Nova Kreditna Banka Maribor became owner of 55.1% of stocks of Kragujevac's Credy Bank - acquisition worth 10m EUR

Nova Kreditna Banka Maribor (NKMB) has become the owner of 55.1% of stocks of Kragujevac's Credy Banka through additional capitalization worth 10m EUR.

Credy Banka, which became the 14th member of NKMB Group, one of the leaders in the region, kept is current name and the headquarters in Kragujevac.

The contract was signed by the Minister of Finance of Serbia, Diana Dragutinović, and the President of NKBM's Management, Matjaž Kovačič, in the hall of the City Assembly of Kragujevac.

Minister Dragutinovć said that the additional capitalization represented direct foreign investment of 10m EUR, which was significant not only for Credy Banka, but also for the whole financial sector in Serbia.

- The Republic of Serbia remains the owner of 24.8% of Credy Banka's capital and it will have a chance to keep its current share in the following issues of stocks - she said.

Dragutinović also added that the capital of 10m EUR "is just a part of the projected investments because another 30m EUR will be invested within next five years".

- That can be an additional capital of NKBM or subordinated loan, or it can be the capital of international institutions, but whatever it is, it will refresh the capital base of the bank and enable it to increase the number of clients and be a support to regional development - said the Minister.

The President of NKMB's Management said that the process of additional capitalization was started in 2009 and finished in 2010 with the signing of the unique contract in Serbia because the greatest benefit was sought for the state, the bank and the investor.

He said that NKBM was one of 15 biggest groups in the region with the group's balance sum of EUR 6bn.

He added that Credy Banka would be restructured because it should become one of the most respectable banks in the state.

- We are now working on the analysis of the state in the bank and it is clear that the current number of employees, about 700 of them, will not be able to stay, but the problem of surplus manpower will be resolved through pensions and social program, and the exact number of such workers will be known in one or two months - said Kovačić.