The FINANCIAL — The EBRD has sold its 5.245 per cent share in Komercijalna Banka AD Skopje, the largest lender in FYR Macedonia, as part of its normal portfolio-management operations. In a sign of confidence in the local capital market, the transaction took place on the Macedonian stock exchange.
The EBRD invested in Komercijalna Banka AD Skopje in 1996. As a shareholder, the EBRD has had a significant impact on Komercijalna’s growth and development over the past 20 years. The Bank has helped to strengthen Komercijalna’s lending policies and improve corporate governance. It has also contributed to an increased investor interest in the lender, according to the EBRD.
CEO of Komercijalna Hari Kostov said: “Komercijalna Banka AD Skopje would like to express gratitude to the EBRD for being its shareholder so far. Despite the usual procedure of the EBRD being a shareholder in a bank for an average period of five years, the EBRD was a shareholder in Komercijalna Banka AD Skopje for more than 20 years, making a significant contribution to the bank’s growth and development throughout that period. We hope to have successful further cooperation with the EBRD in other fields of banking and investment operations.”
The EBRD remains committed to Komercijalna Banka AD Skopje, which is among the most active users of the EBRD’s Trade Facilitation Programme and a partner in a risk-sharing facility for financing municipal projects.
The EBRD is a major institutional investor in FYR Macedonia. To date, it has invested €1.6 billion in more than 100 projects there.