Telekom Srbija has confirmed it has filed a formal offer for a majority stake in Dunav Banka (Danube Bank).
The Serbian incumbent said in a statement that if the offer, submitted to current largest shareholders Dunav Osiguranje and Dunav Re, is…
Telekom Srbija has confirmed it has filed a formal offer for a majority stake in Dunav Banka (Danube Bank).
The Serbian incumbent said in a statement that if the offer, submitted to current largest shareholders Dunav Osiguranje and Dunav Re, is accepted, it will be legally required to offer to buy out minority shareholders.
The telco intends to acquire the majority stake via a capital increase at the bank. The offered price was not revealed.
The deal would be subject to the approval of the National Bank of Serbia and the country’s competition authority.
The telco, which Serbian Prime Minister Aleksandar Vucic has said could be privatised in 2015, noted that Dunav Osiguranje would remain an important partner for the bank. It said the transaction would enable it to move into mobile banking services and payments in line with other telecoms operators.
Rival Telenor Serbia acquired the equity of KBC Bank’s Serbian unit last year, granting it a banking licence.
Dunav Osiguranje has a 58.7% stake in Dunav Bank, while Dunav Re has a 13.8% holding.
