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The Government of the Republic of Serbia

In the service of citizens

€8m for Cacanska Banka recapitalisation

Belgrade, 13 December 2010

Minister of Finance Diana Dragutinovic signed with representatives of the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD) an Agreement on recapitalisation of Cacanska Banka worth nearly €8 million.

The Ministry of Finance said that this agreement was signed by Dragutinovic on behalf of the Serbian government and added that this is a direct foreign investment which will increase the capital of the bank and will allow the bank’s stable operation and growth.

The Republic of Serbia has the opportunity to keep its existing equity share by means of recapitalisation in the next two years.

Serbia, as the single largest shareholder, wants to preserve and enhance the bank’s market value and will manage Cacanska Banka together with these professional investors in accordance with best international practice.

The bank’s recapitalisation is envisaged by the Strategy of shares management of banks owned by the Republic of Serbia for the period from 2009 to 2012, adopted by the Serbian government in May 2009.

Cacanska banka is a Serbian bank in which the state’s share in the capital is 38.8%, while the share of the second-largest shareholder – EBRD is 25%.

The bank’s total balance sheet assets are €267.3 million, which represents 1.2% of the market share, the bank’s deposits are €132.9 million, which is 1.02% of the market share, while the total capital is €37.8 million, representing 0.83% of the market share.