National Bank Governor Petar Gosev gave the holding company Milestone of Iceland consent for acquiring Commercial and Investment Bank of Kumanovo. Central Bank officials stated Monday that Milestone could take hold of the shares within three months of receiving the consent.

Milestone will acquire 100 percent of the ordinary shares of the Kumanovo bank, which together with International Private Bank and Postenska banka (Postal Service Bank) is in the group of small banks licensed to do business only in Macedonia.