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Serbia's Raiffeisen Banka acquires Credit Agricole unit

Serbia's Raiffeisen Banka acquires Credit Agricole unit Raiffeisen Bank Romania; Author: Raiffeisen Bank License: all rights reserved.

BELGRADE (Serbia), April 4 (SeeNews) - Belgrade-based Raiffeisen Banka, a unit of Austria's Raiffeisen Bank International (RBI), acquired the entire capital of the local subsidiary of French lender Credit Agricole.

After the acquisition, Raiffeisen increased its market share in Serbia to about 12%, the lender said in a statement on Friday.

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The loan portfolio of Raiffeisen Banka is seen as reaching almost 3 billion euro ($3.31 billion) after the acquisition, while its client base is expected to exceed one million, the statement read.

"Credit Agricole enhances the business of Raiffeisen Group in Serbia in the best manner, thanks to its complementary business model and the same values we share," Petar Jovanovic, the newly appointed CEO of Credit Agricole Serbia and former deputy chairman of the managing board of Raiffeisen Banka, noted.

The two lenders signed an acquisition agreement in August 2021.

($ = 0.9058 euro)