European bank for rennovation and development enters capitalization of Belgrade's Commercial bank, for 25% pays 70 millions eur
Minister of financies of Serbia, Mladjan Dinkic stated that on March, 21st, 2006 was reached agreement with the European bank for renovation and development (EBRD) about capitalization of Commercial bank.
"The government of Serbia accepted decision on the Board to procede with capitalization of Commercial bank, the largest domestic bank, with the European bank for renovation and development", said Dinkic. He precised that EBRD would pay 70 millions eur for 25% of the shares in Commercial bank, pointing out that the state would still be majority owner with 50.7% of the capital in this bank.
Dinkic added that the negotiations about this arrangement had lasted for 6 months and that this transaction opens up possibilities for Serbia to get a bank which could work outside the borders.
"Commercial bank with today's 75 millions eur, will have a capital which is growing all the time because of the multi payables effectives. Commercial bank is becoming the strongest bank in Serbia, not only for the hieght of its savings, but also for the capital and it will be the first bank which will apply for a licence in April 2006 in Bosnia", said Dinkic.
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