ATE Bank hires advisers for sale of stake in AIK Banka

As it was announced through the Athens Stock Exchange, the Managing Board of the Greek state-owned ATE Bank held a session on February 16th to make decisions regarding the sale of the bank's stakes in certain companies.

Among the rest, the ATE Managing Board made a decision to resume the tendering procedure for the sale of its stake in Nis-based AIK Banka and, therefore, appointed the Investment Bank of Greece and the European Privatization and Investment Corporation (EPIC) as consultants.

As it was announced last year, ATE Bank intends to sell its majority stake in Romania's ATE Bank and minority stakes in Serbia's AIK Banka until the end of 2012.

In late 2006 ATE acquired 20.3 percent of common shares, buying them at about RSD 5,200 a piece, and 24.9 percent of preferred shares in Nis-based AIK Banka.

The AIK shares ended the last week on the Belgrade Stock Exchange at the level of RSD 1,811. At that share price, ATE's package of common shares is worth about EUR 30 million.