New bank mergers by end of 2007

38 banks currently operate in Serbia. The banking market to see fresh mergers by the end of 2007.

Izvor: B92

Sunday, 22.04.2007.

13:13

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New bank mergers by end of 2007

Banca Intesa and San Paolo bank, two leading banks in Italy, merged last year to form a the first bank merger in Italy.

Banca Intesa entered Serbian market in 2005 with the acquisition of Delta bank, as San Paolo bank came at the end of 2006 when it purchased Panonska bank.

“We believe that Banca Intesa Beograd and Panonska bank will indeed merge by the end of the year and increase business efficiency,” Intesa San Paolo Group CEO Corrado Passera told B92.

Serbian banking market has already seen two mergers, including that of the National Bank of Greece (NBG) with Vojvođanska bank, and the EFG bank with the National Savings Bank.

Economy experts say that privatization of the banking sector was coming to a close, with the banks trying to secure their positions in the market and compete for new customers with improved services, lower interest rates and faster granting of loans..

Dejan Erić, Belgrade Banking Academy director, and Vladislav Cvetković, leading adviser with the Depoyit Assurance Agency, agreed  that foreign banks would "continue coming to Serbia even after the privatization of the banking sector ended, given the appealing and profitable nature of the domestic banking field."

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