Bank customers panic, crowd to withdraw savings
Customers of Corporate Commercial Bank (CCB) stood in a long queue in the morning hours of 17 June to withdraw their deposits from one of the bank's two existing offices in the city of Varna.
Customers of Corporate Commercial Bank (CCB) stood in a long queue in the morning hours of 17 June to withdraw their deposits from one of the bank's two existing offices in the city of Varna. Nearly 30 people waited outside the branch on Bratya Georgievich Street, worried by recent media speculations and fear of bankruptcy, Darik Radio reported.
"There have been rumours that the bank is in trouble. I heard people talking about it for two hours in a TV programme. I am scared it may go bankrupt, but there are other people beside me, who are afraid they may lose their money," a female customer said.
Varna residents are particularly sensitive to the issue of bankruptcy because many of them lost their savings in various financial schemes in the 1990s. The bank management tried to explain the situation to the line of people outside its branch while torrential rains flooded the coastal cities streets, and said the office in question had to close down temporarily because of the inundation. However, there has been an unusual crowding of people at the bank's central office in Sofia, as well. Apparently, Sofia residents have not forgotten the major bank crisis of 1996-1997, when some people lost everything, while others became millionaires.
Meanwhile, the management of Bulgaria's tobacco manufacturer Bulgartabac announced on 17 June that it had started closing all of its CCB accounts. The news came by way of a statement by CCB's executive director.