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The Government of the Republic of Serbia

In the service of citizens

Komercijalna Banka, Postanska Stedionica to be recapitalised

Belgrade, 24 January 2008

Serbian Minister of Economy and Regional Development Mladjan Dinkic stated that the Serbian government made a decision today to recapitalise the Komercijalna Banka with almost €40 million and the postal savings bank Postanska Stedionica with the sum of €26 million.

Mladjan Dinkic

Dinkic said at a press conference that the European Bank for Reconstruction and Development (EBRD) will also recapitalise Komercijalna Banka with nearly €10 million, but its 25% stake in the bank will not change.

The Minister said he expects that after recapitalization by the state , EBRD and minor shareholders, that the total recapitalisation will be worth €100 million.

In 2007, new foreign currency savings in this bank stood at more than €800 million and it had a market capitalisation of nearly €1.05 billion. The total capital of the bank will increase from the current €220 million to nearly €320 million, said the Minister.

He said that the capital of Postanska Stedionica will increase from almost €26 million to some €40 million. He added that this is a 100% state-owned bank where management will be strengthened and procedures improved.

Dinkic said that the government decided to pay severance wages to workers of Robne Kuce Beograd to the total amount of nearly €29.5 million so that each of the 11,281 employees and former employees will receive €135 per year of employment.

According to him, after privatisation workers of IMT will be paid €200 per year of employment and if the sale price of the company increases, the severance pay for workers will also rise.

Slobodan Milosavljevic

Minister of Agriculture, Forestry and Water Management Slobodan Milosavljevic said that RSD 1.1 billion has been set aside to stimulate the export of agricultural products.

Milosavljevic explained that those funds were provided thanks to one of four decrees related to the agriculture budget for 2008 that the government adopted today.

The Minister announced that all outstanding debts due to agriculture workers will be paid out by the end of next week and added that the government decided to support the development of agricultural production of the Roma population, socially-vulnerable and displaced persons with RSD 100 million.