The Bulgarian central bank has made a mandatory prescription to the conservators of Victoria Commercial Bank Ltd to start a procedure for the sale of part of the credit portfolios of the bank to local lenders Tokuda Bank AD, Societe Generale Expressbank AD, and Central Cooperative Bank Plc (BUL:4CF). In late June, the Bulgarian National Bank (BNB) placed Corporate Commercial Bank and its affiliate Victoria Commercial Bank under conservatorship and suspended all payments. In September, the central bank extended the special supervision of Victoria Commercial Bank until November 22, 2014.

Victoria Commercial Bank's loan portfolios will be sold for a combined BGN 180 million. Following a comparative analysis of the offers conducted by global consultancy Ernst&Young, the offer placed by Tokuda Bank for Victoria Commercial Bank's small business credits and consumer loans with mortgage was selected as the best one, the central bank added. Societe Generale Expressbank submitted the best offer for Victoria Commercial Bank's mortgage loan portfolio, and CCB came up with the best offer for its consumer loans and credit cards portfolio.

Bids were accepted until November 14, 2014. The deal for the sale of Victoria Commercial Bank's loan portfolios could be finalized in three weeks.