Belarus’  largest commercial bank Belarusbank may use a Polish consulting company in order to sell some shares of the bank, Belarusbank Vice Chairman of the Board Vladimir Novik told a seminar held as part of the National Expo in in Warsaw on June 25. 

Vladimir Novik remarked that Belarusbank is undergoing a period of transformation. “Our bank plans to sell up to 25% of the shares. We have to hire a financial advisor to prepare part of shares for selling,” he said. “This is why if Polish consulting companies, banking institutions are interested in participating in it, we invite them to cooperate, because these processes in have been completed already and there is experience of transforming state banks”. 

Belarusbank is now a financial and industrial group, which has several subsidiaries, including those operating in manufacturing, agriculture and tourism. There is a leasing company. A factoring company is being set up. “We are interested in attracting foreign capital and are ready to sell even majority stakes in our subsidiaries,” said the Belarusbank Vice Chairman of the Board. In his opinion, the approach will allow the bank to attract new technologies and utilise the cutting-edge experience of foreign partners, preserving the leading position on the Belarusian market. 

The Belarusian financial market is close to an equivalent of $60 billion, with over $30 billion in banking system assets. The country’s financial system is stable. A bureau of credit histories has been set up in . There is a fund for insuring deposits. “The share of troubled loans is 2% at most,” stated Vladimir Novik. The national economy is being liberalised, in particular, the top limit for foreign capital in bank capital has been raised to 50%. The step should be an encouragement for foreign partners, too. 

Vladimir Novik called upon representatives of business circles of and to more widely use opportunities for implementing joint projects, including financing opportunities that the banking systems of the two countries provide to them. In particular, in banks are ready to back up projects in such promising areas as modernisation of enterprises, energy saving and others.