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Laiki Bank Group acquires majority stake in Centrobanka AD of Serbia
November 30, 2005 -- Cyprus Popular Bank Ltd., better known as Laiki Bank Group (Laiki means popular in Greek), announced today it has received regulatory approval to acquire a majority stake in Belgrade-based Centrobanka AD. The central banks of Cyprus and Serbia have approved the acquisition, the Greek-Cypriot banking group said. On November 15, Cyprus's second-largest banking group said it would purchase a 59% stake in Centrobanka and would also make a proposal to the other shareholders of the bank to buy the rest of the shares. This process is due to be completed by the end of January 2006. The Greek-Cypriot bank, which has a dynamic presence in Greece and is determined to further expand its presence into the rapidly-developing Balkan market, said it will pay between EUR 38 million and EUR 45 million in cash for 100% of Centrobanka's share capital. The Serbian bank has only five branches, three business units and 22 so-called sub-branches. As at September 30, Centrobanka had total loan advances of EUR 51.7 million, total deposits amounting to EUR 48.7 million, and capital and reserves of EUR 18.1 million. HSBC is Laiki's largest shareholder, followed by the Lanitis Group with a minority stake of approximately 10%. <<< Back to INVgr Special Section on South-East Europe
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