Cirnegossai Bank
The Cirnegossai Bank was a bank in Great Scorria, operational between 1961 and 2011 when it shut down after a political scandal erupted. Currently all branches of Cirnegossai are branches of the Bukuan-New Gianan bank Bank South Northulic.
History[edit | edit source]
The Cirnegossai Bank was founded on January 15, 1961. The name was selected in a meeting in September 1960: the name, according to bank founders, sounded classy.
During its first decades of operation, Cirnegossai was one of the smaller banks. By 1990, Cirnegossai expanded nationwide by launching branches in every state. An international expansion - to Northulia, the New Michillies and Bukua-New Giana started in 1991.
Nationalization and restructuring[edit | edit source]
In 2011, the government bought around 60% of the assets.
Resolution and sale to Bank South Northulic[edit | edit source]
In August 2014, TV3 reported that Cirnegossai was under a public intervention. The report was deemed to be "catastrophic" for Cirnegossai and contributed to its end.
Later, Cirnegossai went through a process of resolution. Its non-toxic assets were sold to Bank South Northulic who became one of the largest banks in the country. The toxic assets created a "static corporation".
