Ilic: Bonds for Acquisition of Company Capital

By the end of 2009, at least three to five both corporate and local government bonds and at least one IPO for acquisition of company capital will exist on the Serbian financial market, said Slobodan Ilic, state secretary of the Ministry of Finance.

At a meeting organized to set up a working group for promotion of Serbian financial system, Mr. Ilic told journalists that these plans are realistic, and underlined that 2008 will be a year of reforms of regulatory norms and institutions on Serbia’s financial market.

By the end of 2009, at least three to five both corporate and local government bonds and at least one IPO for acquisition of company capital will exist on the Serbian financial market, said Slobodan Ilic, state secretary of the Ministry of Finance.

At a meeting organized to set up a working group for promotion of Serbian financial system, Mr. Ilic told journalists that these plans are realistic, and underlined that 2008 will be a year of reforms of regulatory norms and institutions on Serbia’s financial market.

Ilic said that the working group will be expected to design an action plan for strategies of financial system development by April 15, and to implement them by September 31, 2009. The strategies will work to promote development of Serbian financial system, financial market, and business climate and institutions.

The body will also strive to develop a strategy of development and implementation of initial public offering for the purpose of capital market development, and a strategy for development of debt securities, he added.

Mr. Ilic, who is chairing the working group, announced that a Project Implementation Control Council will be formed. As regards state bonds, he explained they are indicators for other securities and should appear before the end of 2009, issued in dinars.

The working group comprises representatives of 21 domestic and foreign banks, including American Citibank, German Deutsche Bank, and also International Monetary Fund, World Bank and International Financing Corporation.