“Komercijalna Banka sales moratorium may be introduced”

If the Serbian government agrees with four foreign shareholders, a five-year moratorium might be introduced to the privatization of Komercijalna Banka.

Izvor: VIP

Wednesday, 07.11.2012.

11:56

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BELGRADE If the Serbian government agrees with four foreign shareholders, a five-year moratorium might be introduced to the privatization of Komercijalna Banka. This is according to the bank's Board of Directors President Ivica Smolic. “Komercijalna Banka sales moratorium may be introduced” “The Finance and Economy Ministry has announced that a five year moratorium will be required for the privatization of Komercijalna banka,” he said. “The agreement with foreign shareholders would, among other things, allow them to jointly sell 20 percent of their ownership in the bank during these five years in case of substantial recovery on the market,” Smolic explained. "In case of improvement of market conditions, foreign shareholders might sell up to ten percent of their stake, just as much as the Serbian government", he added. The bank shareholders include the Serbian state with a 42.6 percent stake, the European Bank for Reconstruction and Development with 25 percent ownership share, while around 17 percent of the stakes are held by the International Finance Corporation (IFC), German investment fund DEG and Swedish Swedfund. Foreign shareholders have recapitalized the bank with EUR 117mn in early 2010, and the Serbian government increased the bank's capital by EUR 101mn last month. VIP

“Komercijalna Banka sales moratorium may be introduced”

“The Finance and Economy Ministry has announced that a five year moratorium will be required for the privatization of Komercijalna banka,” he said.

“The agreement with foreign shareholders would, among other things, allow them to jointly sell 20 percent of their ownership in the bank during these five years in case of substantial recovery on the market,” Smolić explained.

"In case of improvement of market conditions, foreign shareholders might sell up to ten percent of their stake, just as much as the Serbian government", he added.

The bank shareholders include the Serbian state with a 42.6 percent stake, the European Bank for Reconstruction and Development with 25 percent ownership share, while around 17 percent of the stakes are held by the International Finance Corporation (IFC), German investment fund DEG and Swedish Swedfund.

Foreign shareholders have recapitalized the bank with EUR 117mn in early 2010, and the Serbian government increased the bank's capital by EUR 101mn last month.

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