logo Skip to content

PRESS RELEASE

24 October 2014

Today, 24.10.2014, a meeting was held at the BNB between representatives of the central bank and representatives of EPIC, of the State General Reserve Fund of the Sultanate of Oman, and of Gemcorp. At the meeting the BNB representatives were informed that a newly formed consortium of the above three investors is holding discussions with the government and with the parliamentary represented political forces for drafting a plan for the recapitalization and restructuring of Corporate Commercial Bank AD (KTB), which would also involve funds provided through state aid.

Note was made on the part of the BNB, that any plans for recapitalization and restructuring of KTB should be accompanied by clear evidence of the existence and availability of the funds to be invested, as well as of the timeframes and instruments through which the investment intentions will be implemented, having in mind the term of the special supervision up till 20.11.2014.

We reiterate that until now no plans for KTB’s restructuring have been submitted to the BNB.

BNB’s assistance was requested in providing access to the audit companies’ reports containing the analysis and assessment of KTB’s assets. As far as the BNB is not a party to the contracts between the KTB conservators and the audit firms, and the reports may not be disclosed without the auditors’ permission, BNB stated it will provide assistance for establishing contacts and access to the reports under conditions determined between the consortium and the auditors.