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Corporate Commercial Bank : ウィキペディア英語版 | Corporate Commercial Bank
Corporate Commercial Bank ((ブルガリア語:Корпоративна търговска банка)) was a Bulgarian bank. According to official data from the Bulgarian National Bank〔("Distribution of Banks by Group as at November 30th", BNB’s official website )〕 at the end of November 2013, Corporate Commercial Bank AD was the fourth largest bank in Bulgaria in terms of assets, third in terms of net profit, and first in terms of deposit growth. The bank's leadership has been accused of operating a Ponzi scheme. Its license was revoked by the Bulgarian National Bank in 2014. The bank's chairman, Tsvetan Vasilev, fled the country and as of the end of 2014 faces extradition proceeding in Serbia. == Background == Since 2007, Corporate Commercial Bank AD is a publicly traded company with a two-tier management system. The shares of the bank are traded on the Bulgarian Stock Exchange Bulgarian Stock Exchange (BSE) – Sofia AD. In 2009, 30% of the bank’s capital was acquired by the State General Reserve of the Sultanate of Oman through its subsidiary Bulgarian Acquisition Company II Luxembourg.〔(Oman's Sultan Buys 30% of Bulgaria's Corporate Commercial Bank ) Novinite.com, January 27th, 2009〕 In 2010, Fata Assicurazioni Danni S.p.A and Fata Vita S.p.A (subsidiaries of the Italian insurance holding Generali Group) acquired a minority stake in Corporate Commercial Bank AD.〔(Generali Acquires Stakes in Corporate Commercial Bank, Bloomberg, December 10, 2010 )〕 In 2013, 9.9% of the bank is acquired by VTB Capital.〔(VTB Capital Buys 9.9% of Bulgaria's Fifth-Largest Bank ), Highbeam Business, April 22, 2013〕 In the beginning of 2014, Corpbank AD signed an agreement with Credit Agricole S.A., France, to acquire 100% of the shares of Credit Agricole Bulgaria EAD’s capital. The completion of the acquisition is expected to be done after an approval from the regulatory agencies.〔(Corporate Commercial Bank AD Signed an Agreement with Credit Agricole S.A. to acquire Credit Agricole Bulgaria EAD, ''Trud Newspaper'', January 22, 2014. )〕〔(Corpbank AD Buys Credit Agricole Bulgaria, ''The Banker'' newspaper, January 22nd, 2014. )〕 Following a Bank run in the 3rd week of June 2014, the administration of the bank was forced to seek conservatorship from the Bulgarian National Bank, until its license was revoked on the 6th of November 2014. The reason for the revocation, according to the Bulgarian National Bank was a significant exposure of the banks credit sheet to investors related to Tsvetan Vasilev.〔http://bnb.bg/PressOffice/POPressReleases/POPRDate/PR_20141106_1_BG〕
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