Economy

Bulgarian bank hit by run, put under supervision

SOFIA, Bulgaria (AP) — Bulgaria's fourth-largest lender, Corpbank, has been hit by a run, leading the central bank to put the firm under special supervision for three months in a bid to stabilize it.

Long queues could be seen Friday at the bank's offices as people become worried over media reports about the bank's poor finances. Corpbank — officially called Corporate Commercial Bank— later told the central bank that it had stopped all payments and bank operations due to a liquidity drain.

National Bank Governor Ivan Iskrov said on Friday that shareholders' rights were withdrawn temporarily, but stressed that the bank was not bankrupt and appealed to depositors to keep calm. Russia's VTB Bank, a minority owner of Corpbank, said it was ready to support the bank.

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