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26 Aug 2019

Talks in progress on EBRD’s plans to buy stake in Belinvestbank

Talks in progress on EBRD’s plans to buy stake in Belinvestbank
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MINSK, 26 August (BelTA) – Talks are underway between the Belarusian government and the European Bank for Reconstruction and Development (EBRD) on the purchase of a stake in Belinvestbank by the EBRD, Belarus Economy Minister Dmitry Krutoi told the CTV channel on 25 August, BelTA has learned.

“The sides have only exchanged the first investment proposals. I do not think this process is over. Absolutely normal expert negotiations are in place, just like in any other deal. The bank has put forward its proposals and seeks a lower price for the stake. We have alternative assessment methods. We believe that this bank costs more even if we take the 10%-25% share that is sought after by the EBRD. This is the focal point of the talks,” Dmitry Krutoi said.

“We are not withdrawing from this process. I think we will have more certainty in our relations with this bank by the end of the year,” he said.

In early March 2019 EBRD President Suma Chakrabarti confirmed the bank’s intention to become a shareholder in Belinvestbank after meeting with the Belarus president. The main goal of the bank is to increase the bank’s value in order to attract a strategic investor later on.

The public joint-stock company (OAO) Belinvestbank is one of the largest banks in the Republic of Belarus. It is one of the country’s top six banks in terms of the volume of assets and the resource (client) base. Since 2015 the bank has been implementing an institutional development program designed to improve the bank’s performance and commercialization. The program is being implemented with assistance of the European Bank for Reconstruction and Development.

The EBRD is an international bank, which facilitates the development of the private sector and entrepreneurship initiative in 38 economies on three continents. The European Bank for Reconstruction and Development is the largest institutional investor in the Belarusian economy. Since the EBRD began working in Belarus in 1992, the bank has invested nearly €2.46 billion in 114 projects in various branches of the national economy.

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