NBG » Topics » Vojvodjanska Banka a.d. Novi Sad

This excerpt taken from the NBG 20-F filed May 27, 2008.

Vojvodjanska Banka a.d. Novi Sad

        In December 2006, we acquired a 99.4% stake in Vojvodjanska Banka a.d. Novi Sad ("Vojvodjanska"). In October 2007 NBG became the sole shareholder of Vojvodjanska. Vojvodjanska is the ninth largest Serbian bank in terms of assets and has the third largest branch network in the country with 169 branches.

        Following relevant decisions of the shareholders' general assemblies of Vojvodjanska and NBG Beograd, dated January 3, 2008, the latter has been absorbed by the former and the merger was completed on February 14, 2008. As a result of this merger, our total presence in the Serbian market amounts to 204 branches.

        Vojvodjanska's (stand-alone) market shares in customer deposits and loans as at December 31, 2007 were approximately 4% and 5%, respectively. Furthermore, its 169 branches serve over 1,097,000 private accounts and 84,000 SME and large company accounts. Vojvodjanska is also a leading issuer of Visa debit and credit cards and DinaCards and has a market share of approximately 7% of Serbia's domestic and international payments.

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        Selected financial information with respect to Vojvodjanska and NBG Beograd on a consolidated basis as at December 31, 2007, is provided in the table below:

 
  Serbian dinars
  US$(1)
 
  (in millions)

  (in millions)

Total Assets   85,416   1,645
Net Loans   39,464   760
Total Deposits   61,184   1,179
Net income   2,208   43

(1)
Solely for the convenience of the reader, the translation of Serbian dinar into U.S. dollars has been made at the Noon Buying Rate of US$1.00 = 51.9137 Serbian dinars as at April 30, 2008.

        In February 2007, the Bank's branch network in Serbia consisting of 24 branches became the NBG Beograd subsidiary, which was subsequently merged with our other subsidiary bank in Serbia, Vojvodjanska, in February 2008.

This excerpt taken from the NBG 20-F filed Jul 2, 2007.

Vojvodjanska Banka a.d. Novi Sad

In December 2006, we acquired a 99.4% stake in Vojvodjanska Banka a.d. Novi Sad (“Vojvodjanska”). Vojvodjanska is the sixth largest Serbian bank in terms of assets and has the second largest branch network in the country with 168 branches. As a result of this acquisition, our total presence in the Serbian market amounts to 203 branches.

Vojvodjanska’s market shares in customer deposits and loans as at December 2006 were approximately 6% and 4% respectively. Furthermore, Vojvodjanska holds a leading position in the dinar deposits market, with a market share of approximately 10%. It runs 168 sales points, servicing over 837,000 private accounts and 70,000 SME and large company accounts. Vojvodjanska is also a leading issuer of Visa and DinaCards and has a market share of approximately 9% of Serbia’s domestic and international payments. In recent years, Vojvodjanska completed an extensive restructuring of its loans.

Selected financial information with respect to Vojvodjanska as at December 31, 2006, is provided in the table below:

 

 

Serbian
dinars

 

US$(1)

 

 

 

(in millions)

 

(in millions)

 

Total Assets

 

 

44,475

 

 

 

728

 

 

Net Loans

 

 

19,927

 

 

 

326

 

 

Total Deposits

 

 

35,509

 

 

 

581

 

 


(1)             Solely for the convenience of the reader, the translation of Serbian dinar into U.S. dollars has been made at the Noon Buying Rate of US$1.00 = 61.0915 Serbian dinars as at June 11, 2007.

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EXCERPTS ON THIS PAGE:

20-F
May 27, 2008
20-F
Jul 2, 2007
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