Sofia Selects Advisor on Municipal Bank Sale

Sofia Selects Advisor on Municipal Bank Sale

The municipality of Sofia has selected a tie-up of business advisory Grant Thornton, Sofia-based law firm Kambourov & Partners and local financial consultancy Transacta to advise it on the privatisation of its 67.65% stake in Municipal Bank, Capital Daily reported.

The tie-up has to prepare an evaluation of the bank, including due diligence, an information memorandum and a privatisation strategy, as well as find a buyer, Capital Daily reported, quoting the head of the Sofia Municipal Privatisation Agency.

The agency expects to complete the sale by the end of September.

The municipal authorities made an unsuccessful attempt to sell the bank in 2007.

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