Beating Hungary's number one commercial bank OTP, Greek Alpha Bank will be allowed to buy Serbian bank Jubanka, daily Világgazdaság said on Monday, citing unofficial sources. The final result of the race is expected to be announced within a few days.
Alpha Bank is known to have submitted the best offer for an 88% stake in the fifth largest bank of Serbia. The newspaper said that advisor BNP Paribas declined to comment the news, and said only that a decision has been reached and that the result of the tender would be announced officially in the first half of the week.
OTP may compete now for an 83% stake in the sixth largest Serbian bank, Novosadska Banka, and a 98% stake in the eleventh largest Serbian bank, Continental Banka.
Jubanka's balance sheet total was EUR 217 million by 31 December 2003, and its own capital totalled EUR 116 million by the end of May 2004. The bank has 88 offices and a clientele of about 250,000.
OTP submitted a binding bid on Jubanka on 26 November after carrying out a due diligence at the bank.
In August French Société Générale also put in a non-binding bid along with Alpha Bank.
Source: Portfolio online financial journal
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06.12.2004