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Greek EFG Eurobank becomes 100% owner of Nacionalna Stedionica
Belgrade,
17 March 2006
Serbian Minister of Finance Mladjan Dinkic said today that Greece’s EFG Eurobank became owner of a 100% stake in Nacionalna Stedionica after it agreed to pay €35 million for the state-owned minority share.
Nicholas Nanopoulos and Mladjan Dinkic
The sale and purchase agreement was signed by Minister Dinkic and Chief Executive Officer of EFG Eurobank Group Nicholas Nanopoulos.
At a press conference Dinkic said that the Greek bank agreed to donate €3 million to the Serbian health sector, education and environmental protection. This donation should be used within the next three years, he said.
According to Dinkic, EFG Eurobank will approve a soft loan to the Serbian Clinical Centre to build a PET centre, i.e., a nuclear scanner for early detection of diseases.
Under the sale contract that will merge Nacionalna Stedionica and EFG Eurobank into a new bank, Serbia should gain shares whose value is 1% of the new bank’s total assets, or €500,000, Dinkic said.
Dinkic expressed satisfaction with the price per share, which stands at €8,796, or 7.5 times higher than €5.1 million, the amount which the Republic of Serbia invested in the bank's starting capital.
Nacionalna Stedionica will continue to pay out old foreign currency savings as the court appointed this bank in 2002 to be in charge of paying out foreign currency savings of four banks in receivership, Dinkic stressed and recalled that out of 37 real estates owned by the Accounting and Payment Operations Bureau, only ten were turned into Nacionalna Stedionica’s property, which increased the stake of the state in this bank from 10% to 37.7%.
EFG Eurobank Group CEO Nicholas Nanopoulos expressed expectation that the merging of two banks will be completed by the end of the year, which will create a strong financial institution with nearly 100 branch offices and 1,400 employees, making it the largest bank network in Serbia.
Nanopoulos announced that the bank will offer new services and more favourable retail and corporate loans. He also recalled that EFG Eurobank has so far invested €130 million in Serbia.
According to him, the new bank will control assets worth €276 million, deposits worth €122 million and shareholders’ assets worth €54 million.
At a press conference Dinkic said that the Greek bank agreed to donate €3 million to the Serbian health sector, education and environmental protection. This donation should be used within the next three years, he said.
According to Dinkic, EFG Eurobank will approve a soft loan to the Serbian Clinical Centre to build a PET centre, i.e., a nuclear scanner for early detection of diseases.
Under the sale contract that will merge Nacionalna Stedionica and EFG Eurobank into a new bank, Serbia should gain shares whose value is 1% of the new bank’s total assets, or €500,000, Dinkic said.
Dinkic expressed satisfaction with the price per share, which stands at €8,796, or 7.5 times higher than €5.1 million, the amount which the Republic of Serbia invested in the bank's starting capital.
Nacionalna Stedionica will continue to pay out old foreign currency savings as the court appointed this bank in 2002 to be in charge of paying out foreign currency savings of four banks in receivership, Dinkic stressed and recalled that out of 37 real estates owned by the Accounting and Payment Operations Bureau, only ten were turned into Nacionalna Stedionica’s property, which increased the stake of the state in this bank from 10% to 37.7%.
EFG Eurobank Group CEO Nicholas Nanopoulos expressed expectation that the merging of two banks will be completed by the end of the year, which will create a strong financial institution with nearly 100 branch offices and 1,400 employees, making it the largest bank network in Serbia.
Nanopoulos announced that the bank will offer new services and more favourable retail and corporate loans. He also recalled that EFG Eurobank has so far invested €130 million in Serbia.
According to him, the new bank will control assets worth €276 million, deposits worth €122 million and shareholders’ assets worth €54 million.
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