struni prilozi

Jovan Konti* dr Ljiljana Konti**

MERDERI I
AKVIZICE U
BANKARSKOM
SEKTORU
Rezime
U poslednjih nekoliko godina relevantna literatura iz bankarstva posebnu panju
posveuje merderima i akvizicama. Veliki broj istraivakih studa bavi se prednostima
i nedostacima merdera i akvizica, kao i vrednostima bankarskih akvizica.
Osnovni razlozi za merdere banaka su: redukca trokova, proirenje opsega
proizvoda i usluga, poveanje trinog udela, uee u procesima privatizace (u
tranzicionim ekonomama), poveanje solventnosti i transfer know-how-a.
Merderi banaka mogu poveati trinu vrednost banaka kroz smanjenje trokova
i/ili poveanje prihoda. Smanjenje trokova se moe postii putem eliminace odreenih
menaderskih pozica, zatvaranjem filala i konsolidacom nekih back office funkca.
Veina istraivanja merdera i akvizica u bankarskom sektoru odnosi se na SAD.
Rezultati empirskih istraivanja pokazuju da su merderi nakon 1990. godine doneli
smanjenje trokova i poveanje prihoda za razliku od merdera koji su se desili pre 1990.
godine.
Za razliku od rezultata istraivanja u SAD-u, istraivanja merdera banaka u Evropskoj
Uni su pokazali da je dolo do poboljanja performansi banaka nakon merdera.
Trendovi merdera i akvizica zahvatili su i drave u tranzici. Merderi i akvizice
se realizuju kroz prodaju veinskog dravnog udela u bankama stranim investitorima.
U dravama u tranzici evidentno je smanjivanje broja banaka, likvidaca malih banaka
i preuzimanje trita od strane stranih banaka. Prikazali smo kvalitativne i kvantitativne
aspekte analize zavrenih privatizaca i/ili merdera i akvizica banaka u Srbi. Finansska
kriza uslovie smanjenje broja banaka koje posluju u Srbi.

Kljune rei: merderi i akvizice, banke, tranzica, Srba

bankarstvo 5 -

* Eurobank EFG Novi Sad

jovan.kontic@eurobankefg.rs
** Fakultet za pravne i poslovne stude Novi Sad
ljkontic@useens.net

 expert contributions

Jovan Konti* Ljiljana Konti PhD**

MERGERS AND
ACQUISITIONS
IN BANKING
SECTOR
Summary
In the past few years, the relevant literature on banking has paid particular aention to
mergers and acquisitions. Numerous research studies have covered the advantages and
disadvantages of mergers and acquisitions, as well as the value of bank mergers.
Main reasons for bank mergers are: costs reduction, range of products and services
extention, increase of the market share, and participation in the privatization processes (in
transition economies), improvement in solvency, and transfer of know-how.
Bank mergers can increase the market value of the banks by reducing costs and/or
increasing revenues. Cost reductions can be achieved by eliminating redundant managerial
positions, closing branches, and consolidating some of the back office functions.
Most research of mergers and acquisitions in the banking sector is focused on the
United States. Results of empirical studies show that mergers aer 1990 brought cost
savings, and generated higher returns compared to the mergers that took place before
1990.
Unlike the results of research performed in the USA, the research of bank mergers in
the EU shows that there are improvements in performance following the mergers.
The trend of mergers and acquisitions also spread into transition economies. Bank
mergers and acquisitions are realized through the sale of the majority equity share of the
state to foreign investors. In transition economies, the decrease in the number of banks, the
liquidation of small banks and growth of he market share of foreign banks are evident. We
present analysis of qualitative and quantitative aspects of finalized privatization and/or
mergers and acquisitions of banks in Serbia. Financial crises will influence the decrease
of number of banks operating in Serbia.

Key words: mergers and acquisitions, banks, transition, Serbia

bankarstvo 5 -

* Eurobank EFG Novi Sad

jovan.kontic@eurobankefg.rs
** Faculty of Law and Business Studies Novi Sad
ljkontic@useens.net

M
erder banaka je vlasnika integraca
dve ili vie uglavnom komercalnih
banaka priblino jednake veliine u
cilju poboljanja postojeih usluga, pri emu se
poveavaju trokovi zarada, ali usled promena
u strukturi kapitala dolazi do poveanja
prosene stope prinosa po akci.
Akvizica je vlasniko preuzimanje manje
banke od strane vee i finansski jae banke.
Cilj je restrukturiranje dugova preuzete banke
to rezultira veim profitima. U ovom sluaju
preuzeta manja banka pravno prestaje da
postoji.
Postoji nekoliko modela merdera i
akvizica u bankarskom sektoru. Prvi model
predvia da se dve ili vie manjih banaka
integriu u jednu veu banku. Drugi model
zasniva se na akvizici manjih banaka od
strane vee i ekonomski efikasne banke (rane
samostalne banke u tom sluaju postaju filale
vee banke - banke preuzimaa). Trei model
sastoji se u merderu ili akvizici dve velike
banke (nova banka postaje globalna - svetska
banka ili proiruje svoju trinu pozicu u
svetskom bankarstvu).
Procesi merdera i akvizica inicirani
su ostvarenjem veeg obima poslovanja,
poveanjem asortimana finansskih proizvoda
i usluga, lakim ulaskom na nova trita,
diversifikacom rizika, ostvarenjem ciljeva top
menadmenta i akcionara. Smisao merdera/
akvizica sastoji se u repozicioniranju banke,
u kontekstu njene razvojne stratege, pri
emu banka tei da na dui rok pojaa svoju
konkurentnost na finansskom tritu.
Postoje razliite forme merdera i akvizica
u zavisnosti od glavnih aktera i ciljeva koji
se ele ostvariti. Ukoliko se re o domicilnim
bankama, osnovni motiv je ostvarivanje
prednosti ekonome obima. Merderi i
akvizice banaka koje imaju razgranatu
mreu filala u vie drava motivisani su
okrupnjavanjem banke da bi ona postala
znaajna na finansskom tritu. Banke putem
merdera i akvizica mogu biti ukljuene u
stvaranje finansskih konglomerata i tada
se povezuju sa investicionim kompanama i
osiguravajuim drutvima u cilju diversifikace
poslovanja.
Koristi koje se oekuju od merdera i
akvizica banaka su: poveanje trine snage,
poveanje profitabilnosti i poveanje trine
vrednosti banaka. Potencalni rizici odnose se
na probleme integrace banaka kao i reputace
banaka.
Merderi i akvizice u SAD
Tehnoloke inovace i procesi deregulace
uslovili su talas merdera u bankarskom
sektoru koji se u SAD-u pojavio 80-ih godina,
a u Evropi 90-ih godina XX veka. Veina
istraivanja merdera i akvizica u bankarskom
sektoru odnosi se na SAD.
Nekoliko finansskih ekonomista je
pokualo da identifikuje uticaj merdera i
akvizica u bankarskom sektoru na efikasnost
poslovanja banaka. Veliina uzoraka se kretala
od 11 do 469, dok je prosena veliina bila oko
100. Ovi ekonomisti su potvrdili uticaj merdera
i akvizica na nekoliko indikatora: Povrat na
imovinu, racia ukupnih trokova i imovine
i nekamatnih trokova i imovine, prevelik
rast vrednosti akca u periodu objavljivanja
merdera/akvizica. Prema nalazima Rhodes
(1994), najvei broj studa sprovedenih
tokom osamdesetih fokusirao se na veliki rast
vrednosti akca, dok su stude sprovedene
tokom devedesetih koristile finansske racio
brojeve kao osnovu za njihovu evaluacu.
Najvani rezultati empirskih istraivanja
merdera i akvizica banaka u SAD-u su
sledei:
Dok su akcionari pripojenih preduzea
ponekad imali abnormalne profite nakon
objavljivanja merdera/akvizice, akcionari
preduzea koja vri pripajanje su retko imali
neku znaajnu dobit.
Povrat na imovinu je veoma retko bio
znaajno vei od zbira povrata banke
koja je izvrila pripajanje i banke koja je
pripojena.
Sa nekoliko izuzetaka, u kontekstu merdera
banaka koje pripadaju istom holdingu, ne
bilo znaajnog smanjenja trokova kao
posledice merdera.
Dok su banke koje su vrile pripajanja
bankarstvo 5 -
u principu bile efikasne i profitabilne
od pripojenih banaka, obe su bile manje
efikasne i profitabilne u odnosu na najbolje
banke.
Kao to je navedeno koriene metodologe
 B
ank merger is the ownership integration
of two or more typically commercial
banks of approximately the same size
in order to improve the current services, thus
increasing the labor costs, but due to the
changes in capital structures the average rate
of return per share is increased.
Acquisition is the ownership takeover of
a smaller bank by a larger and financially
stronger one. The goal is restructuring target
banks debt resulting in increased profit. In this
case, smaller bank that is taken over legally
seazes to exist.
There are a few models of mergers and
acquisitions in the banking sector. The first model
means integration of two or more smaller banks
into one larger bank. The second model is based
on acquisition of smaller banks by a larger and
economically more efficient bank (in this case,
earlier previously independent banks become
branches of the acquiring bank). The third
model consists of the merger/acquisition of two
large banks (new bank becomes global, world
bank or expands the market position in global
banking).
Bank mergers and acquisitions processes are
motivated by the expansion of business volume,
increase in the range of financial products and
services, by a more relaxed entering into new
markets, diversification of risks, achievement
of top management and shareholders goals.
The main purpose of mergers/acquisitions is
repositioning of the bank, in the context of its
development strategy whereby the bank tends
to improve its competition position in the long
run.
There are various forms of mergers and
acquisitions depending on the main actors and
desired goals. When it comes to local banks, the
main reason is economy of scope. Cross-boader
mergers and acquisitions of the banks with a
wide network of branches in more than one
state are motivated by the creation of a larger
bank with a view to it becoming a significant
participant in the financial market. By way
of mergers and acquisitions banks may take
bankarstvo 5 -
part in the creation of financial conglomerates,
linking with investment companies and
insurance companies with an aim to diversify
the business.
The expected benefits from mergers and
acquisitions are: increase of the market share,
increase of profitability, and market value of the
banks. Potential risks relate to the problems of
integration and banks reputation.
Banks mergers and acquisitions in
the USA
Technological innovations and deregulation
processes caused the mergers and acquisitions
wave in 1980s in the USA, and in 1990s in
Europe. Most of the research of mergers and
acquisition in the banking sector relates to the
US banking sector.
Several financial economists have aempted
to identify the impact of the mergers and
acquisitions in the banking sector on the
efficiency of the banks. The sample size was
in the range from 11 to 469, the average size
being 100. These economists verified the impact
of mergers and acquisitions on following
performance indicators: return on assets,
ratio of total expenditure to assets, ratio of
non-interest expenses to assets, and abnormal
rise of stock prices within the period aer the
announcement of mergers and acquisitions.
According to Rhodes (1994), most of empirical
studies conducted during the 1980s focused on
soaring of stock prices, whereas the empirical
studies undertaken during 1990s used financial
ratios as the basis for their evaluation.
The most important results of empirical
studies of bank mergers and acquisitions in
the USA are the following:
While the shareholders of acquired firms
sometimes had abnormal profits aer the
announcement of the merger/acquisition,
the acquiring firms shareholders rarely
had significant gains.
The return on assets was rarely significantly
higher than the sum of returns of the
acquired and acquiring banks.
With a few exceptions, in the context of
bank mergers within the same holding,
there was no significant cost reduction as
consequence of merger.
While acquiring banks were typically
more efficient and more profitable than the
acquired banks, both were less efficient and
less profitable compared to the best banks.
As mentioned before, the research
u ovim empirskim istraivanjima nisu bile
osloboene mana. Ipak, slinost nalaza u
istraivanjima i uzorcima ukazuje na zakljuak
da pripajanje dve banke u SAD tokom
osamdesetih XX veka ne bilo uspeno u
poveanju profitabilnosti i efikasnosti ni banke
koja vri pripajanje ni pripojene banke. Dok
objanjenje za takvu praksu ne oigledno
istora ne na strani bankarskih merdera u
SAD.
Nakon analize karaktera i obima izloenosti
banaka merderima i akvizicama, dolo se
do zakljuka da je to uticalo na poveanje
finansske krhkosti bankarskog sektora u
SAD-u.
Istraivanjem motiva za merdere i
akvizice banaka u SAD-u dolo se do
pozitivnih rezultata. Houston et al. (2001) su
analizirali 64 merdera i akvizice velikih
banaka a je pojedinana vrednost iznosila
vie od 400 miliona dolara u SAD-u u periodu
od 1985-1996. godine. Rezultati su pokazali
da je primarni motiv za navedene merdere
i akvizice smanjenje trokova poslovanja i
konsolidaca banaka. Poveanje prihoda je
bilo manje znaajno.
Efikasnost banaka nakon merdera i
akvizica u EU
rigidnih zakona o radu EU.
Focarelli et al. (2000) smatraju da se merderi
i akvizice trebaju odvojeno istraivati, jer su
uslovljeni razliitim faktorima.
Procesi konsolidace banaka sprovedeni
su i u pani. Najvea panska banka Banco
Santander spojila se sa BCH u januaru 1999.
Druga po veliini banka u pani Banco Bilbao
Vizcaya nastala je merderom dve baskske
banke 1988. Cilj navedenih merdera ne bio
jaanje pozice u EU, ve zauzimanje vodee
pozice u Latinskoj Americi kroz akvizice
banaka na tom tritu.
Naveemo primer jedne male banke koja
je kroz merdere i akvizice ostvarila znaajne
meunarodne pozice. ABN Amro iz Holande
je nastala merderom Algemene Bank
Nederland (ABN) i Amsterdam-Roerdam
Bank. ABN je imala razvenu meunarodnu
mreu. Navedeni merder uslovio je zatvaranje
veeg broja filala i smanjenje ostalih trokova
poslovanja. Stratega razvoja ABN Amro
banke obuhvatila je dva strategska pravca.
Prvi je podrazumevao prodaju obveznica, a
drugi agresivnu ekspanzu komercalnog
bankarstva na tritima Aze i june Amerike.
1998. godine Algemene Bank Nederland Amro

Rezultati istraivanja Focarelli et al.

(2000) pokazali su da je u sluaju merdera
banaka u Itali dolo do poveanja trokova
zarada u prvih nekoliko godina, poveanja
plasmana banaka i poveanja stope prinosa
na akce. U pogledu promena finansske
strukture merdovanih banaka ovi rezultati
su konzistentni sa nalazima istraivanja u
SAD-u.
Smanjenje trokova i poveanje trinog
udela uslovili su merder UniCredito Italiano
for Banca Commerciale Italiana (BCI) i
Sanpaolo IMI for Banca di Roma u martu 1999
kao i spajanje Banca Intesa i Banca Commerciale
Italiana (BCI).
Rezultati vezani za akvizice su pokazali da
bankarstvo 5 -

je dolo do poveanja profitabilnosti pripojene

banke kao rezultat restrukturiranja dugova
i vee kontrole, ali se trokovi zarada nisu
smanjili. Strategu redukce trokova, posebno
trokova zarada, je teko implementirati zbog

 methodologies are not devoid of shortcomings.
However, the similarity of results in the studies
and samples indicates that two banks mergers
in the USA during 1980s were not successful
in increasing either profitability or efficiency
of the acquiring and the acquired bank. While
explanation for this practice is not obvious, the
history is not on the side of bank mergers and
acquisitions in the USA.
Aer analysing the nature and extent of
the exposure of the US banks to mergers and
acquisitions, it has been concluded that mergers
and acquisitions were responsible for increasing
the financial fragility of the US banking sector.
The empirical research of motives for
mergers and acquisitions suggests positive
results. Houston et al. (2001) analyzed 64
mergers and acquisitions of large banks
whose individual value was more than 400
million USD, in the period 1985-1996. The
results indicated that the main motive for the
mentioned mergers and acquisitions were
the operational costs reduction and bank
consolidation. The increase of revenues was
less significant.
bankarstvo 5 -
Banks efficiency aer mergers and
acquisitions in EU
The results of the empirical investigation
Focarelli et al. (2000) suggested that bank
mergers in Italy resulted in the increase of
labor costs in the first few years, the increase
in the lending activity and the increase in the
rate of return on stocks. Regarding the changes
in the financial structure of the merged banks,
these results are consistent with the finds of the
research in the USA.
In March 1999, Italys two largest banking
groups made merger bidsUniCredito Italiano
for Banca Commerciale Italiana (BCI), and
Sanpaolo IMI for Banca di Roma as well as the
merger of Banca Intesa and Banca Commerciale
Italiana (BCI), both motivated by cost-cuing
considerations and increasing the market
share.
Acquisitions results show that the
profitability in the acquired banks did increase
due to the improvement in the quality of their
loan portfolio and controls, but the cost of labor
did not decrease. The strategy based on cuing
costs, in particular labor costs, is difficult to
implement in the European Union because of
the rigidity of labor laws.
Focarelli et al (2000) suggest that mergers
and acquisitions should be examined separately,
as they are driven by different factors.
Consolidation processes have been
undertaken also in Spain. In January 1999,
the largest Spanish bank, Banco Santander
merged with BCH. The merger of the two
Basque banks created the second largest bank
in Spain, Banco Bilbao Vizcaya, in 1988. The aim
of these mergers was not strengthening position
in the EU, but rather taking leading role in Latin
America through acquisitions in that market.
We present the example of a small bank
that achieved a significant international
position though mergers and acquisitions.
ABN Amro of the Netherlands resulted from
the merger of Algemene Bank Nederland
(ABN) and Amsterdam-Roerdam Bank. ABN
had an established international network. The
merged entity closed many branches and cut
other operational costs. The growth strategy
of ABN Amro bank included two different
strategic directions. The first meant sale of
je kupila Thailands Bank, iste godine je postala
prva meunarodna banka u Kazahstanu i
prva holandska banka kojoj je dozvoljeno da
posluje u Pekingu. Izvrila je akvizicu Banco
Real, etvrte po veliini banke u Brazilu za 2,1
milardu dolara. Takoe ima razvenu mreu
filala u Kosta Rici, Gvatemali, Maarskoj i
junoj Africi. U SAD-u je prodala New England
banku Citibank, a poseduje LaSalle Bank u
Ilinoisu i Standard Federal banku u Miigenu.
Veina merdera u zemljama Evropske Une
bilo je defanzivnog karaktera i odvali su se
unutar nacionalnih granica, kao to su navedeni
primeri iz Itale i pane. Ovi merderi su se
deavali i u Francuskoj. U martu 1999. godine
Banque Nationale de Paris (BNP) je objavila
da eli da izvri akvizicu Paribas i Socit
Gnrale. Paribas je investiciona banka, pa se
od potencalnog merdera oekivalo da dovede
do redukce trokova i proirenja proizvodnog
asortimana. Meutim, predviene koristi
se nisu realizovale, jer Paribas nema mreu
filala, a vei broj zaposlenih u investicionom
bankarstvu je napustilo banku.
Intenzivni procesi konsolidace finansskog
sektora uslovili su talas merdera banaka koji se
deavao uglavnom unutar nacionalnih granica.
U veini zemalja Evropske Une mali broj
velikih banaka ini i do dve treine nacionalnog
bankarskog sektora (mereno iznosima
depozita). Istraivanje Carlei et al. (2003)
obuhvatilo je potencalne posledice intenzivnih
konsolidaca banaka na konkurentnost,
upravljanje rezervama banke i likvidnost.
Rezultati su pokazali da je neophodna detaljna
kontrola procesa koncentrace banaka od strane
monetarnih vlasti kao i praenje konkurentskih
politika.
Altunbas i Ibanez (2004) analizirali su 262
merdera i akvizice banaka u Evropskoj Uni
realizovanih u periodu od 1992-2001. Prilikom
procene efikasnosti merdera i akvizica
koristili su sledee indikatore:
Prosenu stopu prinosa po akci pre
merdera i dve godine nakon merdera,
Racio likvidnosti,
Odnos ukupnih prihoda i ukupnih
trokova,
1
Svi relevantni podaci o radu Evropske Komise nalaze se na web sajtu: hp://ec.europa.eu/comm/competition/mergers/
Odnos kredita i depozita klenata,
Odnos kapitala i ukupnih sredstava,
Odnos ukupne imovine ponuaa i ukupne
imovine ciljne banke.
Za razliku od rezultata istraivanja u SAD-
u, autori su utvrdili da je dolo do poboljanja
performansi banaka nakon merdera (poveanje
efikasnosti poslovanja, poveanje depozita i
plasmana, kapitalnih investica i dr.).
Prilikom vrednovanja predloenog
merdera Evropska Komisa se rukovodi
1
trinom dominacom i zloupotrebom
trine dominace. Pre 1997. godine Komisa
se primarno usredsredila na nekoliko
nehorizontalnih aspekata, posebno na to da
li e merder kao posledicu imati vertikalne
efekte ili e kombinovanom preduzeu doneti
komparativne prednosti koje mogu usloviti
ili pojaati dominantnu pozicu. Zakonsku
regulativu ine Direktiva 4046/89 i Direktiva
1310/97 po kojima je Evropska Komisa
nadlena za merdere u kojima je profit svake
kompane iznad 250 miliona EUR, ukupni
prihodi prelaze 5 milardi EUR i vie od jedne
treine prihoda kompana ostvaruje izvan
domicilne drave. Merderi koji obuhvataju
navedene uslove pravljuju se Komisi najdue
nedelju dana nakon potpisivanja ugovora.
Evropska Komisa razmatra sluajeve u
kojima postoji sumnja da e merder uticati
na konkurencu na tritu, odnosno da e se
merderom ostvariti monopolska pozica.
Merderi i akvizice u tranzicionim
dravama
Merderi i akvizica u bankarskom sektoru
vani su i za drave u tranzici. Prema Sobek
(2000) potreba za konsolidacom banaka u
dravama centralne i istone Evrope proizilazi
iz sledeih razloga:
Banke u centralnoj i istonoj Evropi
imaju mnogo manje kapitala od banaka u
razvenim trinim ekonomama samim
tim one ne mogu biti konkurentne na
svetskom tritu.
bankarstvo 5 -
Privatizaca banaka je mogua samo putem
akvizica od strane stranih banaka.
 bonds and the other aggressive expansion of
commercial banking in the Asian and South
American markets. In 1988 Algemene Bank
Nederland acquired a Thailand Bank, and the
same year became the first international bank
in Kazakstan and the first Dutch bank licenced
to operate in Being. It acquired the Banco Real,
the fourth bank in Brasil in terms of the assets
size for USD 2,1 billion. It also has a developed
branch network in Costa Rica, Guatemala,
Hungary and South Africa. In the USA it sold a
New England based bank to Citibank (Banker,
March 2001); and it possesses LaSalle Bank in
Illinois and Standard Federal in Michigan
Most mergers in the EU countries, have
been of defensive nature and took place
within domestic borders (e.g. Italy and Spain).
This was also the case in France. In March
1999, Banque Nationale de Paris (BNP) has
announced acquisition of both Paribas and
Socit Gnrale. Since Paribas was an
investment bank, while the other two were
primarily commercial banks, this merger
offered the prospect of both cost cuing and
product-line expansion. However, potential
benefits were not realized, because Paribas
had no branch network, and a mass exodus of
personnel occurred on the investment-banking
side.
The intensive consolidation processes in
the financial sector caused the wave of bank
mergers mainly within the national borders.
In the most European Union countries a small
number of larger banks accounts for two
thirds of the national banking sector (in terms
of bank deposits). Research of Carlei et al.
(2003) investigated potential consequences of
intensive bank consolidations on competition,
bank reserve management, and liquidity.
Results suggested that a detailed control of
bank concentration by monetary authorities as
well as the monitoring of competition policies
are needed.
Altunbas and Ibanez (2004) analyzed 262
mergers and acquisitions in the European Union
during the period 1992-2001. The assessment
bankarstvo 5 -
of mergers and acquisitions efficiency was
conducted using the following indicators:
1
European Commission: hp://ec.europa.eu/comm/competition/mergers/
Rate of return on equity before merger, and
two years aer,
Liquidity ratio,
Revenues/costs ratio,
Credits/deposits ratio,
Capital/assets ratio,
Total bidders assets/total target assets
ratio.
In contrast to the results of the studies in
the USA, the authors claim that there was an
improvement of bank performance aer the
merger (increase of efficiency, deposits, capital
investment etc.).
During the assessment of potential merger,
the European Commission1 considers the
market domination and the abuse of market
domination. Before 1997, the Commission
primarily focused on a few non-horizontal
aspects, especially on whether the merger
should have vertical effects or bring comparative
edge to the combined enterprise that may cause
or enhance the dominant position. Legal frames
consist of Directive 4046/89 and Directive
1310/97. Under these directives, the European
Commission is responsible for mergers where
the turnover of each company is above 250
million EUR, the total income of the company
exceeds 5 billion EUR, and the income of each
company outside its home country is more
than one third of the total. Mergers that comply
with these conditions must be reported to the
European Commission within a week aer the
contract is signed. The European Commission
considers cases in which there is some doubt
that merger will affect the competition in the
market, ie. the merger will create a monopoly
position.
Mergers and Acquisitions in
Transition Economies
Mergers and acquisitions in the banking
sector are important for transition economies.
According to Sobek (2000), the need for
the consolidation of banks in the transition
economies stems from the following reasons:
Banks in Central and Eastern Europe are far
behind the banks in advanced economies in
 Nakon 1990. godine najvei broj malih neke od domaih banaka i to Unicredit Exim
banaka u centralnoj i istonoj Evropu vie banku, National bank of Greece Vojvoansku
ne postoji. banku i Alpha Jubanku.
Merderi i akvizice stvaraju uslove za Privatizaca banaka odva se kroz prodaju
transfer know-howa i upravljanja. dravnog paketa akca u bankama u kojima
Postojanje slabih banaka kojima se loe je Republika Srba stekla vlasnitvo po
upravlja vodi ka produkci loih zajmova. U osnovu konverze obaveza banaka prema
Slovakoj je bilo pokuaja da se transformaca poveriocima Pariskog i Londonskog kluba i
ostvari merderom domaih banaka, ali zbog konverze obaveza po osnovu stare devizne
loeg upravljanja i ekonomske pozice ovi tednje graana. Do prodaje akca, Agenca
merderi su doiveli neuspeh. za osiguranje depozita, u ime Republike
Ulazak stranih investitora moe da se Srbe, uestvuje u upravljanju ovim bankama
realizuje na vie naina. U Maarskoj i u i organizuje i prati prodaju akca u vlasnitvu
odreenom obimu Poljskoj lokalne banke su Republike Srbe. Proces privatizace je zavren
prodavane stranim bankama i postajale su za est banaka (videti prilog 1):
njihove filale. U ekoj i Slovakoj prodate Jubanka, Beograd - prodata je u februaru
banke su ostale pravno nezavisne. 2005. godine. Alpha Bank S. A. (Grka) je
U Hrvatskoj je u 1998. godini, bankrotiralo kupila 88,64% akcskog kapitala za iznos od
14 banaka, u maju 1999. poslovalo je 55 banaka, 152 miliona EUR.
a do kraja 2004. broj banaka pao je na 37. U Novosadska banka, Novi Sad - prodata je
tom periodu u steaj ili likvidacu je otilo u julu 2005. godine. Erste Bank (Austra) je
19 banaka. U navedenom periodu bilo je 16 kupila 83,28% akcskog kapitala za 73,1 milion
merdera i akvizica. U 2005. godini broj EUR. Preuzimanjem jo 12,3% akca za 10,8
banaka koje posluju na tritu Hrvatske se miliona EUR, Erste Bank je u novembru 2005.
smanjio na 34 sa tendencom smanjivanja u godine postala vlasnik ukupno 95,6% akcskog
budunosti. kapitala.
Od 2001. godine do danas u Srbi je Continental banka, Novi Sad - prodata je
sprovedena reforma bankarskog i ukupnog
finansskog sektora. Od 115 banaka, danas u
Srbi rade 34 banke. Banke koje danas posluju
kod nas uspele su da isiste svoje bilanse i
konsoliduju poslovanje, pa su spremne da
rade i ozbiljne poslove, jer ispunjavaju sve
kriterume bitne za kvalitetno obavljanje posla.
Tome je u znaajnoj meri doprinela konkurenca
stranih banaka koje su dole na nae trite.
One su dopunile ponudu bankarskih usluga
i uinile je raznovrsnom, uveale su ukupni
kreditni potencal i doprinele da se pobolja
pozica kapitalnog bankarskog sistema.
Osam privatnih banaka je osnovano stranim
kapitalom, po konceptu greenfielda: Raiffeisen,
Societe Generale, ProCredit, Unicredit, Hypo
Alpe - Adria, National bank of Greece, Volks i
Alpha. Njihovo ukupno trino uee je 42,64%
i to: Raiffeisen sa 9,91%, Societe Generale sa
bankarstvo 5 -

3,99%, ProCredit sa 3,77%, Hypo Alpe - Adria sa

7,51%, National bank of Greece sa 4,96%, Alpha
sa 3,52%, Unicredit sa 4,78%, Volks sa 3,24% i
LHB sa 0,96%. U meuvremenu, Unicredit,
National bank of Greece i Alpha su pripojile

 terms of capital, and therefore they cannot
be competitive in the global market.
The privatization of these banks is possible
only through acquisition by the foreign
banks.
Aer 1990, most of the small banks in
Central and Eastern Europe do not exist
any more.
Mergers and acquisitions create conditions
for the transfer of foreign expertise and
forms of management.
The existence of weak and badly managed
banks leads to the continued production of
bad loans. In Slovakia, there were some aempts
to create larger banks by merging local banks,
but these mergers were unsuccessful due to the
bad management and their economic position.
The entry of foreign investors may be
realized in various forms. In Hungary, and to
some extent in Poland, local banks were sold
and became subsidiaries of foreign banks. In
Czech Republic and Slovakia, the sold banks
remained legally independent.
During the 1998, in Croatia 14 banks went
bankrupt, so in May 1999, 55 banks were
operating, but by the end of 2004 number of
banks are decreased to 37. In this period, 19
bankarstvo 5 -
banks went bankrupt and were liquidated,
and there were 16 mergers and acquisitions. In
2005, number of banks that operates in Croatia
decreased to 34, with the tendency of further
decrease in the future.
Since 2001, till today banking and financial
reforms have been conducted in Serbia. From
115 banks, today 34 banks operate in Serbia. The
banks currently operating have been successful
in cleaning their balances and operations,
and they are competent to perform serious
operations as they meet all criteria required for
such quality operating. This is to siginfikant
extent contribution of the competition of
foreign banks that came to our market. They
supplemented the supply of banking services
and rendered it more diversified, augmented
the overall credit potential and contributed to
enhancing the capital position of the banking
system. Eight private banks were founded
by foreign capital as greenfield investments:
Raiffeisen, Societe Generale, ProCredit,
Unicredit, Hypo Alpe - Adria, National bank
of Greece, Volks and Alpha. Their total market
share is 42.46%, Raiffeisen 9.91%, Societe
Generale 3.99%, ProCredit 3.77%, Hypo Alpe
- Adria 7.51%, National bank of Greece 4.96%,
Alpha 3.52%, Unicredit 4.78%, Volks 3.24%,
and LHB 0.96%. In the meantime, Unicredit,
National bank of Greece, and Alpha acquired
some domestic banks: Unicredit purchased
Exim bank, National bank of Greece purchased
Vojvodjansku bank, and Alpha purchased
Jubank
Banks privatization was conducted through
selling of Government packages of shares in
banks in which Republic of Serbia had gained
property through debt to equity swap of banks
debts to Paris and London Clubs, and debt to
equity swap of the old FX savings. Until the
sale of the government stock in these banks, the
Agency for deposits insurance,, on behalf the
Republic of Serbia takes part in managing these
banks, organizes and monitors the Republic of
Serbia shares sale. The privatization process has
been completed in six banks (see appendix 1):
Jubank, Belgrade - was sold in February
2005. Alpha Bank S.A. (Greece) purchased
88.64% banks equity for 152 million EUR.
Novosadska bank, Novi Sad - was sold
in July 2005. Erste Bank (Austria) purchased
u julu 2005. godine. Nova Ljubljanska banka
(Slovena) je kupila 98,43% akcskog kapitala
za 49,5 miliona EUR.
Nika banka, Ni - prodata je u martu 2006.
godine. OTP BANK RT (Maarska) je kupila
89,39% akcskog kapitala za 14,21 milion
EUR. Pored Nike banke OTP banka je kupila
dve domae privatne banke, Zepter i Kulsku
banku.
Panonska banka, Novi Sad - prodata je
krajem jula 2006. godine. San Paolo IMI (Itala)
je kupila 87,39% akcskog kapitala za 140
miliona EUR.
Vojvoanska banka, Novi Sad - prodata je
u decembru 2006. godine. National bank of
Greece je kupila 99,44% akcskog kapitala za
385 miliona EUR.
Proces privatizace otvoren je za jo
jednu banku u kojoj Republika ima veinsko
vlasnitvo, Credy banku, Kragujevac. Uee
Republike Srbe u ovoj banci je 60,5%, dok je
uee banaka u steaju 12,79%. U ovoj banci je
proces privatizace u toku.
Krajem marta 2006. godine potpisan
je ugovor izmeu predstavnika IBRD i
Vlade Srbe o dokapitalizaci 25% kapitala
Komercalne banke, Beograd za 70 miliona
EUR. Isto tako, krajem septembra 2006. godine
potpisan je ugovor izmeu predstavnika IBRD
i Vlade Srbe o dokapitalizaci 25% kapitala
aanske banke, aak za 15 miliona EUR.
Preostale banke koje imaju obeleja
nacionalnih - domaih banaka imaju, sem
AIK banke Ni sa trinim ueem od 3,2%, posluju u Srbi na dan 30.06.2008. godine
marginalno trino uee od 0,1% do 0,5%.
Izvesno je da e u vremenskom periodu od
3-5 godina ove banke biti ili merdovane ili
likvidirane jer samostalno ne mogu opstati na
tritu.
U Srbi su na kraju juna poslovale 34 banke,
dve manje nego u istom mesecu prole godine.
To je posledica spajanja banaka. Od ukupnog
broja, 26 banaka je poslovalo pozitivno, a
osam je zabeleilo gubitke. Takoe, od svih
banaka koje posluju u Srbi 20 je u veinskom
vlasnitvu stranih deoniara, u est banaka su
vlasnici domae firme i graani, a osam banaka
je u vlasnitvu Republike Srbe.
Kupci svih 12 srpskih banaka su strane
banke i bankarske grupace. Prema zemljama
porekla, pet banaka je iz Grke, po dve
italanske i austrske, jedna iz Francuske, jedna
iz Maarske i jedna iz Slovene. Rangiranje 100
najboljih banaka nove Evrope je pokazalo da se
OTP banka iz Maarske nalazi na prvom mestu
dok je Nova Ljubljanska banka osma.
Usled spajanja matinih kompana dolo je
do merdovanja Banca Intesa i Panonske banke.
KBC banka iz Belge ula na trite kupovinom
privatne A banke. NLB Continental banka,
Novi Sad i NLB LHB banka Beograd spojile su
se i od 1. januara 2009. posluju pod nazivom
NLB banka Beograd. Ukupan kapital iznosi 70
miliona EUR i ima 120 filala u Srbi.
Analiza realizovanih merdera je pokazala
da se koeficent prodajna cena/kapital kree
od 0,77 (kod Nike banke) do 7,65 (kod
Vojvoanske banke).
Posebnu grupu banaka ini etiri banke
(Privredna Panevo i Beograd, Credy i
Agrobanka) a e se kupoprodaja izvriti
korienjem modela privatizacionog tendera
(Privredna Panevo i Credy) i drugim oblicima
za ostale dve banke (Privredna Beograd i
Agrobanka). Trino uee ovih banaka
je 3,89% (Agrobanka sa 2,30%, Privredna
Panevo sa 0,34%, Privredna Beograd sa 0,77%
i Credy sa 0,48%). Dravni udeo je najvei u
Privrednoj banci Panevo i iznosi 95,5%, dok u
Credy banci iznosi 60,5%, Agrobanci 25,1%, a u
Privrednoj banci Beograd 19,4%. U aanskoj i
Komercalnoj banci izvrena je dokapitalizaca
(videti prilog 1).
Analizom trinog uea banaka koje
moemo zakljuiti da je najvie poveala
trino uee Eurobank EFG (sa 1,6% na
6,14%), zatim Banca Intesa (sa 10,8 na 13,15%)
dok su ostale banke neznatno poveale svoje
uee. Izuzetak je National bank of Greece koja
je kupila Vojvoansku banku i zadrala njeno
ime, a njeno trino uee je smanjeno (sa 7,2%
na 4,96%). Trino uee svih stranih banaka
iznosi 76,43%. To nedvosmisleno ukazuje na
zakljuak da je srpsko bankarstvo sa aspekta
strukture vlasnitva, kao i bankarstvo svih
drava u tranzici, u rukama stranih banaka.
bankarstvo 5 -
Imajui u vidu da je 34 banke veliki broj
za nerazveno trite i s obzirom na efekte
svetske finansske krize, moe se oekivati jo
jedna konsolidaca banaka u Srbi. Male banke
imae problema sa finansiranjem, odnosno
 83.28% banks equity for 73.1 million EUR.
In November 2005, Erste Bank purchased
remaining 12.3% banks equity and became the
owner of 95.6% of equity.
Continental bank, Novi Sad - was sold in
July 2005. Nova Ljubljanska banka (Slovenia)
purchased 98.43% banks equity for 49.5 million
EUR.
Niska bank, Nis - was sold in March 2006.
OTP BANK RT (Hungury) purchased 89.39%
banks equity for 14.21 million EUR. Besides
Niska bank, OTP bank also purchased two
domestic private banks Zepter and Kulska.
Panonska banka, Novi Sad - was sold
towards the end of July 2006. San Paolo IMI
(Italia) purchased 87.39% banks equity for 140
million EUR.
Vojvodjanska bank, Novi Sad - was sold
in December 2006. National bank of Greece
purchased 99.44% banks equity for 385 milion
EUR.
Privatization process is open for one more
bank in which Republic of Serbia has majority
ownership - Credy bank, Kragujevac. In this
bank, the equity share of Republic of Serbia is
60.5%, and 12.79% that of the bankrupt banks.
In this bank, the privatization is in process.
At the end of March 2006, IBRD and
Government of Serbia signed the agreement on
recapitalization for 25% capital of Commercial
bank, Belgrade, in the amount of 70 million
EUR. In addition, at the end of September
2006, representatives of the IBRD and the
Government of Serbia signed the agreement
on recapitalization for 25% capital of Cacanska
bank, Cacak, in the amount of 15 million EUR.
The remaining domestic banks bearing
the feature of national - local banks with an
exeption of AIK bank Nis holding 3,2% of
market share, have marginal market shares
from 0.1% to 0.5%. It is evident that in the next
three to five years these banks will be merged
or liquidated because they cannot sustain
independently in the market.
At the end of June 2008, there were 34 banks
operating in Serbia, two less compared to the
bankarstvo 5 -
same month of the previous year. This is the
consequence of bank mergers. Out of all banks,
26 banks recorded profit, and eight recorded
loses. Also, out of all banks operating in Serbia
20 banks are with foreign majority capital, six
are with local capital majority and eight are
owned by the Republic of Serbia.
The foreign banks and banking groups that
purchased 12 banks in Serbia come from the
following countries of origin:. 5 banks are from
Greece, two are from Italy, two from Austria,
one from France, Hungary, and Slovenia. The
ranking in the top 100 banks in New Europe
shows that OTP bank, Hungary holds the first
position, and Nova Ljubljanska banka the
eighth position.
Due to the merging of parent banks, Banca
Intesa merged with Panonska banka. KBCs from
Belgium entered into market by purchasing the
private A bank. NLB Continental merged with
NLB LHB bank Belgrade, and since 1 January
2009, they have been operating under the name
NLB bank Belgrade. The total capital amounts
to 70 million EUR, and bank has 120 branches
in Serbia.
The analysis of mergers shows that purchase
price/capital ratio is ranging from 0.77 (Niska
bank) to 7.65 (Vojvodjanska bank).
There is a group of four banks Privredna
Pancevo and Belgrade, Credy, and Agrobank)
that will be privatized by tender (Privredna
Pancevo, and Credy), and by other forms in
case of the two remaining banks (Privredna
Belgrade, and Agrobank). Total market share of
these banks is 3.89%. Privredna bank Pancevo is
state owned with 95.5%, Credy 60.5%, Agrobank
25.1%, and Privredna bank Belgrade 19.4%. Do
capitalization is completed in Cacanska, and
Commercial bank (see appendix 1).
On June 30 2008, by analyzing the market
share of banks that operate in Serbia, we can
conclude that the highest market share increase
was achieved by Eurobank EFG (from 1.6% to
6.14%), followed by Banca Intesa (from 10.8%
to 13.15%). The exeption is National bank of
Greece purchased Vojvodjanska bank and
continued to exist as Vojvodjanska bank, with
decreased market share (from 7.2% to 4.96%).
Total market share of foreign banks is 76.43%.
It indicates to conclusion that Serbian banking,
in the terms of ownership, just like banking
in all transition economies, is in the hends of
foreign banks.
Given the fact that 34 banks is a lot for
an undeveloped market and considered the
effects of the global financial crises, further
nedostatkom sredstava za kreditiranje.
Likvidaca bilo koje od malih banaka u Srbi
moe da uslovili porast nepoverenja graana
u finansski sistem.
Zakljuak
Postoje razliite forme merdera i akvizica u
zavisnosti od glavnih aktera i ciljeva koji se ele
ostvariti. Koristi koje se oekuju od merdera i
akvizica banaka su: poveanje trine snage,
poveanje profitabilnosti i poveanje trine
vrednosti banaka.
Tehnoloke inovace i procesi deregulace
uslovili su talas merdera u bankarskom
sektoru koji se u SAD-u pojavio 80-ih
godina, a u Evropi 90-ih godina XX veka.
Nakon analize karaktera i obima izloenosti
banaka merderima i akvizicama, dolo se
do zakljuka da je to uticalo na poveanje
finansske krhkosti bankarskog sektora u SAD-
u. Rezultati su pokazali da je primarni motiv
za navedene merdere i akvizice smanjenje
trokova poslovanja i konsolidaca banaka.
Za razliku od rezultata istraivanja u SAD-
u, autori su utvrdili da je dolo do poboljanja
performansi banaka nakon merdera (poveanje
Literatura / References
1. Altunbas, Y., Ibanez, D. M. (2004): Mergers
and Acquisitions and Bank Performance in
Europe: The Role of Strategic Similarities,
European Central Bank, Working Paper
Series, No. 398.
2. Bhaumik, S. K (1999): Mergers and
Acquisitions what can we Learn from the
Wave of the 1980s? , Money and Finance,
Oct-Dec, str. 39-53.
3. Carlei, E., Hartmann, P., Spagnolo, C.
(2003): Bank mergers, competition and
liquidity, European Central Bank, Working
Paper Series, No. 292.
4. CEE Banking Sector Report, Raiffeisen
Zentralbank sterreich AG, Vienna, October
2007.
5. Dymski, G. A. (2002): The global bank
merger wave: implications for developing
efikasnosti poslovanja, poveanje depozita i
plasmana, kapitalnih investica i dr.). Postoje i
posledice intenzivnih konsolidaca banaka na
konkurentnost, upravljanje rezervama banke i
likvidnost. Rezultati empirskog istraivanja
su pokazali da je neophodna detaljna kontrola
procesa koncentrace banaka od strane
monetarnih vlasti kao i praenje konkurentskih
politika.
Merderi i akvizica u bankarskom sektoru
vani su i za drave u tranzici. U ovim
dravama merderi i akvizice realizovane
su prodajom udela drave u bankama stranim
investitorima. Takoe, dolo je do smanjenja
broja banaka, likvidace nesolventnih banaka
i dominantnog uea stranih banaka na
tritima zemalja u tranzici. Trendovi u
procesima privatizace banaka odnose se
pokuaje kontrole jednog trita ili vie trita
u zemljama u tranzici.
S obzirom na svetsku finanssku krizu i
jo uvek nerazveno trite moe se oekivati
smanjenje broja banaka u Srbi. Ovo se posebno
odnosi na male banke koje nisu u vlasnitvu
stranih banaka i koje e imati problema sa
kreditiranjem, osiguravanjem profitabilnosti i
likvidnosti.
countries, The Developing Economies, XL-4,
str. 435-466.
6. Focarelli, D. Fabio Panea, F., Salleo, C.
(2000): Why do banks merge? , Allied
Social Science Associations - Association
of Financial Economists, Boston, January
2000.
7. Houston, J. F., James, C. M., Ryngaert, M.
D. (2001): Where do merger gains come
from? Bank mergers from the perspective of
insiders and outsiders, Journal of Financial
Economics, 60, str. 285-331.
8. Kontrola poslovanja banaka, Izvetaj za drugi
bankarstvo 5 -
kvartal 2008. godine, Narodna banka Srbe.
9. Ljubaj, I. (2005): Indeksi koncentrace
bankarskog sektora u Hrvatskoj, Pregledi,
21, Hrvatska narodna banka, Direkca za
izdavaku djelatnost, Zagreb
 banks consolidation can be expected in Serbia
the smaller banks will have problems with
financing activfunding, i.s. the lack of loanable
funds. The liquidation of any smaller bank may
bring the loss of citizens trust in the financial
system.
Conclusion
There are various forms of mergers and
acquisitions, depends on main actors and
desired goals. The potential benefits expected
from mergers and acquisitions of banks are:
improving market position, increasing the
profitability, and market value of merged
banks.
Technological innovations and processes
of deregulations initiated a wave of mergers
in banking sector, that emerged in the 1980s
in the USA, and the 1990s in Europe. Aer
analysing the nature and extent of the exposure
to mergers and acquisition, it was concluded
that mergers and acquisition had influenced the
increase of the of the financial fragility of the US
banking sector. The results have indicated that
th main motive for mergers and acquisitions
was reducing the costs, and to consolidate
the banks.
In contrary to the results of empirical
10. Peristiani, S. (1997): Do Mergers Improve
the X-efficiency and Scale Efficiency of US
Banks? Evidence from the 1980s, Journal
of Money Credit and Banking, 29 (3), str. 326-
337.
11. Pilloff, S. J., Santomero, A. M. (1996):
The Value Effects of Bank Mergers and
Acquisitions, Working Paper No. 97-07,
Financial Institutions Center, The Wharton
School.
12. Rhoades, S. A (1994): A Summary of Merger
Performance Studies in Banking, and an
Assessment of the Operating Performance
bankarstvo 5 -
and Event Study Methodologies,
Working Paper No. 167, Board of Governors
of the Federal Reserve System.
13. Risti, . (2006): Privatizacioni procesi
u bankarstvu - motivi i modeli,
studies in the USA, authors claim that there is
an improvement in the bank performance aer
mergers (increase of efficiency, deposits, capital
investment etc.). In addition, there are the
consequences of intensive bank consolidations
on competition, bank reserves management
and liquidity. Results of the empirical studies
suggested that it was necessary to have in place
a detailed control of bank concentration by
monetary authority, as well as the monitoring
of competition policies.
Mergers and acquisitions in banking sector
are important to transition economies. In these
countries, mergers and acquisitions take place
mostly through the sale of banks in full or part
state ownership, to foreign owners. In addition,
a decrease in the number of banks, liquidation
of non-viable banks, and the dominanat share
of foreign majority capital banks in the markets
of the transition countries are evident. Trends in
privatization relate to aempts to control one or
more markets in transition economies.
Regarding the global financial crises and
undeveloped market, it can expected further
decreasing number of banks in Serbia can be
expected. In particular, this means that the
smaller banks not owned by foreign banks,
may have problems with lending, profitability,
and liquidity.
PANOECONOMICUS, 2, str. 191-221
14. Sobek, O. (2000): Bank mergers and
acquisitions, BIATEC, ronk 8, 12, Narodna
banka Slovake, str. 29-31.
Internet linkovi / Internet links
1. hp://www.nbs.rs/export/internet/cirilica/
50/50_5.html
2. http://ec.europa.eu/comm/competition/
mergers/
3. hp://www.nbh.hr
Prilog 1. Pregled merdera i akvizica banaka u Srbi

Osn. Prodajna Trino

Aktiva Prodajna % Trino
Kapital cena uee
Naziv banke (u mil. cena/ uea Kupac uee na
(u mil. (u mil. na dan
EUR) Kapital drave dan 30.06.08
EUR) EUR) kupovine

Alpha bank S.A.

Jubanka ad Bgd 230.6 108.2 152 1.40 88.6 3.6% 3,52%
Greece
Continental Neue Ljub. bank
92.4 28.6 49.5 1.73 98.4 1.5% 1,44%
banka ad NS Slovenien

Novosadska Erste bank AG

130.7 26.4 73.1 2.77 83.1 2.1% 2,63%
banka ad NS Wien
Nacionalna
36.4 Eurobank EFG
tedionica ad 99.3 14.4 41.2 2.87 1.6% 6,14%
(63.6) Greece
Bgd

Nika banka OTP bank RT

38.6 19.1 14.7 0.77 99.7 0.6% 2,73%
ad Ni Hungary

Atlas banka ad 0 Pireus bank S.

63.4 14.1 19.5 1.39 1.0% 1,94%
Bgd (83%) A. Greece, 83%
Meridian banka 0 Credit Agricole
45.2 14.0 42 3.00 0.7% 1,74%
ad NS (71%) bank Paris
Delta banka ad 0 Banka Intesa
685.6 112.3 333 2.95 10.8% 13,15%
Bgd (86%) Italien, 86%
Exim banka ad 0 Bank Austria o.
160.0 13.6 24.8 1.82 2.5% 4,78%
Bgd (81%) g. 81%
Laiki Bank o.
Centro banka 0
54.5 16.1 41.5 2.58 g. 90% (Marfin 0.9% 1,09%
ad Bgd (90%)
bank)
Nova banka ad 0 Findomestic
31.0 11.3 23.7 2.1 0.5% 0,63%
Bgd (95%) Bank 95%
Panonska banka San Paolo IMI Merdovana
118.0 41.8 140 3,35 87.3 1.9%
ad NS (Itala) sa Intesom
Vojvoanska National bank
457,0 50,3 385 7,65 99,4 7,2% 4,96%
banka ad NS of Greece
Ugovor
sa IBRD o
Komercalna
652.8 82.5 40.1 dokapitalizaci 10.3% 9,46%
banka ad Bgd
25% kapitala za
70 mil. EUR.
Ugovor
sa IBRD o
aanska banka
32.3 17.1 45.8 dokapitalizaci 0.5% 0,95%
ad aak
25% kapitala za
15 mil. EUR.
bankarstvo 5 -

 Appendix 1. Review of bank mergers and acquisitions in Serbia

Selling Market
Assets Capital Selling State Market
price share on
Banks name (mil. (mil. price/ share Buyer share
(mil. day of
EUR) EUR) Capital (%) 30.06.08
EUR) purchase

Alpha bank S.A.

Jubanka ad Bgd 230.6 108.2 152 1.40 88.6 3.6% 3,52%
Greece
Continental Neue Ljub. bank
92.4 28.6 49.5 1.73 98.4 1.5% 1,44%
banka ad NS Slovenien

Novosadska Erste bank AG

130.7 26.4 73.1 2.77 83.1 2.1% 2,63%
banka ad NS Wien
Nacionalna
36.4 Eurobank EFG
tedionica ad 99.3 14.4 41.2 2.87 1.6% 6,14%
(63.6) Greece
Bgd

Nika banka OTP bank RT

38.6 19.1 14.7 0.77 99.7 0.6% 2,73%
ad Ni Hungary

Atlas banka ad 0 Pireus bank S.

63.4 14.1 19.5 1.39 1.0% 1,94%
Bgd (83%) A. Greece, 83%
Meridian banka 0 Credit Agricole
45.2 14.0 42 3.00 0.7% 1,74%
ad NS (71%) bank Paris
Delta banka ad 0 Banka Intesa
685.6 112.3 333 2.95 10.8% 13,15%
Bgd (86%) Italien, 86%
Exim banka ad 0 Bank Austria o.
160.0 13.6 24.8 1.82 2.5% 4,78%
Bgd (81%) g. 81%
Centro banka 0 Laiki Bank 90%
54.5 16.1 41.5 2.58 0.9% 1,09%
ad Bgd (90%) (Marfin bank)
Nova banka ad 0 Findomestic
31.0 11.3 23.7 2.1 0.5% 0,63%
Bgd (95%) Bank 95%
Panonska banka San Paolo IMI Merdovana
118.0 41.8 140 3,35 87.3 1.9%
ad NS (Italy) sa Intesom
Vojvoanska National bank
457,0 50,3 385 7,65 99,4 7,2% 4,96%
banka ad NS of Greece
Agreement
with IBRD to do
Komercalna
652.8 82.5 40.1 capitalization 10.3% 9,46%
banka ad Bgd
25% capital 70
mil. EUR.
Agreement
with IBRD to do
aanska banka
32.3 17.1 45.8 capitalization 0.5% 0,95%
ad aak
25% capital 15
mil. EUR.
bankarstvo 5 -