RBI sees growth potential in Serbia - Agreement signed for acquisition of Crédit Agricole Srbija
Raiffeisen Bank International AG (RBI) announces that its Serbian subsidiary Raiffeisen banka a.d. has signed an agreement to acquire 100 per cent of the shares of Crédit Agricole Srbija (Crédit Agricole Srbija a.d. Novi Sad and Crédit Agricole Leasing Srbija d.o.o.) from Crédit Agricole S.A. Successful closing of the transaction is subject to inter alia obtaining regulatory approvals.
The acquisition of Crédit Agricole Srbija is expected to have an impact on RBI’s CET1 ratio of approximately 16 basis points. The final impact is dependent on completion accounts at closing, which is expected by the end of the first quarter of 2022.
“Serbia is a very interesting market for us and offers an attractive growth potential. Crédit Agricole Srbija is an excellent strategic fit to our bank in Serbia and the acquisition will support our growth ambition in the market,” said Johann Strobl, CEO of RBI. Crédit Agricole Srbija serves around 356,000 customers. The bank has a leading position in agricultural-business financing (over 20 per cent market share) and thus complements the business profile of Raiffeisen banka a.d. very well. At the end of the second quarter of 2021, Crédit Agricole Srbija had total assets of € 1.3 billion, while Raiffeisen banka a.d. reported total assets of € 3.4 billion.
On the basis that deal completion is successful, there is a plan to merge Crédit Agricole Srbija with Raiffeisen banka a.d.