The Sofia City Hall will shortly launch the procedure to sell the Municipal Bank, Dnevnik daily reported quoting Danail Kirilov, the municipal councillor to request the start of the procedure.

All preparations to this end had been made, Kirilov said, adding that the consortium between Argil, Kambourov, Transacta, Moore Stephens BulMar –the tie-up to devise the bank's privatisation report – had completed its assignment. The tie-up had to update the valuation of the bank and recommend a method for sale.

Meanwhile, deputy head of the Sofia city council Martin Zaimov said that the divestiture would entail either the stake owned by the municipality and businessman Hristo Kovachki or that of the municipality alone. This would depend on whether the city hall succeeded in pushing through a political decision to this effect.

Kovachki holds a minority share in the financial institution and a blocking quota at general meetings.