Stoyan Aleksandrov: KTB Subsidiary Nationalization 'Ill-Grounded'
Intentions declared by the Bulgarian National Bank (BNB) to nationalize Corporate Commercial Bank (KTB)'s subsidiary could be unfeasible, a financial expert argues.
Stoyan Aleksandrov told national private TV7 channel that the central bank had not provided any legal motives to take the step for a financial company that "operates normally".
Commenting on BNB's plans to nationalize Credit Agricole Bulgaria and transfer KTB's "good" assets there, he described it as a "juridical casus" exposing incongruity between the central bank, the government and parliament.
Aleksandrov put into question the process through which money from what was Bulgaria's fourth-largest bank being transferred into its filial and deposits will be paid off, given that Credit Agricole Bulgaria is "a small bank with only a few offices".
He added many people holding key positions had proved to be unprepared for the situation, including BNB Governor Ivan Iskrov.
There was either "deliberate inaction" or "underestimation" of what was happening, the expert claimed.
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