SOFIA (Bulgaria), July 21 (SeeNews) – The Sofia City Council said on Friday it has decided on July 20 to put Municipal Bank on the list of companies slated for privatisation in 2017.
According to municipal councillor Traycho Traikov, who submitted the proposal, now it is the right time to privatise Municipal Bank as it had successfully passed the central bank’s stress tests, the city council said in a statement.
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Last month, Moody's Investors Service upgraded the long and short-term local and foreign-currency deposit ratings of Municipal Bank to Ba3 from B1, with a stable outlook.
The previous attempt by the city council to sell the bank failed in 2014.
Sofia municipality owns 67.65% of Municipal Bank.
As at end-May, Municipal Bank was Bulgaria’s 15th largest lender by assets, according to data from the country's central bank.
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