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New financial advisor appointed for preparing Belarusbank development strategy

The Council of Ministers of Belarus has appointed a financial adviser for preparing the development strategy of JSC Belarusbank and for implementation of its minority interest to a foreign investor.

According to Decree No.943, published on Thursday on the national legal website, a consortium consisting of LLC KPMG Tanácsadó (Hungary), LLC KPMG (Belarus), law firm Oppenheim (Hungary), attorneys at law Stepanovski, Papakul and Partners (Belarus) was selected as a financial adviser.

 As reported, a working group to coordinate the implementation of the minority interest of Belarusbank was formed by the Decree of the Prime Minister of Belarus dated May 4, 2016. Minister of Finance Vladimir Amarin was appointed as the head of the working group.

The working group should coordinate a preliminary assessment of the value of shares of Belarusbank, prepare it and make proposals to the government on the choice of the buyer of the minority interest until November 1, 2017. It was also tasked to agree on a list of candidates for the implementation of the functions of the financial advisor.

Belarusbank is the largest bank of Belarus in terms of assets. 98.761% shares of the bank belongs to the state property, 1.209% of the shares belongs to administrative and territorial units, legal entities – 0.015%, individuals – 0.015%.

Source: interfax.by