25 June 2014
Today, 25.06.2014, the review of the Corporate Commercial Bank group’s assets and liabilities under conservatorship, including the credit and investment portfolios, as announced by the BNB and the Government, started. The review in Corporate Commercial Bank AD is conducted jointly by Deloitte Audit OOD, Ernst & Young OOD, and AFA OOD, and in Crédit Agricole Bulgaria EAD - by AFA OOD.
In the meantime, aiming to speed up and streamline the work by the conservators, the BNB Governing Council made the following rotation:
- Stanislav Georgiev Lyutov and Elena Zdravkova Kostadinchev, conservators at Crédit Agricole Bulgaria EAD until now, are appointed as conservators of Corporate Commercial Bank AD;
- Hristina Ivanova Stamova, a conservator of Corporate Commercial Bank AD until now, is appointed as a conservator of Crédit Agricole Bulgaria EAD, together with Bozhidar Ivanov Arshinkov, who replaces Slaviana Stoilova Danailova-Veleva.
The shift intends to align the size of the conservators’ teams with the work load in view of the different size of the two companies within the Corporate Commercial Bank group.
The BNB reiterates that the Bulgarian-based former subsidiary of Crédit Agricole was fully acquired by Corporate Commercial Bank AD earlier this year. By the time the BNB placed it under conservatorship, Crédit Agricole EAD was not anymore part of the Crédit Agricole S.A. group and was in the process of changing its name.