Sofia City Council Values 75% Of Municipal Bank at EUR 25mn. The city council of Sofia projects that the revenues from the planned privatisation of Municipal Bank could exceed EUR 25mn if the local authorities succeed to regain control on 75% of the share capital. The municipality currently holds around 67% of the bank while the local businessman Hristo Kovachki controls the other shares through direct and indirect ownerships. Municipal Bank reports total assets of BGN 465mn (EUR 238mn) as of the end of 2005 and a full-year net profit of BGN 3.9mn.
Source: MARKET SPOTLIGHTS OF APRIL 2006