Serbia's 2012 budgets envisages a capital increase of Komercijalna Banka worth RSD 11.57bn (EUR 109mn), daily Blic reported. The state, which is the largest single shareholder in the bank with its 42.6% stake, should decide on its ownership by the end of the year in line with an earlier agreement with the bank's other shareholders. For the time being the government has no plans to exit the bank, which is Serbia's second largest lender in terms of assets, Blic said. The EBRD is the second biggest shareholder in Komercijalna Banka with a 25% stake. In January 2010, the EBRD together with IFC Capitalization Fund, Germany's DEG and Sweden's Swedfund fully subscribed for a new class of non-voting convertible preference shares of Komercijalna Banka worth RSD 11.4bn. These shares are to become convertible into ordinary shares three years after their issue date, or in January 2013. At the time, Serbia said it would have three years to contribute a corresponding capital increase in order to remain the biggest shareholder in the bank. Komercijalna Banka is a blue chip on the Belgrade bourse. Its end-September assets stood at RSD 259bn, ranking it second biggest among 33 active lenders, following behind only the local unit of Italy's Intesa Sanpaolo. |
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