Erste Bank A.D.

An EMIS Company Report EMIS is a Euromoney Institutional Investor plc company USD 29.95 Industry: Banking and Credit Intermediation Available in: English Format: PDF Download Most recent financial data: 2016 Buy full report

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Contact Information

Bulevar Oslobodjenja 5
Novi Sad; South Backa; Map
Postal Code: 21000

Tel: (+381 66) 896 90
Fax: (+381 21) 489 06



Company Description
Erste Bank a.d. Novi Sad, previously Novosadska Banka, was founded in 1864 as Savings Bank of Novi Sad.
In 2001, Novosadska merged with a small local bank, Vrsacka banka a.d.
Novosadska is one of 16 Serbian banks in which the state acquired a large stake in the summer of 2002 when the central bank decided to swap their debts to foreign sovereign and commercial lenders into state-held equity.
Total assets of Novosadska Banka stood at USD 165 million at the end of 2004, with capital at USD 32.8 million.
Novosadska had a network of 72 branches and offices and serviced some 265,000 clients in mid-2004.
In May 2005, Serbia's government sold a 83.3% stake in Novosadska to Austria's Erste Bank for EUR 73.2 million.
Erste plans to invest some EUR 35 million in Novosadska Banka to hike its capital and secure its leading position in the Serbian banking market.
In November 2005, Erste Bank raised its stake in Novosadska to 95.6% after acquiring 16.7% stake from the bank's minority shareholders. In December the bank was renamed into Erste Bank A.D.
The lender operates more than 50 branches and offices across Serbia.
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