Macedonia – SocGen’s Ohridska Banka terminates brokerage activities and withdraws from Macedonian Stock Exchange

On 15 November the Macedonian Stock Exchange (Македонска берза на хартии од вредност АД Скопје) issued a public notice to the effect that Ohridska Banka (Охридска банка АД Охрид) had voluntarily withdrawn from the stock exchange and ceased to be a member of the exchange.

On 3 October 2012 the board of directors of Ohridska Banka, a bank headquartered in Ohrid that is 70.02% owned by Société Generale S.A., had voted to terminate the bank’s involvement in services related to securities, and on 9 October this decision was approved by the bank’s supervisory board.  The bank communicated the decision to the Securities and Exchange Commission of the Republic of Macedonia (Комисија за хартии од вредност) as well as to the Macedonian Stock Exchange.  On 13 November the Securities and Exchange Commission, acknowledging the notification from Ohridska Banka, duly cancelled the bank’s license to handle securities and mandated that the bank’s membership in the Macedonian Stock Exchange also be cancelled.  On 15 November the Macedonian Stock Exchange issued a public notice saying that in response to a request from Ohridska Banka, the board of directors of the Stock Exchange had voted on 25 October 2012 to recognize the bank’s voluntary withdrawal from the stock exchange, effective 10 November 2012.

The withdrawal of Ohridska Banka from brokerage activities leaves a total of 11 brokerage firms and 5 banks as authorized to deal with securities in Macedonia.

Sources:

Охридска Банка АД – Други ценовно чувствителни информации (2012-11-15 08:48:43)

Комисија за хартии од вредност - Соопштение на Комисијата за хартии од вредност.....13.11.2012 година (2012-11-13)

Престанок на членство на Охридска банка АД Охрид (2012-11-09)

Mark Pleas

Eastern Europe Banking & Deposits Consultant

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