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Macedonia’s Eurostandard Bank To Sue ING
The local mid-sized Eurostandard Bank will sue the Dutch ING Group for €582,000 to cover the expenses incurred during the seven-month talks for acquiring Post Bank.
The local mid-sized Eurostandard Bank will sue the Dutch ING Group for 582,000 to cover the expenses incurred during the seven-month talks for acquiring Post Bank. Eurostandard Bank controls a 66.66% stake in Post Bank, while the remaining shares are held by the public company Macedonian Posts. ING had been interested in acquiring the 66.66% stake held by Eurostandard Bank, but cancelled the deal earlier this month, at a time when the completion of the transaction seemed virtually certain and the central bank had approved the three new managers of Post Bank, including two representatives of the Dutch.It was announced that a 66.66% stake in Post Bank would be acquired by a consortium, including ING, the Dutch state-owned FMO, as well as the private equity fund SEAF. During the course of the negotiations, Eurostandard and ING reportedly signed a letter of intent last October and a preliminary contract last December. Eurostandard Bank will file its claim against ING with the international court in London.