Bulgarian Shareholders Raj Bank Stripped of Licence Conclusively

Published: 24 December 2004 y., Friday
The National Bank of Serbia (NBS) has definitively revoked the licence of Raj Bank, whose capital is held by seven companies and consultancies from Bulgaria, linked to economic group TIM. Under local legislation the Belgrade company court is obliged to open a liquidation procedure within three days. On Monday the National Bank announced its decision for delicensing the bank as its exposure to credit risk and liquidity risk remains high, and the deterioration of profitability jeopardizes its operations. The key reason for shutting down the bank is its failure to raise it capital to the minimum required level of EUR 10 M, the NBS said. It is absurd to claim that the decision of the National Bank demonstrates Serbia's unwillingness to attract foreign investments, an official from NBS press office commented, as quoted by 24 Hours Daily. In September the National Bank ordered the Raj Bank to remove established irregularities by November 30 of the current year. In the course of the new supervision, however, the National Bank of Serbia established that the Raj Bank has not fulfilled all orders from the above decision and that it has failed to improve its liquidity and profitability. To be more specific, this means that the bank incorrectly classified its receivables, not making sufficient provisions for risk-bearing receivables, reads a statement of the National Bank on the its web site. Data about the bank shows that Finance Consulting, owner of 100% of the Central Cooperative Bank capital, is the major shareholder with 15.01% stake. The other shareholders include Slunchevi luchi trade, Sofia (10.77%), Ital Commerce, Sofia (7.23%), IT Creation, Sofia (6.17%), Bulagrohim, Sofia (5.75%) and Tsitisime Trade, Sofia (5.75%) and Multiex, Sofia (5.75 %). The sole local shareholder is Udarnik Kommerc company from the town of Pec, Kosovo, which holds 6.2% stake.
Šaltinis: novinite.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.

Facebook Comments

New comment


Captcha

Associated articles

The most popular articles

Doing Business 2010: Governments Set New Record in Business Regulation Reform

A record 131 economies around the globe reformed business regulation in 2008/09, according to the IFC–World Bank Doing Business 2010 report. more »

Haiti: WB Approves US$5 Million Grant for Electricity Services

The World Bank’s Board of Directors today approved a US$5 million grant to improve the quality of electricity services in Haiti and strengthen the financial and operational performance of Electricité d’Haïti, the public electricity utility. more »

Families Becoming Farmers in Tajikistan

Firuza Ziyoeva, a 42-year old mother of five, lacks any sustainable income for her family – her husband is unable to work due to disabilities and their children are all young. more »

IMF Managing Director Dominique Strauss-Kahn Welcomes Singapore’s Commitment of Additional Financial Support for the IMF

The Managing Director of the International Monetary Fund (IMF), Mr. Dominique Strauss-Kahn, made the following statement today regarding Singapore’s commitment to increase fourfold its contribution to the Fund’s New Arrangements to Borrow (NAB) by US$1.5 billion, to a total of US$2 billion. more »

Foreign trade of Lithuania in I half-year 2009

Statistics Lithuania reports that, based on non-final data obtained from customs declarations and Intrastat reporting data, exports in I half-year 2009 made LTL 19 billion, while imports – LTL 21.2 billion. more »

AB Bank SNORAS is the first who suggests certificates of deposits in Lithuania

Since 7 September 2009 AB Bank SNORAS for residents and economy subjects begins to distribute a new savings product - certificates of deposits. more »

Africa's chief development banker urges regional cooperation

“We are 53 diverse countries differently affected by the crisis, 1 billion people that cannot be ignored”. That was the stark message to Members of Parliament's Development Committee from Donald Kaberuka, the head of Africa's Development Bank at a hearing on 3 September in Brussels. more »

Spain: EIB provides EUR 450 million for air traffic control facilities

The European Investment Bank has granted a EUR 450 million loan to AENA (Aeropuertos Españoles y Navegación Aérea) for upgrading and expanding Spain’s air traffic control facilities in order to optimise their overall efficiency and ensure that they comply with international regulations. more »

Prices for industrial production in August 2009 increased by 0.9 per cent

Statistics Lithuania informs that in August 2009, against July, prices for total industrial production sold increased by 0.9 per cent. more »

U.S. jobless rate at 26-yr peak

Despite signs the near two-year U.S. recession may be over - Americans are still finding it hard to get a job. more »