Following completion of the transaction, the Republic of Serbia will own 83.23% of the ordinary shares of the Bank
Image: Republic of Serbia to buy shares in Komercijalna Banka owned by EBRD and IFC Capitalization Fund. Photo: courtesy of European Bank for Reconstruction and Development.
The Republic of Serbia, EBRD and IFC Capitalization Fund have reached an agreement concerning the sale of 34.58% of the ordinary shares in Komercijalna Banka a.d. Beograd (“Bank”) owned by EBRD and IFC Capitalization Fund to the Republic of Serbia.
Following completion of the transaction, the Republic of Serbia will own 83.23% of the ordinary shares of the Bank. The transaction follows the acquisition by the Republic of Serbia of 6.89% of ordinary shares from Swedfund and DEG which was completed on 26 June 2019.
The transaction therefore completes the consolidation of the ownership structure of the Bank and will allow the Republic of Serbia to offer for sale a total of 83.23% of the Bank’s ordinary shares to facilitate the privatization of the Bank under the ongoing privatization process.
EBRD and IFC Capitalization Fund have – alongside the Republic of Serbia – actively supported the Bank’s recovery and development over the last years which resulted in the strong commercial and financial performance delivered by the Bank successively in 2017, 2018 and first half of 2019.
The Republic of Serbia, EBRD and IFC Capitalization Fund are confident that the Bank is well positioned to achieve a successful privatization, for the utmost benefit of the Bank’s clients, the Serbian Banking sector as a whole as well as the Republic of Serbia.
Source: Company Press Release