The Serbian finance ministry asked companies to submit applications to act as a financial adviser in the sale of its stake in Komercijalna banka a.d. Beograd.
Eligible firms were asked to show interest by Nov. 12. The government said bidders must be experienced in the bank privatization process and that they could also create a consortium.
The move is one of the requirements of an International Monetary Fund agreement with Serbia, which includes other sales of stakes in government-operated companies. Serbia's arrangement is known as a Policy Coordination Instrument, designed for countries that are not requesting financial support but that want to demonstrate commitment to a reform agenda or unlock and coordinate financing from other official creditors.
The ministry told Reuters that the appointment of a financial adviser would be limited to the sale of the stake, the newswire said Oct. 15.
The government plans to put its whole 41.7% stake up for sale, while other shareholders may also offer to sell their holdings as part of the privatization process. Other shareholders include the European Bank for Reconstruction and Development and the International Finance Corporation, which own 24.4% and 10.1% of the bank, respectively.