June 23, 2014 / 8:16 AM / 3 years ago

Bulgaria to intervene in Corpbank if shareholder talks fail -minister

SOFIA, June 23 (Reuters) - Bulgaria will nationalise the Corporate Commercial Bank (Corpbank) if talks with existing shareholders to support the lender fail, the finance minister said in a statement on Monday.

Bulgarians will have the choice to keep or withdraw their deposits from Corpbank when it reopens on July 21, he said, adding that it was not yet known what kind of capital increase was needed.

A run on the country’s No. 4 lender last week prompted the central bank to take it over on Friday.

“The aim is to recover the bank group and the depositors to receive their funds in full,” the finance ministry quoted the Finance Minister Petar Chobanov as saying in a statement. (Reporting by Tsvetelia Tsolova and Matthias Williams)

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