BA-CA submits takeover offer for Eksimbanka in Serbia

  • Bank Austria Creditanstalt offers shareholders 3,688.59 dinars per share
  • Agreement to acquire a majority interest has already been signed

Bank Austria Creditanstalt (BA-CA) has submitted a public takeover offer to shareholders in Eksimbanka, a Serbian bank. The price offered is 3,688.59 dinars per share. This price per share is the same as will be paid to the holders of a majority interest. The offer will be valid from 6 to 27 December 2004. Shareholders who want to accept this offer can sell their shares through a broker by 27 December midday. This offer cannot be expected to be raised because the agreement on the purchase of the majority interest by BA-CA has already been signed.

In a tender procedure, Bank Austria Creditanstalt made the best bid for the purchase of a 58.7 per cent interest in Eksimbanka. An agreement to purchase the shares was made with the sellers of the controlling interest – i.e., Deutsche Investitions- und Entwicklungs-gesellschaft (DEG), the EBRD, the investment management company Futura Investment, and SEEF Holding, a member of the Soros financial group – and signed on 19 November. Due to legal requirements in Serbia, a binding public takeover offer must be submitted to all shareholders. The Bank Rehabilitation Agency holds 12.3 per cent of the shares in Eksimbanka, and the remaining 29 per cent is free float. 

Eksimbanka has total assets of EUR 144 million (as at 30 September 2004) and a market share of 2.4 per cent, which makes it number 12 in the Serbian banking market. With a country-wide network of 32 offices and a total of 300 employees, the bank serves about 60,000 customers. BA-CA has been active in Serbia since December 2001 through its subsidiary HVB Bank Serbia and Montenegro. HVB Bank is currently the ninth-largest local bank, with total assets of about EUR 180 million, 125 employees, 4 branches and some 10,000 customers. HVB Bank Serbia and Montenegro and Eksimbanka together serve 70,000 customers through 36 branches. With combined total assets of about EUR 320 million, they will become number 5 among banks in Serbia.

Within HVB Group, Bank Austria Creditanstalt is responsible for business in the markets of Central and Eastern Europe (CEE). The bank operates the leading network in the region, serving more than 4.2 million customers in 11 countries. BA-CA has won numerous awards in recognition of its CEE competence: most recently, in summer 2004, "Euromoney" and "The Banker" named Bank Austria Creditanstalt "Best Bank in CEE" and "Bank of the Year in CEE", respectively.

Enquiries: Bank Austria Creditanstalt, International Press Relations
Ildiko Füredi-Kolarik, tel. +43 (0)50505-56102;
e-mail: ildiko.fueredi@ba-ca.com