80.5% in Sofia Municipal Bank Up for Sale

The City of Sofia will sell 80.5% of the statute capital of its Municipal Bank, one of Bulgaria's commercial banks with a full banking license. Sofia Municipal council is to name a commission to pick a consultant investment intermediary for the sale during its session on January 13. Sofia Municipality holds 67% stake in the bank, which does not entitle it to block decisions, as the bank's statute provides for all major decisions to be taken with 75% of the shareholders' votes.