Saturday, March 10, 2007

Ohrid Bank expects takeover from Société Générale

The French banking group Société Générale is expected to become new owner of Ohrid Bank before the end of this month, reported Makfax correspondent.

This was made possible after the statute of the Bank was changed on Thursday's Assembly of Shareholders, by enabling appointing of Managing Board members with simple majority of shareholders present on the Assembly, instead of two-thirds majority as before.

The aim of the change is to provide better managing package for the potential buyer of the bank.

Ohrid Bank formed shareholding package of 53% to be offered to the French group, and the decision is to be made by Société Générale's leaders, who already stated desire for entry into a Macedonian bank.

It is already speculated that the French bank giant will announce the decision on takeover of the Ohrid Bank on Friday, at a price of over 8.100 Denars per share.

Société Générale is present in all countries of the region.

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