Government enables takeover of troubled bank

The Serbian government adopted Saturday a decision making it possible for troubled Nova Agrobanka to be taken over by another bank.

Izvor: Tanjug

Saturday, 27.10.2012.

15:45

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BELGRADE The Serbian government adopted Saturday a decision making it possible for troubled Nova Agrobanka to be taken over by another bank. Thanks to the decision, the Deposit Insurance Agency, as the representative of Nova Agrobanka, will make an agreement on the transfer of assets and liabilities with Postanska Stedionica bank. Government enables takeover of troubled bank According to this agreement, all Nova Agrobanka's clients will become the clients of Postanska Stedionica as of Monday and will be able to freely use their money, the government's press office released in a statement. Postanska Stedionica will take over EUR 392.3mn of Nova Agrobanka's total liabilities. A total of 238.5mn of insured deposits will be covered in cash by the Deposit Insurance Agency, in order for all depositors of the former Nova Agrobanka to be able to freely use their deposits. The remaining uninsured deposits and other liabilities will also be taken over and fully covered in highly liquid securities the previous government has already issued, as well as in best payable loans. Postanska Stedionica will also absorb around 60 branch offices and 300 employees from Nova Agrobanka. The Serbian government decided to take this step - transfer of assets and liabilities and then bankruptcy - because this necessary and reasonable measure is cheapest for the citizens of Serbia, and at the same time allows for the full stability of the financial market. As it was explained, by pulling healthy assets from the bank before bankruptcy, budget funds will be saved, and the Serbian citizens will not have any additional costs. (Tanjug, file) Tanjug

Government enables takeover of troubled bank

According to this agreement, all Nova Agrobanka's clients will become the clients of Poštanska Štedionica as of Monday and will be able to freely use their money, the government's press office released in a statement.

Poštanska Štedionica will take over EUR 392.3mn of Nova Agrobanka's total liabilities. A total of 238.5mn of insured deposits will be covered in cash by the Deposit Insurance Agency, in order for all depositors of the former Nova Agrobanka to be able to freely use their deposits.

The remaining uninsured deposits and other liabilities will also be taken over and fully covered in highly liquid securities the previous government has already issued, as well as in best payable loans.

Poštanska Štedionica will also absorb around 60 branch offices and 300 employees from Nova Agrobanka.

The Serbian government decided to take this step - transfer of assets and liabilities and then bankruptcy - because this necessary and reasonable measure is cheapest for the citizens of Serbia, and at the same time allows for the full stability of the financial market.

As it was explained, by pulling healthy assets from the bank before bankruptcy, budget funds will be saved, and the Serbian citizens will not have any additional costs.

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