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Bosnia's Pavlovic International Bank plans to rename

Author Iskra Pavlova
Bosnia's Pavlovic International Bank plans to rename Deal, business, corporate contracts

BANJA LUKA (Bosnia and Herzegovina), October 3 (SeeNews) - Bosnia's Pavlovic International Bank [BANJ:PIBB] said it plans to change its name and logo.

The proposal for a new name will be put to vote at an extraordinary shareholders' meeting scheduled for October 16, the lender said in a Banja Luka bourse filing earlier this week.

It did not provide any details on the new name.

However, local news wire reported earlier this month that the new name will be Nasa Banka, or Our Bank, and its change reflects a recent change in Pavlovic International Bank's shareholder structure.

In July, the bank sold a new 7 million marka ($3.9/3.6 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 October 3 bourse data, Galens Invest controls 22.3% in Pavlovic International Bank, followed by Pavgord with 22.0%. Next is Batagong International AG with 13%, and the Serb Republic's restitution fund 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 Republic's banking agency showed.

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

(1 euro = 1.95583 marka)