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Government must decide whether to sell Komercijalna Banka or to recapitalize it

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Four international finance institutions (IFIs), including the EBRD, performed a EUR 120mn equity investment in Komercijalna in January 2010, which gave them 479,819 new shares in preferred stock, convertible into common stock shares as of January 1, 2013. The EBRD has held 25% of Komercijalnas common stock since 2006, when it paid EUR 70 million for the stake.

Under the equity investment contract, Serbia pledged to regain the majority stake by additional issue of the same share class, but the four IFIs have put options if the government does not declare its intentions regarding Komercijalnas privatization by the end of 2012. To keep its 42.6% stake in Komercijalna, Serbia must recapitalize the bank with around EUR 100mn by the end of 2012. The four IFIs also include the IFC Capitalization Fund, Japan Bank for International Cooperation (JBIC), German development bank KfW’s subsidiary DEG, and Swedish state owned risk capital company SwedFund.

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