Skopje, 30 July 2007
Press release of the NBRM
The Governor of the National Bank of the Republic of Macedonia, based on the application for prior approval submitted by Milestone ehf. from Island, for acquiring 100% of the common shares in Komercijalno Investiciona Banka AD Kumanovo, passed a Decision on approving the submitted application. The prior approval has been issued under Article 59 of the Banking Law ("Official Gazette of the Republic of Macedonia" no. 67/2007). The prior approval allows for Milestone to acquire the shares within 180 days from the date of obtaining the prior approval from the National Bank.
Milestone is a private investment company registered in Island. This investment company is focused on strategic and private capital investments. The company holds a diversified portfolio of business activities and assets and its shares have been listed on the Island Stock Exchange OMX in Reykjavik. This investment company has been regulated by the Financial Supervision Agency (FSA) of Island, since it has capital investments in the insurance company Sjova. Also, Milestone is undergoing a procedure to the Financial Supervision Agency of Island for obtaining a license for founding an investment bank.
At the end of the first quarter of 2007, as specified by the audited financial statements, the total financial potential of Milestone stood at Euro 2.3 billion, and the capital position totaled Euro 727 million. This investment company ended 2006 with a positive financial result of Euro 226.7 million, and the financial result for the first quarter of 2007 totaled Euro 216.4 million.
The investment of this strategic investor in Komercijalno Investiciona Banka AD Kumanovo, as stated by its business plan enclosed with the application for prior approval, is expected to bring about financial and operational restructuring of the Bank and to strengthen the Bank's corporate governance systems.
Governor's Office
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