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Oman sovereign fund working to rescue Bulgaria's Corpbank -source
July 20, 2014 / 2:46 PM / 3 years ago

Oman sovereign fund working to rescue Bulgaria's Corpbank -source

MUSCAT, July 20 (Reuters) - Oman’s State General Reserve Fund (SGRF) is seeking with other shareholders to stabilise Bulgaria’s Corporate Commercial Bank and hopes a feasible plan will be put together within three months, an SGRF source told Reuters on Sunday.

“The Bulgarians have agreed to work with the shareholders to provide a feasible working plan within a timeframe of three months, as a substitute for the nationalisation option,” the source said, declining to be named under briefing rules.

The Omani sovereign wealth fund is potentially a key player in Bulgaria’s banking crisis because it owns 30 percent of Corpbank, which it bought in 2009.

Reporting by Fatma Al Arimi; Writing by Andrew Torchia; Editing by Erica Billingham

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