Tender for sale of Komercijalna Banka to be launched in May

A month after the Ministry of Finance selected an adviser in the process of finding a strategic partner in the sale of Komercijalna Banka, Finance Minister Sinisa Mali stated that he expected at least two good bids, which met the requirements, to be submitted for the acquisition of Komercijalna Banka.

“The tender for selection of a strategic partner of Komercijalna Banka will be launched in May and the entire procedure should have been completed by the year-end. I expect at least two good offers and the most important thing is for the process to be transparent. In the meantime, Lazard (adviser in the bank’s sale) will prepare the documentation and present the state with the best options. I really don’t know at the moment who the potential partners could be. What’s important is for them is to meet the requirements set by the National Bank of Serbia”, Mali said at the Kopaonik Business Forum.

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The market value of Komercijalna Banka at the Belgrade Stock Exchange currently stands at around EUR 350 million. Before the financial crisis of 2008, the value of Komercijalna Banka was estimated at EUR 2 billion.

In the first nine months of 2018, the bank recorded great operating results, with an EBITDA of 6.51 billion, that is EUR 55 million.

The bank has above average liquidity and capitalization. Its capital adequacy ratio is higher than 29% and far above the regulatory limit prescribed by the National Bank of Serbia.

In the past months, there have been speculations that several investors, local and foreign companies, were interested in acquiring Komercijalna Banka, in which the state is the single largest shareholder.

The state has a 42% stake in the bank, the EBRD has 24.4%, and the IFC, as a member of the World Bank Group, has 10%. The EBRD entered the ownership structure in 2006 with the capitalization worth EUR 70 million.

The bank’s privatization was first planned for 2009. The sale was stopped due to the global financial crisis, after which the EBRD carried another capitalization in the amount of EUR 50 million. The IFC then also became an owner by putting in EUR 40 million, whereas Germany’s DEG and Sweden’s SwedFund contributed EUR 20 and 10 million respectively.

The state undertook to carry another capitalization in the amount of EUR 110 million, so as not to lose its stake.

(Blic, 07.03.2019)



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