State to sell stake in former Credy Banka

KBM Banka in Serbia, former Credy Banka, will pay EUR 5.6 million to the state these days to buy a 12 percent stake in the bank, Chairman of the KBM Banka Executive Board Alojz Kovse said on Wednesday night.

Kovse said at a meeting of the Slovenian Business Club that 78% of the bank belonged to Slovenia's Nova KBM Group, 12% is in the possession of the state, and 10% is in the hands of minor shareholders.

- According to an agreement that Nova KBM signed to take over Kragujevac-based Credy Banka, the state was to keep its ownership stake in the bank for three years and then decide if it want to sell the stake, and this term has just expired - he said.

Credy Banka became the 14th member of the Nova KBM Group from Maribor in March 2010, after that group had bought a stake from the Republic of Serbia.