June 25, 2014 / 11:26 AM / 4 years ago

Oman fund held talks with Bulgaria about Corpbank rescue

SOFIA, June 25 (Reuters) - Oman’s sovereign wealth fund held talks with the Bulgarian government and the central bank on Tuesday about recapitalising Corporate Commercial Bank (Corpbank), Oman’s honorary consul in Sofia told Reuters on Wednesday.

The fund had earlier sent a letter to Bulgarian authorities about holding talks to protect its interest in Bulgaria’s fourth-largest lender, the consul said.

The central bank seized control of Corpbank last Friday after a run on the lender, froze its operations and said it would start talks with its existing shareholders, which include the Oman fund, about supporting it.

If the talks fail, Bulgaria has said it will nationalise the bank.

“I know that the fund has sent a letter to the Bulgarian government and the central bank insisting talks be held in respect to protecting its interest in the bank,” Stoyan Denchev told Reuters by phone. “Such talks took place yesterday, but I do not know the outcome.”

Reporting by Tsvetelia Tsolova; writing by Matthias Williams; editing by Jason Neely

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