Bulgaria's Fibank Repays BGN 1.2 B State Aid

Business | May 26, 2016, Thursday // 17:12
Bulgaria: Bulgaria's Fibank Repays BGN 1.2 B State Aid

Bulgaria's First Investment Bank (Fibank) has repaid the BGN 1.2 B state aid, which was provided to the bank in June 2014.

The repayment was made in compliance with the plan approved by the European Commission in November 2014. The international rating agency Fitch confirmed the bank's ratings with Stable outlook.

Fibank was in urgent need of liquidity support a week after the collapse of Corporate Commercial Bank (KTB) in June 2014 when depositors withdrew BGN 800 M from the bank in a single day due to the dissemination of false information.

Until the full repayment of the state aid, Fibank was subject to external supervision and numerous restrictions.

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Tags: Bulgaria, FIBank, state aid, liquidity, KTB, European Commission
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