the Bulgarian National Bank (BNB) decided to place KTB under special supervision over exhaustion of liquidity.

Minutes after the central bank's move it was announced that VTB, which is one of the of the three biggest banks in East Europe, had shown interest in helping KTB by boosting its presence there.

On Sunday, BNB announced a similar measure for KTB's subsidiary Credit Agricole Bulgaria.

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Tags: VTB, KTB, VTB Capital, BNB, supervision, Credit Agricole Bulgaria

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