The Republic of Serbia has signed an agreement to sell an 83% stake in Novosadska Banka to Erste Bank (Austria). Erste Bank has agreed to pay €73.17m for the 83.28% stake. The transaction is subject to regulatory approvals.
With a market share of 10%, Novosadska Banka is the second largest player in Vojvodina, one of Serbia’s most prosperous regions. Novosadska Banka’s strong retail franchise will provide a solid foundation for the ambitious CEE growth strategy of Erste Bank, which is among the most successful banking groups in Central and Eastern Europe.
BNP Paribas Corporate Finance acted on behalf of the Serbian Governement for the successful privatization of Novosadska Banka.