Bosnia's Pavlovic International Bank changes name to Nasa Banka

The changes were approved by the bank's shareholders on October 29, the lender said in a statement last week.

The decision took effect on the day it was adopted and will be implemented once the name change is registered in the respective court.

The new image follows a recent change in the shareholding structure of Pavlovic International Bank.In July, it sold a new 7 million marka ($3.9 million/3.6 million euro) share issue to Bosnian company Pavgord and Serbia's Galens, who thus became owners of 40% of the Bosnian bank among themselves.

According to November 6 bourse data, Galens Invest controls 22.3% of Pavlovic International Bank, followed by Pavgord with 22.0%. Next is Batagong International AG with 13%, the restitution fund of Bosnia's Serb Republic and shareholding fund Akcijski Fond with 10.5% each, while the remainder belongs to smaller shareholders.

Prior to the capital increase, the largest shareholder in the bank was one of its founders, Miroslava Pavlovic, with 36.7%, followed by Batagon with 18.6%.

Pavlovic International Bank was the eighth largest bank in the Serb Republic in terms of assets at the end of June, when a total of eight banks were active, data from the entity's banking agency showed.

Its shares last traded on the Banja Luka Stock Exchange on August 16, when they closed 2.84% higher at 0.435 marka.

The Serb Republic is one of two autonomous entities forming Bosnia and Herzegovina. The other one is the Federation.

(1 euro = 1.95583 marka)