Council Of Ministers Sells Shares Of Belarusbank For It To Become More “Modern”

The sale of Belarusbank shares, according to officials, is not related to the sharply fallen bank's income.

This was stated by Chairman of the National Bank Board Pavel Kallaur at a press conference in Minsk on May 6, tut.by reports.

“The capital adequacy of the Belarusbank is at the proper level even taking into account stress tests. Therefore, additional capitalization it most likely will not be needed,” – Kallaur said. He noted that “the economy needs equity.”

“But the investor is not only important because of the attraction of the capital –- the main thing is the modern technologies,” – the head of the National Bank added.

It is important to understand how we are falling behind with individual banks in terms of business processes, Kallaur acknowledged.

“I will not say with whom of the bank executives I’ve met, but he compared how the institutions work, where everything is up to date, and those, where everything the way it is. He was in a light shock,“ – Kallaur smiled.

Kallaur said that he didn’t know which stock of shares would be put up for sale."

“I think that the right solution is up to the blocking stake,” – he explained.

The deputy chairman of the National Bank Taras Nadolny added that there wasn’t a serious interest in this asset, but the work had just begun. At the same time the rough frame to prepare proposals is 2017, and internal goals are more ambitious.

Recently the working group to coordinate the sale of a minority stake “Savings Bank” Belarusbank” has been established. The group is to coordinate the preliminary assessment of the value of the bank's shares. It is also to work out conditions of open competition for the selection of a financial advisor on selling bank's shares, to draw up a list of potential advisors and later to approve the prepared by the financial adviser action plan on selling the Belarusbank minority package of shares. Suggestions for choosing a buyer of shares are to be addressed to the government until November 1, 2017.