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Contract on recapitalisation of Komercijalna Banka signed
Belgrade,
17 December 2009
Minister of Finance Diana Dragutinovic and representatives from international financial institutions today signed a €120 million contract on the recapitalisation of Komercijalna Banka Beograd.
Andreas Zissler, left, and Diana Dragutinovic
Author:
Fonet
The contract was signed by a representative of the European Bank for Reconstruction and Development (EBRD) Peter Reiniger, representative of the International Financial Corporation at the World Bank Giovanni Daniele, representative of Deutsche Investitions und Entwicklungsgesellschaft mbH Andreas Zissler, representative of the Swedfund International AB Gunilla Nilsson and Komercijalna Banka representative Ivica Smolic.
Following the signing Dragutinovic noted that recapitalisation will be carried out through a closed issuance of preference shares that can be turned into regular shares.
The Minister explained that the recapitalisation will not affect the voting rights of shareholders, adding that this transaction is a foreign direct investment that will be beneficial both for the bank and the state’s financial system.
Dragutinovic underlined that Komercijalna Banka did not have liquidity problems, but noted it was necessary to increase its capital in order to maintain stable business activities and growth.
She voiced hope that the money for Komercijalna Banka will arrive by the end of 2009.
EBRD representative Peter Reiniger said that international financial institutions participated in order to ensure that the bank retains its leading position.
Reiniger said that a mid-term programme of the bank's privatisation will be made in the upcoming period. He recalled that the EBRD has invested almost €418 million in infrastructure and financial programmes in Serbia, while total investments in Serbia exceed €1.75 billion.
Following the signing Dragutinovic noted that recapitalisation will be carried out through a closed issuance of preference shares that can be turned into regular shares.
The Minister explained that the recapitalisation will not affect the voting rights of shareholders, adding that this transaction is a foreign direct investment that will be beneficial both for the bank and the state’s financial system.
Dragutinovic underlined that Komercijalna Banka did not have liquidity problems, but noted it was necessary to increase its capital in order to maintain stable business activities and growth.
She voiced hope that the money for Komercijalna Banka will arrive by the end of 2009.
EBRD representative Peter Reiniger said that international financial institutions participated in order to ensure that the bank retains its leading position.
Reiniger said that a mid-term programme of the bank's privatisation will be made in the upcoming period. He recalled that the EBRD has invested almost €418 million in infrastructure and financial programmes in Serbia, while total investments in Serbia exceed €1.75 billion.
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