NBG takes over Vojvođanska Bank

The National Bank of Greece has bought 99.44 percent of the Vojvođanska bank’s shares for a price of 385 million euros.

Izvor: Beta

Tuesday, 12.09.2006.

17:08

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NBG takes over Vojvođanska Bank

The Finance Minister said that the transfer of ownership will be finalized on December 12, and the buyer will be obligated to modernize the bank with 40 million euros worth of investments in the next three years and keep the same number of employees.

“From the entire price, 360 million euros will be paid to the Serbian budget, and the other 25 million euros will be kept in a temporary account until June 30, 2008 at the latest.” Dinkić said.

Arapoglu said that Serbia has great potential to grow in the banking sector and that the new group intends on increasing competition and participation in the market.

The Vojvođanska bank is the largest bank in Vojvodina and the seventh largest participating bank in Serbia, according to its number of clients it is ranked number two, and number five in the gathering of deposits.

The assets of NBG reach 700 million euros and its capital is 15 billion euros.

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