Univerzal Banka to be recapitalized

Nebojsa Divljan, the largest individual shareholder of Univerzal Banka (UNBN), told the weekly magazine NIN that Univerzal Banka would soon be recapitalized, but he did not confirm speculations that a financial institution from Russia and Montenegro's Atlas Grupa should take part in the recapitalization process.

He also said that Univerzal Banka had already implemented most of the 20 measures that the National Bank of Serbia had ordered it to implement. Divljan confirmed that the bank's exposure to Farmakom and Inter-kop had been "on an unacceptable level and is now somewhat smaller."

Univerzal Banka shares on the Belgrade Stock Exchange have lost 66 percent in value since the beginning of this year. With the share price of RSD 354, the bank's market cap is at RSD 200.9 million (EUR 1.8 million).