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EBRD, IFC recapitalise Cacanska Banka

Belgrade, 13 December 2010

State Secretary of the Finance Ministry Slobodan Ilic said that the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD) have recapitalised Cacanska Banka with nearly €8 million.

Slobodan Ilic

Ilic told a press conference held on the occasion of Cacanska Banka recapitalisation that EBRD purchased shares worth €2.1 milion, while IFC invested around €6 million.

Ilic said that the Republic of Serbia has the opportunity to keep its existing equity share by means of recapitalisation in the next two years.

He said that the state has a 38.8% stake, EBRD owns 25%, while after the recapitalisation IFC will own 19.9%.

Director of the EBRD in Serbia Hildegard Gacek said that Cacanska Banka is now oriented to providing loans to small and medium-sized enterprises (SMEs) and since 2006 the bank has increased the volume of its loans to small enterpreneurs in central Serbia three times. This has helped Cacanska Banka advance from the 35th to 23rd place on the ranking list of best Serbian banks, she said. Director of the IFC for South Eastern Europe Edward Strawderman said that the aim of recapitalisation is to prepare the bank for privatisation within the next three years.

Chairman of the Executive Board of Cacanska Banka Dragan Jovanovic announced that the bank will start approving loans to SMEs in the total amount of €10 million, with a five year repayment period.