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Karanović & Nikolić Advises on OTP’s Acquisition of Vojvođanska Banka

August 2017

Karanović & Nikolić, in cooperation with the global law firm Weil, Gotshal & Manges LLP, advised OTP Bank – one of the leading banks in Central and Eastern Europe, on the acquisition of Vojvođanska Banka. The National Bank of Greece signed an agreement to sell its Vojvođanska Banka unit in Serbia and NGB Leasing, as well as its corporate loan portfolio in Serbia to Hungary's OTP Bank, for 125 million euros.

The services performed by the Karanović & Nikolić team - led by Darko Jovanović, Ivan Nonković and Mina Srecković, included the due diligence of Vojvođanska Banka and its affiliates, advising on the transaction documents from the local law perspective and the obtaining of regulatory approvals.

The acquisition is expected to be closed by the end of 2017. Once the process is completed, the Hungarian bank will have a 5.7% market share in Serbia – making it the seventh biggest bank in the country.

With a market share of 4.2%, Vojvođanska Bank is the ninth biggest bank in Serbia with a substantial base of retail clients. In 2016, the bank's total assets stood at 1.17 million euros, with the total value of approved loans of 810 million EUR. In 2015 and 2016 the bank had a 1.9% and 2.3% return on equity respectively. It currently has more than 1400 employees, 105 branches and 138 ATMs.

Legal Developments by:
Karanovic & Nikolic

  • New Merger Control Regulation Enters Into Force Today

    The New Merger Control Regulation, governing the content and the manner of submitting merger filings to the Serbian Competition Commission, entered into force today, 2 February 2016. The new Regulation represents a modern legal document, fully aligned with the relevant EU acquis, and will  significantly facilitate the merger filing process to the benefit of the applicants, as well as the overall efficiency of the Competition Commission.
    - Karanovic & Nikolic

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