The privatisation agency of the municipality of Sofia has called a tender for selling out 67% in Municipal Bank at a minimum price of BGN 100mn (EUR 51mn). The remaining part of the shares is held by private firms linked to local businessman Hristo Kovachki, who has a blocking quota of 25% in the Bank that could represent a serious impediment to the privatisation process. Municipal Bank is among the medium-sized lenders in the country and manages most of the financial services of the municipal authorities in the capital city, which is the largest tax payment district in the country.
Source: Intellinews-Bulgaria Today