Eurobank and Direktna Banka have announced the merger of operations in Serbia. Following the completion of this transaction, Eurobank will control about 70 percent of the merged bank, while Direktna’s shareholders will own the remaining 30 percent.
The formal completion of the merger process, as announced, is expected in the last quarter of 2021, after obtaining the necessary approvals from the competent regulatory and supervisory bodies. With this merger, the number of banks in Serbia drops to – 23.
“After the merger, the merged bank will have total assets of over two billion euros, while the market share will exceed 6.5 percent, making it the seventh largest bank in Serbia,” Eurobank said.
The Direktna Banka is, by the way, owned by businessmen Andrej Jovanovic and Bojan Milovanovic, both of whom have a 50% share.
The bank was established in 2016 when Jovanovic and Milovanovic bought Kragujevac-based KBM Bank from Nova Kreditna Banka Maribor (NKBM). Direktna Banka then took over Findomestic Bank from Findomestic Bank SpA Italy, which was the global banking system of BNP Paribas. And finally – during April 2018, it officially took over Piraeus Bank, which was owned by the Greek Piraeus Banking Group.
According to the official website, Eurobank was created in the process of merging with the merger of EFG Eurobank Belgrade and the National Savings Bank, Nova Ekonomija reports.
