AIK Bank expanded its business operations by purchasing Alpha Bank
The representatives of AIK Banka a.d. Belgrade have signed an agreement to acquire 100% of shares of Alpha Bank Serbia at the headquarters of Alpha Bank Serbia in Belgrade. Alpha Bank will change its business name to Jubank ad, which symbolically confirms its return to the group of banks with domestic capital, having in mind that the name Jubank is well-known to the Serbian financial market since the first half of XX century.
The new Executive Committee of Jubanka was presented on this solemn occasion, headed by the President, Aleksandra Erdoglija, a long-time member of the management team of Alpha Bank, thus ensuring business continuity.
Positive effects of the acquisition are expected in all business segments, primarily in increasing revenues and expanding customer base in all segments in which the banks operate.
“By the acquisition of Alpha Bank, we will manage to create a synergy of two financial institutions, one of which is AIK Banka, highly capitalized, in the top of the Serbian banking market, with a total balance sum of 175.3 billion dinars at the end of 2016. This transaction will enable a joint appearance of the two banks in the market of Serbia. In addition, this synergy is of a great importance because of the fact that the Jubank will be in domestic hands again,” said Jelena Galić, the President of the Executive Board of AIK Bank.
AIK Bank will continue to expand its business, customer and partner base in the country and beyond borders of Serbia to the EU market. In February this year, the bank has received the approval of the European Central Bank to continue acquiring shares of the Slovenian Gorenjska banka Kranj. Based on the mentioned decision AIK Bank may acquire up to 100 percent of capital and voting rights in Gorenjska banka. Activities of AIK Banka, such as this one, do not result solely in expanding cooperation with the local and the EU markets in the field of banking but also create conditions for expansion into other areas of the economy, thereby strengthening the economic competitiveness of the entire region.