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Majority shareholders in Bosnian commercial bank Nova Banka have agreed to sell the bank and have hired London-based Nomura International to advise on the procedure, media reports showed.

Poteza Adriatic Fund Amsterdam and other shareholders have agreed on the deal. Besides the fund, the International Finance Corporation has a 8.0 pct stake in the bank, Bosnian businessman Slobodar Radanovic has 5.4 pct, Prva Group has 5.1 pct, investment management company INC has 4.5 pct and Goran Avlijas has 4.5 pct.

No further details were available.

[Editor’s note: Nova Banka (www.novabanka.com) is based in Banja Luka and has 11 branches and 58 offices throughout the Serb Republic, which together with the Muslim-Croat Federation forms war-divided Bosnia. The bank has operated since 1992.

Bosnian media reported earlier that Nova Banka had a net profit of 5.3 mln Bosnian marka ($4.0 mln/2.8 mln euro) in 2007, up from 4.8 mln marka ($3.6 mln/2.5 mln euro) in the previous year.]

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An official UK report showed that the British industry is suffering as 540,000 of the migrants who have come from the EU new member states returned to their countries following the global crisis. How a massive reverse migration will affect the SEE?
Oct 8, 2008
The new labour force will push up the local economies
The gross domestic product will slow its growth due to the lower level of money transfers from abroad
The returning experts will lead to unstable social security system and dissatisfaction of population
The reverse migration will raise the level of business culture to the one in the countries in western Europe
The reverse migration will not provoke major changes
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The 82-km long canyon of the river Tara is the second largest and deepest chasm in the world after the Grand Canyon in Colorado.
The 82-km long canyon of the river Tara is the second largest and deepest chasm in the world after the Grand Canyon in Colorado.
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