The EFG Eurobank Group has reached an agreement with private shareholders of Nacionalna štedionica – banka in Serbia (National Savings Bank - NSB) to acquire shares representing 49% of the share capital of NSB.
The EFG Eurobank Group has reached an agreement with private shareholders of Nacionalna štedionica – banka in Serbia (National Savings Bank - NSB) to acquire shares representing 49% of the share capital of NSB. This will increase the EFG Eurobank Group’s stake in NSB to ca. 60%, as it already controls a 10% stake approximately. The EFG Eurobank Group intends to make a public offer for all of the issued shares of the Bank, not held by it, in accordance with Serbian law on securities and financial institutions and the rule book on takeover bids. The remaining shareholding is held by the Republic of Serbia and other minority shareholders. The transaction is subject to regulatory approvals; details on the transaction will be disclosed upon submission of the public Take-Over Bid in the coming days.
NSB is active in universal banking and operates a network of 70 branches in Serbia, with Total Assets of € 122 million at the end of June 2005. Through this acquisition the EFG Eurobank Group further strengthens its position in Serbia-Montenegro, which is emerging as an important market in South and Eastern Europe, with significant growth potential. It is worth noting that the Group has a presence in Serbia-Montenegro since 2003 through EFG Eurobank AD Beograd which operates an expanding network, currently comprising 20 branches in Serbia.
NSB will benefit from significant synergies, combining its own commercial base, which includes a significant number of retail and corporate clients, and nationwide branch network with the know-how, financial strength and significant regional market expertise of the EFG Eurobank Group.