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Closing: Sale of Eurobank Direktna to AIK Banka Now Closed

Closing: Sale of Eurobank Direktna to AIK Banka Now Closed

Serbia
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On November 3, 2023, Zivkovic Samardzic announced that the sale of Eurobank Direktna Beograd to AIK Banka (reported by CEE Legal Matters on March 8, 2023) had closed upon receipt of the necessary regulatory approvals.

According to the firm, Eurobank entered the banking business in Serbia in 2003 as Eurobank EFG Serbia. After the merger with Direktna Banka, the merged bank – Eurobank Direktna – became number eight in the Serbian market with a market share of 5.5% in assets, a loan portfolio of EUR 1.7 billion, and EUR 1.5 billion in deposits (as of September 2022).

According to Zivkovic Samardzic, following the recently closed transaction, Eurobank Direktna’s and AIK Banka’s joint participation in the Serbian banking market will be higher than 13%, with over EUR 4 billion in deposits and a very strong capital base. "The acquisition of Eurobank Direktna is another milestone in the Serbian banking sector as it also reflects the increasing competition and consolidation within Serbia’s banking sector," the firm announced.

As previously reported, Zivkovic Samardzic and Milbank advised the shareholders of Eurobank Direktna while Schoenherr and Holman Fenwick Willan advised AIK Banka.

The Zivkovic Samardzic updated team included Partners Branislav Zivkovic, Sava Pavlovic, and Uros Djordjevic and Associates Ilija Milosavljevic and Ana Grebo.

The Schoenherr team included Partners Matija Vojnovic, Vojimir Kurtic, and Dusan Obradovic.

Editor's Note: After this article was published, Kinstellar announced it had advised AIK Banka on the competition law aspects of the EUR 280 million acquisition. The firm's team was led by Special Counsel Olga Sipka and Senior Associate Aleksandra Stecuk.

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Operating as a single fully integrated firm, Kinstellar delivers consistently high quality services across all jurisdictions in an integrated and seamless style. We are particularly well suited to servicing complex transactions and advisory requirements spanning several jurisdictions.

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