July 25 (SeeNews) - Serbia's government said it plans to complete the sale of blue-chip lender Komercijalna Banka [BEL:KMBN] by the end of September 2019.
The tender for privatisation of Komercijalna Banka is expected to be launched by end-June 2019, the Serbian government said in a statement on the 30-month Policy Coordination Instrument-supported programme it had agreed on with the International Monetary Fund (IMF), according to a document posted on the website of the Fund on Tuesday.
You can subscribe to our M&A newsletter here
The authorities will adopt a decision to initiate the privatisation of Komercijalna Banka by end-February 2019, the government said.
In the meantime, the bank is taking measures to enhance its governance framework and address the findings of the latest inspection of Serbia's central bank, the government added.
The government owns 41.74% of the capital of Komercijalna banka, while the European Bank for Reconstruction and Development (EBRD) controls a 24.43% shareholding interest. The IFC Capitalization Fund holds a 10.15% stake and the remainder is in the hands of private investors.
Komercijalna was Serbia's second-largest bank at the end of 2017, holding 11.0% of the total assets of the country's banking system, according to data published by the central bank, NBS.