Full version

Auction to sell state-owned share in Belarusian Priorbank under consideration

Economy 04.12.2019 | 13:30

MINSK, 4 December (BelTA) – The state-owned package of shares in Priorbank may be placed on auction, BelTA learned from Chairman of the State Property Committee of Belarus Andrei Gayev.

The official said: “The auction to sell Priorbank shares will take place in 2020 provided the head of state authorizes it. We need two weeks to clarify the estimated value.”

“We will need at least one month to notify potential buyers. The timeframe may be even larger in order to let the banks that show interest in the purchase to complete their internal procedures,” he added.

BelTA reported earlier that in April 2019 the State Property Committee estimated the value of the state package of shares in Priorbank at €17 million. At present Raiffeisen CIS Region Holding GmbH owns 87.74% of Priorbank's charter capital. The state package exceeds 6%. The European Bank for Reconstruction and Development previously indicated its interest in buying the state package. The EBRD has been buying Priorbank's stock since 1998 in order to resell it to Raiffeisen. The EBRD did not rule out the possibility of reselling the state-owned share to the principal shareholder if the bank had managed to acquire it.

More about Economy
Full version