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Credy Banka finished recapitalization – Capital increased by 10 million euros

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Kragujevac-based Credy Banka, which operates under the control of Nova Kreditna Banka (New Credit Bank) Maribor since March 2010, has finished the second recapitalization and, thus, increased the capital by additional 10 million euros. Nova Kreditna Banka issued additional 198,882 shares at the price of RSD 5,370, which has brought it the ownership share of 72.4% in that bank.

Earlier, during March 2010, by concluding an agreement with the state, the Slovenian bank completed the first recapitalization worth 10 million euros and, thus, acquired the ownership share of 55.1% in Credy Banka. That is when the representatives of Nova Kreditna Banka announced that the capital base of the Kragujevac-based bank would grow stronger by additional 30 million euros over the next five years, while the bank was expected to start turning a profit in 2012.

During the first nine months of this year, Credy Banka deepened its loss, primarily due to high costs of the social program that the Slovenian partner started to implement in the bank. In the first three quarters, the loss of Credy Banka amounted to 541.9 million dinars, while its loss in the same period in 2009 reached 215.6 million dinars.

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