February 3 (SeeNews) - Serbian lender Direktna Banka Kragujevac has acquired the entire capital of BNP Paribas' subsidiary Findomestic banka Beograd, the latter said.
The transaction is in line with the efforts of Direktna Banka to expand its presence in Serbia and become a leader in the small and medium-sized enterprises (SMEs) segment in the country, Findomestic banka Beograd said in a statement earlier this week.
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No financial details were disclosed.
Findomestic banka Beograd was established in 2006 after Italian lender Findomestic Italia purchased a 95% stake in Serbia's Nova Banka for 23 million euro ($24.7 million). In 2011, BNP Paribas took control of the Italian lender and Findomestic banka Beograd became a subsidiary of the French group.
Findomestic banka Beograd will start operating under the Direktna Banka brand as of the summer of 2017, the lender said.
After the integration, Direktna Banka will have 45 offices across Serbia, 350 employees and assets worth 200 million euro, Findomestic added.
In June 2015, Hungarian lender OTP Bank announced that it has signed an agreement with the Findomestic Banca for the purchase of 100% of the shares of Findomestic banka Beograd, but the transaction was not completed for undisclosed reasons.
Direktna Banka was established after Serbian entrepreneurs Andrej Jovanovic and Bojan Milovanovic acquired Serbian KBM banka from Slovenian Nova Kreditna Banka Maribor (NKBM) in February 2016.
Jovanovic and Milovanovic were the owners of Serbian snacks company Marbo Product, which was sold to Pepsico for 210 million euro in 2008.
($ = 0.931318 euro)
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