October 15 (SeeNews) - Serbia's finance ministry is inviting international companies to submit letters of interest for the delivery of financial advisory services in the privatisation of Komercijalna Banka [BEL:KMBN].
The deadline for submitting letters of interest is November 12, the finance ministry said in a notice published on its website.
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The Serbian government plans to sell its entire shareholding interest in Komercijalna Banka, the finance ministry said.
The government owns 41.74% of the capital of Komercijalna Banka, while the European Bank for Reconstruction and Development (EBRD) controls a 24.43% shareholding interest. The IFC Capitalization Fund holds a 10.15% stake and the remainder is in the hands of private investors, according to data from the interim financial statement of Komercijalna Banka for the first half of 2018.
The bank has 16,817,956 issued ordinary shares owned by 1,176 shareholders and 373,510 preference shares owned by 644 shareholders, the finance ministry said.
Komercijalna's market share in Serbia amounts to 10.83% in terms of total assets. The bank holds 12.18% of the total deposits in Serbia's banking sector and 9.56% of total loans, the ministry added.
Earlier this year, in a statement on the 30-month Policy Coordination Instrument-supported programme with the International Monetary Fund (IMF), the Serbian government said it plans to complete the sale of Komercijalna Banka by the end of September 2019. The authorities will adopt a decision to initiate the privatisation of Komercijalna by end-February 2019 and the tender is expected to be launched by end-June 2019.