The French consultancy, Lazard will be the consultant in the selection of a strategic partner for Komercijalna Banka and the pertinent agreement will be signed with the Ministry of Finance of Serbia on Wednesday, February 6, the ministry told Beta today.
Lazard was also the consultant on the selection of the concessionaire for the Belgrade Nikola Tesla Airport. It also advised Telekom Serbian during the unsuccessful privatization process in 2015, when the Government of Serbia found the submitted offers unsatisfactory.
In October 2018, the Ministry of Finance invited the leading international companies to send letter of interest for the provision of financial consulting services for the preparation and execution of the plan of the sale of Komercijalna Banka shares owned by the Republic of Serbia.
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The consultant is expected to perform a detailed analysis of the current market state, different privatization models and the competition and to then propose the best possible strategy and the manner of sale of the state-owned shares of Komercijalna Banka, to the end of choosing a reliable partner and maximizing the effects of the sale of the capital.
The state owns 41.74% of Komercijalna Banka`s shares, the European Bank for Reconstruction and Development (EBRD) owns 24.43% and the IFC Fund has10.15%.
The EBRD became a co-owner of Komercijalna Banka in 2006 with the recapitalization of EUR 70 million. The bank’s privatization was planned for 2009, but the economic crisis stopped the sale. Following that, the EBRD recapitalized the bank again to the tune of EUR 50 million, and the IFC also acquired a stake in Komercijalna Banka, paying EUR 40 million for it, as did Germany`s DEG with EUR 20 million and SwedFund with EUR 10 million.
The state undertook to carry out another recapitalization in the value of EUR 110 million, so as to not lose its stake.
Komercijalna Banka has 202 branches in Serbia, with 2,700 employees, as well as branches in the Republic of Srpska and Montenegro.
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