Serbia’s AIK Banka has signed a deal to acquire the entire capital of Eurobank Direktna, the local subsidiary of Greece’s Eurobank, for 280 million euro ($297.5 million), Eurobank said.

“The transaction… is consistent with Eurobank’s strategy to direct capital to opportunities with more compelling RoTBV and to further enhance its presence in its core markets, namely Greece, Bulgaria and Cyprus,” Eurobank said in a press release on Thursday.

The acquisition will see AIK Banka become the second largest bank on Serbia’s market, with a 13% share in total assets, a deposit base of over 4 billion euro and a strong capital base exceeding 820 million euro, AIK Banka said in a LinkedIn post on Thursday.

“With this acquisition, we are achieving further business expansion and strengthening our position on the domestic banking market, with the aim of continuously providing innovative offers that will fully meet the needs of our clients,” said Jelena Galic, president of the executive board of AIK Banka.

Completion of the transaction is subject to customary approvals by the competent regulatory and supervisory authorities and is expected to take place during this year.

Source: SeeNews, Momentum