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Russian VTB Bank Buys 10% Stake from Bulgarian Corpbank
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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.
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