EBRD buys shares of Kosovo banks

Prishtinë, Nov 30, 2005 – The “senior” bank manager at the European Bank for Reconstruction and Development (EDRB), Giulio Morenis, is actively dealing with Kosovo and its economy, writes the Kosovar daily Lajm. Finally, Kosovo has managed to make it to the list of countries worth investing in.

In an exclusive interview with Lajm Morenos said: “We will be the first foreign bank, which through capital projects implemented in Kosovo, makes also direct investments, such as at the Airport. But our goal is to enter any of the local banks with our capital. We have had discussions with bank managers and we are analyzing the conditions and circumstances. We will consider the loan portfolio and Banking and Payments Authority of Kosovo (BPK) evaluations and then make a decision. But regardless of the percentage of the shares we will buy, we will have a member in the Board of Directors of the bank; so we will be an active part of the management.”

Sources told Lajm that the EBRD is already having discussions with several banks, in particular with New Bank of Kosovo (BRK) and Kassabank; however, no document has been signed so far.

“We are in the research phase now,” said Morenos. “Depending on the results we will identify the focus points and our long-term commitment here.”

“Kosovo is the only place where we are operating and which is not a state. But still Kosovo operates as a state. It has its laws and institutions and a legal system that should be respected.”