BELGRADE (Serbia), January 9 (SeeNews) – The government of Serbia's autonomous Vojvodina province said on Wednesday it has approved the text of an agreement with the country's central government on the launch of a regional development fund that will help unwind the balance sheet of the loss-making Razvojna Banka Vojvodine (RBV).
Provincial finance secretary Zoran Radoman has been authorised to co-sign the agreement with the central government on the setting up of the Development Fund of Vojvodina, the provincial government said in a statement.
The move was agreed earlier with the central government as part of a plan to protect depositors in RBV by transferring their account balances to another bank and RBV's loans to the newly-established fund.
Vojvodina will own 78.11% of the development fund while the central government will control 21.89%.
The Vojvodina government also said that it is nominating Radoman as its representative in the commission that will be in charge of implementing the takeover process and negotiating the handover of RBV's assets and liabilities. President of the RBV executive board Goran Kostic has been nominated to represent the bank in the commission.