EFG Eurobank Ergasias completed the acquisition of 68.06% of the share capital of the Serbian bank Postbanka AD. The share purchase agreement was signed on 27 March 2003 in Belgrade. This concludes the acquisition process, which started on 11 November 2002, following the obtainment of all approvals by the Greek and Serbian authorities required.
Postbanka AD is a developing banking institution licensed to perform all banking operations both in Serbia and abroad. Its share capital amounts to € 3.7 million, while its total assets stand at € 14.7 million. EFG Eurobank Ergasias will immediately proceed with a capital increase raising Postbanka’s capital to a total of € 10 million, thus increasing Eurobank’s participation. EFG Eurobank Ergasias intends to reorganize the bank’s operations by improving its systems and extending its activities in the areas of retail banking, corporate banking and SME lending. In the last two years the Serbian economy has been in a process of restructuring, with emphasis on monetary stabilisation, reduction of inflation and significant increase of foreign investments either through privatisations or through the establishment of new private companies. Through the acquisition of a controlling stake in Postbanka AD, EFG Eurobank Ergasias expands its banking and investment presence in a third country in the region of South Eastern Europe. EFG Eurobank Ergasias is already present in Bulgaria with Bulgarian Post Bank and in Romania with Banc Post.
The acquisition agreement was signed between EFG Eurobank Ergasias and 12 shareholders of Postbanka AD, including the two largest shareholders, Poshtanska Stedionica and the Serbian Telecommunications Organisation - PTT.