Financial services provider KBC has reached an agreement with the current shareholders of A Banka to acquire a majority stake in the Serbian bank through a public takeover bid.
KBC has already received the approval from the National Bank of Serbia and the Serbian Competition Authority and expects to obtain approval from the Securities Commission, which will enable it to launch a public bid.
The transaction is expected to strengthen KBC’s operations as the company sees A Banka as an ideal platform to bolster its bancassurance activities in Serbia.
Formerly known as Alco bank, A Banka offers corporate and retail banking services. It focuses primarily on a product range covering deposits, loans and payments, distributed through a nationwide network of 18 branches and 26 sub-branches.