EFG Eurobank Group announces that it has received approvals from National Bank of Serbia and the Serbian Securities & Exchange Commission to launch a Take Over Bid (TOB) for 90% of Nacionalna štedionica – banka (NSB) shares.
EFG Eurobank Group announces that it has received approvals from National Bank of Serbia and the Serbian Securities & Exchange Commission to launch a Take Over Bid (TOB) for 90% of Nacionalna štedionica – banka (NSB) shares. EFG Eurobank Group already controls a ca.10% stake in NSB and on August 24 reached an agreement with private shareholders of NSB to acquire shares representing 49% of the bank’ s share capital.
The TOB targets a maximum 90.2% of the Bank‘s shares. The Price offered is CSD 627,540.80 per NSB share, compared to a face value per share of CSD 100,000.00, a book value per share of CSD 124,857.64 and a current market price of CSD 179,200.00 per share. The date of opening of the TOB is Monday the 5th of September, while the date of closing is the 21st day from the date of opening, i.e. the 26th of September. Full details of the takeover bid are going to be sent to all the shareholders in accordance with the Securities Law, while the short form of the takeover bid approved by the SEC will be published in a national daily.
EFG Eurobank Group perceives Serbia to be a market with great potential and of strategic importance for the development of its operations in South and Eastern Europe. The Group has already invested more than EUR 50 million in its existing subsidiary EFG Eurobank AD Beograd, which currently operates a network of 20 branches. EFG Eurobank Group intends to combine the existing commercial base and developed branch network of NSB with its own know-how, financial strength and significant market experience, to the benefit of Serbian institutions, businesses and citizens.
NSB, will benefit from significant synergies both in the Serbian market and in the region and will aim at becoming one of the leading Serbian banks, focusing on retail and SME operations, continuously improving the quality of the services and fostering long-term client relationships. EFG Eurobank Group intends to expand the established products and services of Nacionalna štedionica – banka through the introduction of financial products it has already developed in other regional markets.
David Watson, Director of International Division at EFG Eurobank commented: “Serbia is a core market for EFG Eurobank Group. Nacionalna štedionica – banka is a healthy and promising Bank which will allow us to significantly enhance our position in Serbian banking. We believe this is a very attractive offer to all NSB shareholders, including the Serbian State, and we are confident that is going to be met with great success, signalling a new era for NSB”.