RBI signs agreement to acquire Credit Agricole Serbia

The transaction is expected to be closed in the first quarter of 2022 and will have an impact on RBI’s CET1 ratio of approximately 16 basis points, the bank said in a statement without revealing further financial details, RBI said in a statement on Thursday.

"Serbia is a very interesting market for us and offers an attractive growth potential. Credit Agricole Serbia is an excellent strategic fit to our bank in Serbia and the acquisition will support our growth ambition in the market," Johann Strobl, CEO of RBI, said.

There is a plan to merge Credit Agricole Serbia with Raiffeisen banka and the successful closing of the transaction is subject to obtaining regulatory approvals, RBI said.

Credit Agricole Serbia serves around 356,000 customers and has a leading position in agricultural-business financing with over 20% market share. At the end of the second quarter of 2021, Credit Agricole Serbia had total assets of 1.3 billion euro ($1.5 billion), while Raiffeisen banka reported total assets of 3.4 billion euro.

($ = 0.844823)