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Oman's Sultan buys 30% of Bulgaria's Corporate Commercial Bank

Date: 29.01.2009

The majority owner of Bulgaria's Corporate Commercial Bank Jsc, Bromak Single Member Ltd, announced Tuesday it had made a deal for the sale of 30% of the bank's capital to the State Joint Reserve Fund of the Sultan of Oman, Qaboos ibn Sa'id.

The deal still has to be approved by the Bulgarian National Bank and the Competition Protection Agency.

The State Fund of the Sultan of Oman is one of the main investment institutions of the government of His Highness. It has already realized a number of investments in Bulgaria, and sees the acquisition of part of the shareholding capital of the Corporate Commercial Bank as furthering its investment strategy in the country.

At the same time, the deal solidifies the ambitions of the Bank's shareholders to turn it into a leading corporate banking institution in Bulgaria, the BGNES news agency reported.

In 2008 the Corporate Commercial Bank had a net profit of BGN 40,3 M, which is a 74% growth compared to 2007. The total worth of the Bank's assets is BGN 2,1 B.

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