June 20, 2014 / 3:31 PM / 3 years ago

Bulgarian financial regulator orders Corpbank trading suspension

BUCHAREST, June 20 (Reuters) - Bulgaria’s financial regulator has ordered the stock exchange to suspend trading of Corporate Commercial Bank (Corpbank) from Monday to Wednesday next week in order to protect investors and stabilise the market, it said in a statement on Friday.

A run on Corpbank prompted Bulgaria’s central bank to take control of the country’s fourth-largest lender on Friday and its governor begged depositors to stay calm, playing down fears it could spread.

“The Commission for Financial Supervision announces that it has ordered the Bulgarian stock exchange to stop the shares of Corporate Commercial Bank from trading for the period of June 23 to June 25 inclusive,” the statement said. “The measure aims to protect investors and calm and stabilise the market.”

“There are no financial or economic reasons for negative expectations for the development of the Bulgarian capital market,” it added. (Reporting by Matthias Williams and Tsvetelia Tsolova; Editing by Pravin Char)

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