RBI signs an agreement to acquire Crédit Agricole Serbia
BELGRADE (Serbia), Aug 6 (SeeNews) – Raiffeisen Bank International (RBI) has announced that its Serbian unit Raiffeisen Banka has signed an agreement to acquire the entire capital of the Serbian subsidiary of Crédit Agricole.
The transaction is expected to close in the first quarter of 2022 and will impact RBI’s CET1 ratio by around 16 basis points, the bank said in a statement without revealing further financial details, RBI said in a statement Thursday.
“Serbia is a very interesting market for us and offers attractive growth potential. Crédit Agricole Serbia is an excellent strategic fit for our bank in Serbia and the acquisition will support our ambition for growth in the market ”, said Johann Strobl, CEO of RBI. .
There is a proposed merger of Crédit Agricole Serbia with Raiffeisen banka and the successful closing of the transaction is subject to obtaining regulatory approvals, RBI said.
Crédit Agricole Serbia serves around 356,000 clients and occupies a leading position in the financing of agricultural enterprises with more than 20% of the market. At the end of the second quarter of 2021, Credit Agricole Serbia had total assets of 1.3 billion euros (1.5 billion euros), while Raiffeisen banka reported total assets of 3.4 billion euros .
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