Administrators called in at Metals Bank

The National Bank of Serbia (NBS) has implemented emergency measures at the Metals Bank in Novi Sad. NBS Governor Radovan Jelasic said that the measures would not jeopardize any of the bank’s clients financially. Administrators called in at Metals Bank The decision to implement an imposed administration means that the old board of directors has been suspended, with Srdjan Petrovic and Djordje Jevtic taking over. Metals Bank was on the Belgrade Stock Market’s A List and was among the best and most financially transparent companies that had shares on the market. The decision was made yesterday, according to a statement from the bank, but the reasons for doing so were not given. Metals Banks stated that it thanked the NBS for its support and help, adding that it had been able to overcome it’s temporary problems because of this assistance. Nor did Jelasic wish to go into any of the reasons for the decision, stating that Metals Bank would make a public statement in due course. “We are prepared to help banks, but that has a price. Metals Bank is getting new management too,” the NBS governor explained. He said that the imposed administration would not put any of the bank’s clients at risk. The NBS stated on Friday, October 17, that irregularities in the bank’s business dealings had been confirmed, which had led to reduced turnover. NBS then took “preventive, corrective measures to eliminate the irregularities.” Shares in Metals Bank went on the stock market on August 26, 2008. At that time, 341,255 shares were on the market, worth about EUR 130mn. The assets gained from going public were to be used for increasing the basic capital for the development of banking production and services, and to secure competitiveness. Metals Bank was founded in 1990, and currently has clients through a network of 110 branches.

Administrators called in at Metals Bank

The decision to implement an imposed administration means that the old board of directors has been suspended, with Srđan Petrović and Đorđe Jevtić taking over.

Metals Bank was on the Belgrade Stock Market’s A List and was among the best and most financially transparent companies that had shares on the market.

The decision was made yesterday, according to a statement from the bank, but the reasons for doing so were not given.

Metals Banks stated that it thanked the NBS for its support and help, adding that it had been able to overcome it’s temporary problems because of this assistance.

Nor did Jelašić wish to go into any of the reasons for the decision, stating that Metals Bank would make a public statement in due course.

“We are prepared to help banks, but that has a price. Metals Bank is getting new management too,” the NBS governor explained.

He said that the imposed administration would not put any of the bank’s clients at risk.

The NBS stated on Friday, October 17, that irregularities in the bank’s business dealings had been confirmed, which had led to reduced turnover.

NBS then took “preventive, corrective measures to eliminate the irregularities.”

Shares in Metals Bank went on the stock market on August 26, 2008. At that time, 341,255 shares were on the market, worth about EUR 130mn.

The assets gained from going public were to be used for increasing the basic capital for the development of banking production and services, and to secure competitiveness.

Metals Bank was founded in 1990, and currently has clients through a network of 110 branches.