A month after the Ministry of Finance picked an adviser for the selection of a strategic partner for the sale of Komercijalna Banka, Minister Sinisa Mali stated for Blic that he expected at least two good offers which meet the requirements.
– The tender for a strategic partner of Komercijalna Banka will open in May
and the entire procedure should be completed by the end of the year. I expect at least two good offers and the most important thing is for the process to be transparent. In the meantime, Lazard will prepare the documentation and present the state with the best options. I really don't know at the moment who the potential partners are. What's important is for them to meet the requirements set by the National Bank of Serbia – Mali told Blic at the Kopaonik Business Forum.
The market value of Komercijalna Banka at the Belgrade Stock Exchange is currently at around EUR 350 million. Before the financial crisis of 2008, the value of Komercijalna Banka reached EUR 2 billion.
In the first nine months of 2018, the bank had great operating results, with an EBITDA of RSD 6.512 billion, that is, EUR 55 million.
When it comes to the stability of operations, the bank is characterized by above average liquidity and capitalization. Its capital adequacy ratio is higher than 29% and far above the regulatory limit proscribed by the National Bank of Serbia.
In the past months, there have been speculations that several investors, local and foreign companies, are interested in buying Komercijalna Banka, where the state is the single largest shareholder.
The state has a 42% stake in Komercijalna Banka, 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 a capital increase of EUR 70 million.
The bank's privatization was first planned for 2009. The sale was stopped by the crisis, after which the EBRD made another capital increase 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 20 and 10 million respectively.
The state obliged to make another capital increase of EUR 110 million, so as not to lose its stake, Blic writes.