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Home/News/Serbia’s Erste bank raises 3.5 billion dinars via 2-yr bond sale

Serbia’s Erste bank raises 3.5 billion dinars via 2-yr bond sale

Erste Group’s division in Serbia has raised 3.5 billion dinars ($33.68 million) via the sale of 350,000 two-year bonds, the bank said on Monday.

The bonds have a variable yield of the three-month Belgrade Interbank Offered Rate, which currently stands at 3.02 percent, plus 1 percent, the statement said.

The initial total value of bonds on offer was set at 3.5 billion dinars, but due to demand it rose to a total of 3.87 billion. The difference was returned to investors, it said.

According to its unaudited 2018 financial report, bank’s net profit in Serbia rose 9.2 percent to 2.918 billion dinars. Its total assets increased to 202.9 billion dinars at end-December, from 168.3 billion dinars a year earlier.

The bank said it would use the proceeds for the financing and improvement of its operations with private and corporate clients.

Source; Reuters