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Closing: Sale of Eurobank Direktna to AIK Banka Now Closed

Closing: Sale of Eurobank Direktna to AIK Banka Now Closed

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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.

Serbia Knowledge Partner

SOG in cooperation with Kinstellar is a full-service business law firm in Serbia that provides foreign and domestic clients with premium-quality legal advice and assistance across a wide range of key areas of corporate law. The firm was founded in 2015 by a group of seasoned, internationally-trained lawyers. SOG has developed a distinctively dynamic culture, bringing together top talent, fostering entrepreneurship, and maintaining exceptional relationships with its clients.

SOG has achieved consistent growth in the volume of its business, accompanied by an exponential increase in the number of hired associate lawyers and the firm’s network of business contacts. SOG has a robust client base of multinationals, investment and private equity firms, and financial institutions. Clients praise SOG for being commercially minded, very responsive and knowledgeable.

Establishing permanent cooperation with Kinstellar is part of realising SOG's long-term development strategy to be the leading provider of legal services in the Western Balkans market.

Firm's website: https://www.kinstellar.com/


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