Societe Generale bank in Serbia to found pension fund and insurance company - requests submitted to NBS

Societe Generale bank in Serbia has announced founding of pension fund and insurance company in Serbia in 2008.

- The requests for founding of voluntary pension fund and insurance company have been submitted to the National Bank of Serbia and it is expected that the cental bank will issue work permits within next 30 days - a member of the Executive Board of Societe Generale Bank in Serbia, Sonja Miladinovski, said to the press.

- Situation in Serbia is currently not that favorable for opening of these financial institutions, but these are the long-term investments and they are in accordance with the plans of Societe Generale related to Serbian market - she pointed out.

The Head of the Administrative Board of Societe Generale bank in Serbia, Goran Pitić, estimated that the pension fund would reach solid position within two or three years and he added that the bank had not given up forming of the investment fund.

Pitić announced that the bank would carry out "serious additional capitalization" in 2008, but he did not specify its value. He reminded that additional capitalization worth 50m EUR had been carried out in 2007.

OTP banka Srbija a.d. Novi Sad

Narodna banka Srbije Beograd

Societe Generale bank

National Bank of Serbia

NBS

Sonja Miladinovski

Goran Pitić