BELGRADE (Serbia), February 7 (SeeNews) – Serbia's finance ministry signed an agreement with a tie-up led by French investment bank Lazard Freres for the provision of financial advisory services on the privatisation of Komercijalna Banka [BEL:KMBN], it said.
The tie-up, which also includes auditing company KPMG and law firm Prica & Partners, will analyse the bank's operations and market, and will organise the future procedure for selecting a strategic partner in the capital of Komercijalna Banka, the finance ministry said in a statement on Wednesday.
The Serbian government plans to sign an agreement with a strategic partner in the bank by the end of 2019, the finance ministry said.
A total of 14 letters of interest for the delivery of financial advisory services in the privatisation of Komercijalna Banka were submitted by the November 12 deadline. The Serbian government shortlisted six potential candidates and three of them - Lazard Freres, Rothschild and ING Bank - placed bids by December 3.
The Serbian government plans to launch a tender for the sale of its entire 41.74% shareholding interest in the bank in May or June, finance minister Sinisa Mali has said.
The European Bank for Reconstruction and Development controls 24.43% shareholding interest in Komercijalna Banka. The IFC Capitalization Fund holds a 10.15% stake and the remainder is in the hands of private investors, according to data from the financial statement of Komercijalna Banka for the first half of 2018.