Belgrade-based Raiffeisen Bank has confirmed that it had completed the takeover of Novi Sad-based Credit Agricole and CA Leasing.
The two banks are expected to merge by the end of the second quarter of 2023.
The takeover process was launched in August 2021. Raiffeisen will increase its market share in Serbia to 12 percent, putting it in third place based on overall assets. Following the merger, Raiffeisen will have a credit portfolio of almost three billion euros with more than a million clients, the press release said.
Raiffeisen Chairman Zoran Petrovic said that the takeover is part of long-term plans to expand operations in Serbia. “We will now be in a position to become the bank recommended by most people and companies in Serbia,” he said, while Credit Agricole’s new Chairman Petar Jovanovic said the bank will continue providing top quality services.
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