Bulgaria’s bank deposit guarantee fund named on November 24 the nine banks that will handle the payouts of depositors in the Corporate Commercial Bank (CCB), scheduled to start on December 4.
The fund said it picked the banks with the largest branch networks and decided to use personal identification numbers (known by their Bulgarian abbreviation, EGN) to distribute the load evenly.
Thus, depositors whose EGN numbers end in nine, as well as foreigners who do not have a Bulgarian EGN, will be required to use First Investment Bank to get their money. The rest of the banks are DSK Bank (for ID numbers ending in zero), United Bulgarian Bank (one), Eurobank Bulgaria (two), Raiffaisenbank Bulgaria (three), Allianz Bank Bulgaria (four), UniCredit Bulbank (five and six), Central Cooperative Bank (seven) and CIBank (eight).
Claimants will need to present their personal Bulgarian ID documents and will have the option of either opening a new account in the bank handling the payout or transfer the money to an account in another bank (transfers of up to 100 000 leva or the foreign currency equivalent of that figure, carried out through the Bisera payments system, will be free of charge).
In the case of companies and other legal entities, the claimant will have to present a certificate of Bulstat registration, a certificate ascertaining that they are entitled to represent the respective entity, as well as fill in a declaration that will be made available by the bank.
For more information on the process, the deposit guarantee fund has posted answers to frequently-asked questions on its website (in English).
Under Bulgarian law, bank deposits are guaranteed for up to 100 000 euro or 196 000 leva per person or legal entity (regardless of the number of deposit accounts held by the individual or company). This figure includes any interest due on their deposits up to the date that the central bank stripped CCB of its banking licence on November 6.
(For full coverage of the CCB situation from The Sofia Globe, click here. Logo and corporate motto of Corporate Commercial Bank – “our clients are dear to us” – from a CCB advert. Screengrab from corpbank.bg)