The government of Belarus commissioned a consortium formed by KPMG Tanacsado (Hungary), KPMG Belarus, Hungarian law firm Oppenheim and Belarusian law office Stepanovski, Papakul and Partners to develop Belarusbank’s institutional building program and sell the bank’s minority stake. The corresponding Resolution No.943 was signed on November 22, 2016.
The project will embrace the following key stages:
- elaboration of the bank’s development strategy for the period up to 2020;
- sale of the bank’s minority stake (up to 25%) to a foreign investor;
- implementation of the new strategy.
That will be the continuation of Belarusbank’s consistent cooperation with international advisory companies. In 2016 international consultants carried out an independent assessment of the bank’s assets, which enabled the bank to enhance operational sustainability due to the received recommendations. In addition, in 2015 KPMG assessed the bank’s corporate management system, which also resulted in a number of recommendations, most of which have been successfully implemented by the bank.
KPMG is optimistic about the prospects of the current project. The strategy to be developed by KPMG is expected to maximize the price of the bank's shares.