Wazana Group in Bosnian joint venture: Bosnian holding company LOK will transfer banking...

Jul. 23--Wazana Group Ltd., a new investment management company owned by David Wazana, has signed a memorandum of understanding (MOU) with Bosnian holding company LOK to set up a joint venture that the companies will own in equal shares. LOK has banking, insurance, and manufacturing interests, and more than �100 million in assets. It will transfer to the joint venture two banks in its portfolio: BPS, in which it owns a 20.06 percent stake, and LOK Micro, in which it owns 49 percent. Wazana will invest �10 million, contingent on the results of due diligence. Part of the investment will finance the purchase of shares in the two banks to enable a merger and to buy shares in the Bosnia Federal Bank, which is now undergoing privatization. Wazana expects to close the deal by the end of October. Wazana intends to help LOK expand... [read full story]