Komercijalna Banka, Serbia’s largest state-owned bank, was sold to the Slovenian Nova Ljubljanska Banka (NLB) for approximately EUR 450 million, reports Vecernje Novosti daily.
Despite Komercijalna Banka recording fantastic results in 2019, with the generated profit of EUR 75.3 million, that was not good enough reason for the state to abandon the idea of selling the bank. Once NLB takes over Komercijalna, it will have an 11% market share in the Serbian banking market.
NLB offered EUR 450 million for Komercijalna, which amounts to slightly less than the six times the turnover that Komercijalna generated last year. Vecernje Novosti goes on to say that there is no official confirmation that this is also the final sales price.
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With this offer, the Slovenians outbid the other two bidders Raiffeisenbank and AIK Banka. The negotiation process about the takeover of Komercijalna has been completed and that the contract should be signed shortly.
In addition to Serbia, Komercijalna Banka also operates in Montenegro, Bosnia and Herzegovina and the Republic of Srpska where it is the sixth-largest bank.
To obtain majority control, the state had paid the minority shareholders just over EUR 260 million in 2019, i.e. 41.47% of the worth of the bank’s assets.
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