AIK Bank acquires Alpha Bank Serbia

AIK Bank has acquired 100% of Alpha Bank Serbia on 11th April. The agreement was signed in Alpha Bank’s headquarters in Belgrade, and the bank will officially to change its name to Jubanka a.d.

This confirms Alpha Bank Serbia’s return to the group of banks operating with local assets, as the name of Jubanka has been familiar to the Serbian financial market since mid-20th century.

The new Jubanka Executive Board was presented as well, to be chaired by Aleksandra Erdoglija, a long-term member of Alpha Bank’s management team, thereby securing the continuity of operations – AIK reported yesterday.

The positive effects of the acquisition are expected to be seen in all segments, primarily in increased revenue and the expansion the client based in all the segments the bank operates in.

– The acquisition of Alpha Bank will create a synergy between two financial institutions, one of which, AIK Bank, is highly capitalized, and one of the top Serbian banks, with balances amounting to RSD 175.3 billion at the end of 2016. The transaction will enable both banks to jointly participate in the Serbian banking market. Furthermore, the synergy is very significant due to the fact that Jubanka will once again be locally owned – said Jelena Galic, chairwoman of AIK Bank’s Executive Board.

AIK continues to expand its operations and the client base both within Serbia and abroad, to the EU market. This February, AIK Bank was given a permission from the European Central Bank for the acquisition of more shares of Gorenjska Banka from Kranj, Slovenia.

(eKapija, 11.04.2017)

http://www.ekapija.com/website/en/page/1727738/AIK-buys-Alpha-Bank-Jubanka-name-to-be-brought-back

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