The Kragujevac-based Direktna Banka AD has announced that it had signed an agreement stipulating the takeover of Piraeus Bank Serbia.
The plan is to make Piraeus Bank a member of Direktna Bank until the first quarter of 2018 ends, once all the approvals from the relevant state authorities have been obtained – Direktna Banka’s press release reads.
In order for someone to buy a bank its needs to first obtain the usual corporate and regulatory approvals from the National Bank of Serbia.
If everything goes according to plan, following the takeover, Direktna Banka will have around 60 branch offices all over Serbia and 800 employees which will increase the bank’s market share. By acquiring Piraeus Bank Serbia, Direktna Banka’s assets will be worth over half a billion euros. Direktna Banka did not divulge how much money it had paid for the takeover.
Direktna Banka is owned by businessman Andrej Jovanovic (50% of the ownership) and Bojan Milovanovic (49.98%), and was formed in early 2016 when the Kragujevac-based KBM Bank was acquired by Nova Kreditna Banka Maribor. Direktna Banka also bought the Belgrade-based Findomestic Bank this year.
Jovanovic and Milovanovic started their business partnership by founding the Marbo Product Partnership which they transformed into the leader in the snacks industry both in Serbia and in Southeast Europe. Marbo became the number one company thanks to its widely popular snack brands like Chipsy, Clipsy, Pardon, Max, Minut and Gud. In 2008, PepsiCo took over Marbo.
Prior to 2008, i.e. in 2006, Jovanovic and Milovanovic founded a company which portfolio includes Maglic agricultural holdings, the Ikarus factory, and the lift production and servicing company, David Pajic Daka.
In 2012, the two businessmen participated in founding the private healthcare facility Medigroup. Milovanovic is a member of Medigroup’s Supervisory Board. In 2014, Jovanovic and Milovanovic started developing large-scale construction projects like the architectural-structural complex A Block which is the biggest residential and business complex in Belgrade.
In collaboration with the Mid Europa Partners investment fund, they acquired Imlek, Bambi and Knjaz Milos, while Mr. Jovanovic also became the CEO of the new holding company Moji Brendovi.
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