EBRD may become shareholder in one of Belarusian state banks

Commenting on possible bank privatisation, Belarus’ Prime Minister Andrei Kobyakov tells journalists that European Bank for Reconstruction and Development may become a shareholder in Belinvestbank

Commenting on possible bank privatisation, Belarus’ Prime Minister Andrei Kobyakov tells journalists that European Bank for Reconstruction and Development may become a shareholder in Belinvestbank

The PM has announced the Government’s desire to set up an inter-departmental working party for interaction with the European Bank for Reconstruction and Development, to deal with the privatisation of Belinvestbank open joint stock company.

“This is a real project now under consideration,” notes Mr. Kobyakov. “The European Bank for Reconstruction and Development is likely to become a minority shareholder, aiming to improve management and the state of the banking industry, helping attract western investments.” The hope is that a powerful European bank will then come forward to operate in Belarus.

The PM believes that Belinvestbank’s privatisation by the European Bank for Reconstruction and Development is of mutual interest. He explains, ”Recently, Belarus received a visit from the EBRD President. During negotiations, the issue was raised of European banks needing a window through which to work on the banking market of Belarus. Belinvestbank may become such a window. It is currently state owned but doesn’t yet occupy a major place in the economy (the banking sphere being dominated by Belarusbank and Belagroprombank).”
He added that the decision as to who will become a shareholder in the Belarusian bank isn’t yet final and will depend on negotiations relating to price, among other factors.

At present, Belinvestbank is an authorised bank servicing state programmes, accumulating state investment resources, conducting its investment policy and servicing credit lines for foreign investors. The core of its monetary-credit policy is investment of credit resources into projects aiming to raise the efficiency of the country’s economy: export-oriented; import-substituting; launching new and high technologies; and enhancing goods’ competitiveness.

By Vladimir Velikhov
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