Full privatisation and restructuring of Stopanska Banka (SB). Under the privatisation in 1999, the National Bank of Greece, the EBRD and the International Finance Corporation (IFC) acquired the majority shareholding. The EBRD is now considering participation in a capital increase to strengthen SB's capital base, support the restructuring process and maintain the Bank's shareholding of 10.5 per cent.
The initial capital infusion strengthened the capital base of Stopanska Banka, allowing for further asset growth and for the implementation of an investment programme. This included modernisation of the computer systems, branch network upgrading and personnel training.
The new capital increase will strengthen the capital base of Stopanska Banka, allowing completion of the restructuring and investment programme.
The new capital increase by shareholders will support Stopanska Banka and increase confidence in the banking system.
Stopanska Banka is the largest bank in FYR Macedonia, with a market share of 35 per cent. The bank was privatised in 1999 by the National Bank of Greece as the main shareholder with 68.4 percent, and the IFC and the EBRD with 10.5 per cent each.
The EBRD proposes to participate in a capital increase (€534,460) to maintain the Bank's shareholding of 10.5 per cent. The EBRD purchased shares totalling up to €9.2 million in 1999.
€78.4 million (initial project) / €4.9 million (proposed capital increase).
Stopanska Banka carries out its operations in accordance with the EBRD's Environmental procedures for local banks. In implementing these procedures, the Bank requires its borrowers to comply, at a minimum, with national / local health, safety, environmental and public consultation requirements.
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