Natl Bank Of Greece Completes Acquisition Of Serbian Bank

National Bank of Greece SA (NBG) said Monday that it has completed its acquisition of a 99.4% stake in Serbia’s Vojvodanska Banka a.d. Novi Sad after receiving approval from regulators in Serbia and Greece. 

Vojvodanska is Serbia’s sixth-largest lender by assets and boasts the country’s second-biggest branch network with 175 points of sale. 

As of June 2006, Vojvodanska had EUR342 million in deposits and EUR215 million in loans after taking into account provisions for non-performing loans. 

NBG announced its plans to acquire the bank in September for EUR385 million as part of the Serbian government’s privatization program. 

NBG currently has 35 branches in Serbia. 

“Following the acquisition of Vojvodjanska, NBG’s share of the Serbian market is approximately 8% of deposits and six percent of loans,” National Bank said in a statement. 

Source: Serbianna

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