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Bosnia's Pavlovic International Bank starts operating as Nasa Banka

Author Iskra Pavlova
Bosnia's Pavlovic International Bank starts operating as Nasa Banka Photo: Pavlovic Bank International

SARAJEVO (Bosnia and Herzegovina), November 12 (SeeNews) - Bosnia's Pavlovic International Bank [BANJ:PIBB] said it has started operating under its new name Nasa Banka as of November 7.

The new name was registered with the Bijeljina commercial court on November 4, Nasa Banka said in a filing with the Banja Luka Stock Exchange (BLSE) on Monday.

The shareholders approved the renaming at the end of October, following a recent change in the shareholding structure of Pavlovic International Bank, which sold in July a new 7 million marka ($3.9 million/3.6 million euro) share issue to Bosnian company Pavgord and Serbia's Galens.

The two buyers thus became owners of 40% of the Bosnian bank among themselves.

According to November 12 data from the BLSE, Galens Invest controls 22.3% of Nasa Banka, followed by Pavgord with 22.0%. Next is Batagon International AG with 13%, while the remainder is distributed among smaller shareholders.

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

Nasa Banka was the eighth largest bank by assets in Bosnia's Serb Republic entity at the end of June, when a total of eight banks were active, data from the entity's banking agency showed.

The bank's shares last traded on the BLSE 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)