Sale of Greek-owned banks in Serbia not unexpected - fin min

Sale of Greek-owned banks in Serbia not unexpected - fin min Source: Serbian Government

BELGRADE (Serbia), June 19 (SeeNews) - Serbian finance minister Dusan Vujovic said the decision of some Greek banks to sell their subsidiaries in Serbia is not an unexpected development and is a part of the consolidation of the banking sector in Greece. 

Earlier this month, Greek media reported that Greece's Piraeus Bank intends to sell its wholly-owned subsidiaries in Albania, Bulgaria, Romania and Serbia as part of a plan to reduce its foreign exposures. In April, Greece's Alpha Bank said it completed the sale of its Serbian subsidiary to local lender AIK Banka.

"This is not unexpected. The only question is who will show interest and how it will affect the efficiency of the banking system of Serbia," Vujovic said in a video file posted on the website of news agency Tanjug on Saturday. 

The sale is in line with the agreement signed by Greece with the International Monetary Fund, the World Bank and the European Central Bank, Vujovic said.

"Serbia is a country with a very well-developed banking sector, with a high number of banks," he noted, adding that a consolidation of the sector is likely.

The risk perception is unchanged, as many lenders have enough resources but are simply not interested in investing, Vujovic added.

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