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Serbia expects binding bids for Komercijalna Banka by Dec 2

Author Radomir Ralev
Serbia expects binding bids for Komercijalna Banka by Dec 2 Sinisa Mali; Source: Serbian Government

BELGRADE (Serbia), October 16 (SeeNews) - Serbia expects to receive binding bids from qualified investors in the tender for the privatisation of Komercijalna Banka [BEL:KMBN] by December 2, finance minister Sinisa Mali has said.

"The first phase of the process was completed and we have received non-binding bids. Currently, a due diligence process is being carried out and binding bids are expected by December 2," Mali said in a video file posted on the website of Tanjug news agency on Tuesday.

The tender commission opened on September 10 four non-binding bids submitted  in the tender and found that they are complete, containing the elements stipulated in the documentation for the first phase of the tender, the Serbian finance ministry said last month.

In September, Serbia reached an agreement to buy 34.58% of the ordinary shares in Komercijalna Banka held by the European Bank for Reconstruction and Development (EBRD) and IFC Capitalization Fund. Following the completion of the transaction, Serbia's government owns 83.23% of the ordinary shares of Komercijalna Banka which it will be able to offer for sale.

The transaction follows the acquisition by the Serbian government of 6.89% of Komercijalna's ordinary shares from Swedfund and DEG which was completed on June 26.

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