Penta Satisfied with Condition of Privatbanka

28. März 2007, 00:00

Privatbanka accounting books and business processes are proper, Slovak private equity group Penta spokesperson Martin...

Privatbanka accounting books and business processes are proper, Slovak private equity group Penta spokesperson Martin Danko told reporters on Tuesday on announcement of results from due diligence carried out in the banks premises.

Penta was allowed to conduct due diligence after it expressed interest in buying a majority stake in Privatbanka from Meinl Bank of Austria.

"Penta found no flaws in the Slovak bank that would prevent it from joint decision-making," Danko said.

He added that Penta and Meinl Bank have been in an advanced stage of negotiations on equity sell-off.

At present, Meinl Bank owns 4.5 per cent directly and 49.6 per cent indirectly, through its BASL arm, in Privatbanka. It holds its stake since 2003.

The other shareholders in Privatbanka are Allianz-Slovenska Poistovna with 19.8 per cent, Banska Bystrica municipality (6.9 per cent), the remainder or 19.2 per cent being in possession of of other shareholders.

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