The Belarusian government approved the sale of a stake in state-owned Belarusian Bank for Development and Reconstruction (Belinvestbank) JSC to the European Bank for Reconstruction and Development, Interfax-Zapad reported June 5.

Alexander Pivovarsky, the EBRD's Belarus head of office, said the transaction could be completed within six to nine months, possibly by the end of 2018. The stake that the EBRD plans to acquire in the Belarusian lender will be close to 25%.

Preparations for the transaction have entered "an active phase," with sale negotiations and an evaluation of Belinvestbank underway. Pivovarsky was also cited as saying the EBRD is ready to find a strategic investor for the lender.

Belarusian authorities plan to sell a controlling stake in Belinvestbank to a strategic investor by 2020, the report noted.