BANJA LUKA (Bosnia and Herzegovina), June 13 (SeeNews) - Russian VEFK Bank, part of East-European Finance Corporation (VEFK), will start operations in Bosnia's Serb Republic in July, the Bosnian government said on Wednesday.
"The bank intends in the next two years to open 15 units across the Serb Republic […]," Bosnian Prime Minister Milorad Dodik said at the opening ceremony of the bank office.
"This will not only be a banking business, but will bring closer all kinds of [Bosnian-Russian] businesses and by September the first results will be visible," said Alexander Gitelson, CEO of VEFK Bank Banja Luka.
There were nine banks headquartered in the Republic and 36 banks based in the Federation, which also operated in the Republic, at the end of 2006.
The units of Austria's Hypo Alpe Adria Group and Slovenia's NLB hold a combined 55% of the total assets of the predominantly Serb region's banking sector.
The total balance sheet assets of the banks in the Serb Republic were 3.19 million marka ($2.18 billion/1.62 billion euro) at end-2006.
(1 euro = 1.95583 Bosnian marka)
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