The Group of EFG Eurobank has become the majority shareholder of Nacionalna štedionica – banka (NSB) after a successful finalization of the Take Over Bid (TOB). The TOB for Nacionalna štedionica – banka shares was completed yesterday (29/09/05). The Group of EFG Eurobank acquired 52.5% through the TOB process at CSD 3,511 million (ca. EUR 41 million). The Group now controls 62.3% of NSB, which has a nationwide network of 70 branches. Including the branch network of its subsidiary EFG Eurobank AD Beograd, the Group of EFG Eurobank now operates a combined network of 94 branches nationwide, thus significantly strengthening its position in the Serbian banking market.
The Group of EFG Eurobank perceives Serbia to be a market with great potential and of strategic importance for the development of its operations in Southern and Eastern Europe. The Group which has already invested more than EUR 50 million in the country, through its existing subsidiary EFG Eurobank AD Beograd, intends to combine the existing commercial base and branch network of NSB with its own know-how, financial strength and significant market experience, to the benefit of the Serbian institutions, businesses, citizens and the economy.
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. The Group of EFG Eurobank intends to expand the established products and services of Nacionalna štedionica – banka, through the introduction of financial products developed in other regional markets.
On behalf of the Management of the Group of EFG Eurobank, Messrs. David Watson, International Division Director, Theodore Karakasis, Deputy General Manager, Yannis Tegopoulos, International Division Director of Strategic Planning, together with Mr. Bojan Stanivuković, General Manager of NSB, gave a press conference in Belgrade, today (30/9/05), to the local and international press.
“We believe we gave a very good offer to acquire NSB shares and we are confident that following our initiative, a new era begins for the bank. NSB has a bright future from now on. We intend to invest further in this bank, strengthening its capital base, in the very near future”, said David Watson, International Division Director of the Group of EFG Eurobank.
Mr. Yannis Tegopoulos, International Division Director of Strategic Planning of the Group of EFG Eurobank, gave the profile of the Group of EFG Eurobank: ”The Group of EFG Eurobank apart from its significant presence in Greece, it already operates through subsidiary banks in Romania, Bulgaria, Serbia & Montenegro, and as of January 2006, it aims to establish retail banking operations in Poland. It also has a presence in Turkey through securities firm, EFG Istanbul Securities SA. At the end of June 2005, the Group’s total assets stood at EUR 39 billion and shareholders equity at EUR 2.2 billion, while its market capitalization is ca. EUR 8 billion”.
Mr. Theodore Karakasis, Deputy General Manager of the Group of EFG Eurobank, referred to the total level of the Group’s investment in Serbia and to future plans for NSB: “Since 2003, when the Group of EFG Eurobank started its operations in Serbia, it has invested approximately EUR 95 million. The Serbian market is of strategic importance to us and we intend to develop further the potential of NSB in the market. Through our operations in the various markets of the region, we have proven our skills and experience in developing a dynamic and client-driven retail network and best quality products and services. We will provide the same level of products and services through the NSB branch network in the very near future. One of our first priorities will be to offer extensive training to the employees of NSB so as to get them accustomed to our client-centered approach. We consider human resources to be the basis for our success and a supreme competitive advantage in the market”.
Finally, the General Manager of Nacionalna štedionica – banka, Mr. Bojan Stanivukovic mentioned: ”We all feel that the entry of a strategic partner, of the quality of the Group of EFG Eurobank, who comes as a majority shareholder, is a significant development for the bank and its employees. We are confident it will bring positive results, as it will provide the necessary support in terms of capital and know-how. We look forward to working with our new strategic shareholders”.
The Group of EFG Eurobank was founded in 1990, as “Euromerchant Bank”. The Group has received high marks from the most reputable international rating agencies (Standard & Poor’s, Fitch and Moody’s), not only for its financial strength, but also, for the Group’s client focus, high level of services, its heavy investment in modern technologies and its professional and dynamic management and personnel.
The Group of EFG Eurobank offers a comprehensive array of banking products and services for individuals, corporations and institutions. It currently employs more than 14,000 people in Greece and abroad and runs a distribution network of ca. 750 branches, 1400 ATM machines and other channels, including telephone, electronic and mobile. The Group of EFG Eurobank develops its activities in the area of South and Eastern Europe and as a member of EFG Group, based in Geneva, it has a direct access to the European financial markets.
The Group of EFG Eurobank has invested more than EUR 50 million into the development of EFG Eurobank AD Beograd, following the acquisition of Postbanka in 2003 and, starting from three branches, it has now developed its network to 24 branches in less than two years.
For any additional information you may contact McCann Erickson Public Relations. Contact persons: Marina Grihović 063/ 83-86-398 and Tamara Milenković 063/394539 or by phone 011/ 3283-691, 011/30-34-100.
Presentation of EFG Eurobank Group