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stručni prilozi

MERDŽERI I AKVIZICIJE U BANKARSKOM SEKTORU

Jovan Kontić* dr Ljiljana Kontić**

* Eurobank EFG Novi Sad jovan.kontic@eurobankefg.rs** Fakultet za pravne i poslovne studije Novi Sad ljkontic@useens.net

RezimeU poslednjih nekoliko godina relevantna literatura iz bankarstva posebnu pažnju

posvećuje merdžerima i akvizicijama. Veliki broj istraživačkih studija bavi se prednostima i nedostacima merdžera i akvizicija, kao i vrednostima bankarskih akvizicija.

Osnovni razlozi za merdžere banaka su: redukcija troškova, proširenje opsega proizvoda i usluga, povećanje tržišnog udela, učešće u procesima privatizacije (u tranzicionim ekonomijama), povećanje solventnosti i transfer know-how-a.

Merdžeri banaka mogu povećati tržišnu vrednost banaka kroz smanjenje troškova i/ili povećanje prihoda. Smanjenje troškova se može postići putem eliminacije određenih menadžerskih pozicija, zatvaranjem filijala i konsolidacijom nekih back office funkcija.

Većina istraživanja merdžera i akvizicija u bankarskom sektoru odnosi se na SAD. Rezultati empirijskih istraživanja pokazuju da su merdžeri nakon 1990. godine doneli smanjenje troškova i povećanje prihoda za razliku od merdžera koji su se desili pre 1990. godine.

Za razliku od rezultata istraživanja u SAD-u, istraživanja merdžera banaka u Evropskoj Uniji su pokazali da je došlo do poboljšanja performansi banaka nakon merdžera.

Trendovi merdžera i akvizicija zahvatili su i države u tranziciji. Merdžeri i akvizicije se realizuju kroz prodaju većinskog državnog udela u bankama stranim investitorima. U državama u tranziciji evidentno je smanjivanje broja banaka, likvidacija malih banaka i preuzimanje tržišta od strane stranih banaka. Prikazali smo kvalitativne i kvantitativne aspekte analize završenih privatizacija i/ili merdžera i akvizicija banaka u Srbiji. Finansijska kriza usloviće smanjenje broja banaka koje posluju u Srbiji.

Ključne reči: merdžeri i akvizicije, banke, tranzicija, Srbija

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expert contributions

MERGERS AND ACQUISITIONS

IN BANKING SECTOR

SummaryIn the past few years, the relevant literature on banking has paid particular a�ention to

mergers and acquisitions. Numerous research studies have covered the advantages and disadvantages of mergers and acquisitions, as well as the value of bank mergers.

Main reasons for bank mergers are: costs reduction, range of products and services extention, increase of the market share, and participation in the privatization processes (in transition economies), improvement in solvency, and transfer of know-how.

Bank mergers can increase the market value of the banks by reducing costs and/or increasing revenues. Cost reductions can be achieved by eliminating redundant managerial positions, closing branches, and consolidating some of the back office functions.

Most research of mergers and acquisitions in the banking sector is focused on the United States. Results of empirical studies show that mergers a�er 1990 brought cost savings, and generated higher returns compared to the mergers that took place before 1990.

Unlike the results of research performed in the USA, the research of bank mergers in the EU shows that there are improvements in performance following the mergers.

The trend of mergers and acquisitions also spread into transition economies. Bank mergers and acquisitions are realized through the sale of the majority equity share of the state to foreign investors. In transition economies, the decrease in the number of banks, the liquidation of small banks and growth of he market share of foreign banks are evident. We present analysis of qualitative and quantitative aspects of finalized privatization and/or mergers and acquisitions of banks in Serbia. Financial crises will influence the decrease of number of banks operating in Serbia.

Key words: mergers and acquisitions, banks, transition, Serbia

Jovan Kontić* Ljiljana Kontić PhD**

* Eurobank EFG Novi Sad jovan.kontic@eurobankefg.rs

** Faculty of Law and Business Studies Novi Sad ljkontic@useens.net

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Merdžer banaka je vlasnička integracija dve ili više uglavnom komercijalnih banaka približno jednake veličine u

cilju poboljšanja postojećih usluga, pri čemu se povećavaju troškovi zarada, ali usled promena u strukturi kapitala dolazi do povećanja prosečne stope prinosa po akciji.

Akvizicija je vlasničko preuzimanje manje banke od strane veće i finansijski jače banke. Cilj je restrukturiranje dugova preuzete banke što rezultira većim profitima. U ovom slučaju preuzeta manja banka pravno prestaje da postoji.

Postoji nekoliko modela merdžera i akvizicija u bankarskom sektoru. Prvi model predviđa da se dve ili više manjih banaka integrišu u jednu veću banku. Drugi model zasniva se na akviziciji manjih banaka od strane veće i ekonomski efikasnije banke (ranije samostalne banke u tom slučaju postaju filijale veće banke - banke preuzimača). Treći model sastoji se u merdžeru ili akviziciji dve velike banke (nova banka postaje globalna - svetska banka ili proširuje svoju tržišnu poziciju u svetskom bankarstvu).

Procesi merdžera i akvizicija inicirani su ostvarenjem većeg obima poslovanja, povećanjem asortimana finansijskih proizvoda i usluga, lakšim ulaskom na nova tržišta, diversifikacijom rizika, ostvarenjem ciljeva top menadžmenta i akcionara. Smisao merdžera/akvizicija sastoji se u repozicioniranju banke, u kontekstu njene razvojne strategije, pri čemu banka teži da na duži rok pojača svoju konkurentnost na finansijskom tržištu.

Postoje različite forme merdžera i akvizicija u zavisnosti od glavnih aktera i ciljeva koji se žele ostvariti. Ukoliko se reč o domicilnim bankama, osnovni motiv je ostvarivanje prednosti ekonomije obima. Merdžeri i akvizicije banaka koje imaju razgranatu mrežu filijala u više država motivisani su okrupnjavanjem banke da bi ona postala značajnija na finansijskom tržištu. Banke putem merdžera i akvizicija mogu biti uključene u stvaranje finansijskih konglomerata i tada se povezuju sa investicionim kompanijama i osiguravajućim društvima u cilju diversifikacije poslovanja.

Koristi koje se očekuju od merdžera i akvizicija banaka su: povećanje tržišne snage,

povećanje profitabilnosti i povećanje tržišne vrednosti banaka. Potencijalni rizici odnose se na probleme integracije banaka kao i reputacije banaka.

Merdžeri i akvizicije u SAD

Tehnološke inovacije i procesi deregulacije uslovili su talas merdžera u bankarskom sektoru koji se u SAD-u pojavio ’80-ih godina, a u Evropi ’90-ih godina XX veka. Većina istraživanja merdžera i akvizicija u bankarskom sektoru odnosi se na SAD.

Nekoliko finansijskih ekonomista je pokušalo da identifikuje uticaj merdžera i akvizicija u bankarskom sektoru na efikasnost poslovanja banaka. Veličina uzoraka se kretala od 11 do 469, dok je prosečna veličina bila oko 100. Ovi ekonomisti su potvrdili uticaj merdžera i akvizicija na nekoliko indikatora: Povrat na imovinu, racia ukupnih troškova i imovine i nekamatnih troškova i imovine, prevelik rast vrednosti akcija u periodu objavljivanja merdžera/akvizicija. Prema nalazima Rhodes (1994), najveći broj studija sprovedenih tokom osamdesetih fokusirao se na veliki rast vrednosti akcija, dok su studije sprovedene tokom devedesetih koristile finansijske racio brojeve kao osnovu za njihovu evaluaciju.

Najvažniji rezultati empirijskih istraživanja merdžera i akvizicija banaka u SAD-u su sledeći:• Dok su akcionari pripojenih preduzeća

ponekad imali abnormalne profite nakon objavljivanja merdžera/akvizicije, akcionari preduzeća koja vrši pripajanje su retko imali neku značajnu dobit.

• Povrat na imovinu je veoma retko bio značajno veći od zbira povrata banke koja je izvršila pripajanje i banke koja je pripojena.

• Sa nekoliko izuzetaka, u kontekstu merdžera banaka koje pripadaju istom holdingu, nije bilo značajnog smanjenja troškova kao posledice merdžera.

• Dok su banke koje su vršile pripajanja u principu bile efikasnije i profitabilnije od pripojenih banaka, obe su bile manje efikasne i profitabilne u odnosu na najbolje banke.Kao što je navedeno korišćene metodologije

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Bank merger is the ownership integration of two or more typically commercial banks of approximately the same size

in order to improve the current services, thus increasing the labor costs, but due to the changes in capital structures the average rate of return per share is increased.

Acquisition is the ownership takeover of a smaller bank by a larger and financially stronger one. The goal is restructuring target bank’s debt resulting in increased profit. In this case, smaller bank that is taken over legally seazes to exist.

There are a few models of mergers and acquisitions in the banking sector. The first model means integration of two or more smaller banks into one larger bank. The second model is based on acquisition of smaller banks by a larger and economically more efficient bank (in this case, earlier previously independent banks become branches of the acquiring bank). The third model consists of the merger/acquisition of two large banks (new bank becomes global, world bank or expands the market position in global banking).

Bank mergers and acquisitions processes are motivated by the expansion of business volume, increase in the range of financial products and services, by a more relaxed entering into new markets, diversification of risks, achievement of top management and shareholders’ goals. The main purpose of mergers/acquisitions is repositioning of the bank, in the context of its development strategy whereby the bank tends to improve its competition position in the long run.

There are various forms of mergers and acquisitions depending on the main actors and desired goals. When it comes to local banks, the main reason is economy of scope. Cross-boader mergers and acquisitions of the banks with a wide network of branches in more than one state are motivated by the creation of a larger bank with a view to it becoming a significant participant in the financial market. By way of mergers and acquisitions banks may take part in the creation of financial conglomerates, linking with investment companies and insurance companies with an aim to diversify the business.

The expected benefits from mergers and

acquisitions are: increase of the market share, increase of profitability, and market value of the banks. Potential risks relate to the problems of integration and banks’ reputation.

Banks mergers and acquisitions in the USA

Technological innovations and deregulation processes caused the mergers and acquisitions wave in 1980s in the USA, and in 1990s in Europe. Most of the research of mergers and acquisition in the banking sector relates to the US banking sector.

Several financial economists have a�empted to identify the impact of the mergers and acquisitions in the banking sector on the efficiency of the banks. The sample size was in the range from 11 to 469, the average size being 100. These economists verified the impact of mergers and acquisitions on following performance indicators: return on assets, ratio of total expenditure to assets, ratio of non-interest expenses to assets, and abnormal rise of stock prices within the period a�er the announcement of mergers and acquisitions. According to Rhodes (1994), most of empirical studies conducted during the 1980s focused on soaring of stock prices, whereas the empirical studies undertaken during 1990s used financial ratios as the basis for their evaluation.

The most important results of empirical studies of bank mergers and acquisitions in the USA are the following:• While the shareholders of acquired firms

sometimes had abnormal profits a�er the announcement of the merger/acquisition, the acquiring firms’ shareholders rarely had significant gains.

• The return on assets was rarely significantly higher than the sum of returns of the acquired and acquiring banks.

• With a few exceptions, in the context of bank mergers within the same holding, there was no significant cost reduction as consequence of merger.

• While acquiring banks were typically more efficient and more profitable than the acquired banks, both were less efficient and less profitable compared to the best banks.As mentioned before, the research

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u ovim empirijskim istraživanjima nisu bile oslobođene mana. Ipak, sličnost nalaza u istraživanjima i uzorcima ukazuje na zaključak da pripajanje dve banke u SAD tokom osamdesetih XX veka nije bilo uspešno u povećanju profitabilnosti i efikasnosti ni banke koja vrši pripajanje ni pripojene banke. Dok objašnjenje za takvu praksu nije očigledno istorija nije na strani bankarskih merdžera u SAD.

Nakon analize karaktera i obima izloženosti banaka merdžerima i akvizicijama, došlo se do zaključka da je to uticalo na povećanje finansijske krhkosti bankarskog sektora u SAD-u.

Istraživanjem motiva za merdžere i akvizicije banaka u SAD-u došlo se do pozitivnih rezultata. Houston et al. (2001) su analizirali 64 merdžera i akvizicije velikih banaka čija je pojedinačna vrednost iznosila više od 400 miliona dolara u SAD-u u periodu od 1985-1996. godine. Rezultati su pokazali da je primarni motiv za navedene merdžere i akvizicije smanjenje troškova poslovanja i konsolidacija banaka. Povećanje prihoda je bilo manje značajno.

Efikasnost banaka nakon merdžera i akvizicija u EU

Rezultati istraživanja Focarelli et al. (2000) pokazali su da je u slučaju merdžera banaka u Italiji došlo do povećanja troškova zarada u prvih nekoliko godina, povećanja plasmana banaka i povećanja stope prinosa na akcije. U pogledu promena finansijske strukture merdžovanih banaka ovi rezultati su konzistentni sa nalazima istraživanja u SAD-u.

Smanjenje troškova i povećanje tržišnog udela uslovili su merdžer UniCredito Italiano for Banca Commerciale Italiana (BCI) i Sanpaolo IMI for Banca di Roma u martu 1999 kao i spajanje Banca Intesa i Banca Commerciale Italiana (BCI).

Rezultati vezani za akvizicije su pokazali da je došlo do povećanja profitabilnosti pripojene banke kao rezultat restrukturiranja dugova i veće kontrole, ali se troškovi zarada nisu smanjili. Strategiju redukcije troškova, posebno troškova zarada, je teško implementirati zbog

rigidnih zakona o radu EU.Focarelli et al. (2000) smatraju da se merdžeri

i akvizicije trebaju odvojeno istraživati, jer su uslovljeni različitim faktorima.

Procesi konsolidacije banaka sprovedeni su i u Španiji. Najveća španska banka Banco Santander spojila se sa BCH u januaru 1999. Druga po veličini banka u Španiji Banco Bilbao Vizcaya nastala je merdžerom dve baskijske banke 1988. Cilj navedenih merdžera nije bio jačanje pozicije u EU, već zauzimanje vodeće pozicije u Latinskoj Americi kroz akvizicije banaka na tom tržištu.

Navešćemo primer jedne male banke koja je kroz merdžere i akvizicije ostvarila značajne međunarodne pozicije. ABN Amro iz Holandije je nastala merdžerom Algemene Bank Nederland (ABN) i Amsterdam-Ro�erdam Bank. ABN je imala razvijenu međunarodnu mrežu. Navedeni merdžer uslovio je zatvaranje većeg broja filijala i smanjenje ostalih troškova poslovanja. Strategija razvoja ABN Amro banke obuhvatila je dva strategijska pravca. Prvi je podrazumevao prodaju obveznica, a drugi agresivnu ekspanziju komercijalnog bankarstva na tržištima Azije i južne Amerike. 1998. godine Algemene Bank Nederland Amro

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methodologies are not devoid of shortcomings. However, the similarity of results in the studies and samples indicates that two banks mergers in the USA during 1980s were not successful in increasing either profitability or efficiency of the acquiring and the acquired bank. While explanation for this practice is not obvious, the history is not on the side of bank mergers and acquisitions in the USA.

A�er analysing the nature and extent of the exposure of the US banks to mergers and acquisitions, it has been concluded that mergers and acquisitions were responsible for increasing the financial fragility of the US banking sector.

The empirical research of motives for mergers and acquisitions suggests positive results. Houston et al. (2001) analyzed 64 mergers and acquisitions of large banks whose individual value was more than 400 million USD, in the period 1985-1996. The results indicated that the main motive for the mentioned mergers and acquisitions were the operational costs reduction and bank consolidation. The increase of revenues was less significant.

Banks’ efficiency a�er mergers and acquisitions in EU

The results of the empirical investigation Focarelli et al. (2000) suggested that bank mergers in Italy resulted in the increase of labor costs in the first few years, the increase in the lending activity and the increase in the rate of return on stocks. Regarding the changes in the financial structure of the merged banks, these results are consistent with the finds of the research in the USA.

In March 1999, Italy’s two largest banking groups made merger bids—UniCredito Italiano for Banca Commerciale Italiana (BCI), and Sanpaolo IMI for Banca di Roma as well as the merger of Banca Intesa and Banca Commerciale Italiana (BCI), both motivated by cost-cu�ing considerations and increasing the market share.

Acquisitions’ results show that the profitability in the acquired banks did increase due to the improvement in the quality of their loan portfolio and controls, but the cost of labor did not decrease. The strategy based on cu�ing costs, in particular labor costs, is difficult to implement in the European Union because of the rigidity of labor laws.

Focarelli et al (2000) suggest that mergers and acquisitions should be examined separately, as they are driven by different factors.

Consolidation processes have been undertaken also in Spain. In January 1999, the largest Spanish bank, Banco Santander merged with BCH. The merger of the two Basque banks created the second largest bank in Spain, Banco Bilbao Vizcaya, in 1988. The aim of these mergers was not strengthening position in the EU, but rather taking leading role in Latin America through acquisitions in that market.

We present the example of a small bank that achieved a significant international position though mergers and acquisitions. ABN Amro of the Netherlands resulted from the merger of Algemene Bank Nederland (ABN) and Amsterdam-Ro�erdam Bank. ABN had an established international network. The merged entity closed many branches and cut other operational costs. The growth strategy of ABN Amro bank included two different strategic directions. The first meant sale of

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je kupila Thailand’s Bank, iste godine je postala prva međunarodna banka u Kazahstanu i prva holandska banka kojoj je dozvoljeno da posluje u Pekingu. Izvršila je akviziciju Banco Real, četvrte po veličini banke u Brazilu za 2,1 milijardu dolara. Takođe ima razvijenu mrežu filijala u Kosta Rici, Gvatemali, Mađarskoj i južnoj Africi. U SAD-u je prodala New England banku Citibank, a poseduje LaSalle Bank u Ilinoisu i Standard Federal banku u Mičigenu.

Većina merdžera u zemljama Evropske Unije bilo je defanzivnog karaktera i odvijali su se unutar nacionalnih granica, kao što su navedeni primeri iz Italije i Španije. Ovi merdžeri su se dešavali i u Francuskoj. U martu 1999. godine Banque Nationale de Paris (BNP) je objavila da želi da izvrši akviziciju Paribas i Société Générale. Paribas je investiciona banka, pa se od potencijalnog merdžera očekivalo da dovede do redukcije troškova i proširenja proizvodnog asortimana. Međutim, predviđene koristi se nisu realizovale, jer Paribas nema mrežu filijala, a veći broj zaposlenih u investicionom bankarstvu je napustilo banku.

Intenzivni procesi konsolidacije finansijskog sektora uslovili su talas merdžera banaka koji se dešavao uglavnom unutar nacionalnih granica. U većini zemalja Evropske Unije mali broj velikih banaka čini i do dve trećine nacionalnog bankarskog sektora (mereno iznosima depozita). Istraživanje Carle�i et al. (2003) obuhvatilo je potencijalne posledice intenzivnih konsolidacija banaka na konkurentnost, upravljanje rezervama banke i likvidnost. Rezultati su pokazali da je neophodna detaljna kontrola procesa koncentracije banaka od strane monetarnih vlasti kao i praćenje konkurentskih politika.

Altunbas i Ibanez (2004) analizirali su 262 merdžera i akvizicije banaka u Evropskoj Uniji realizovanih u periodu od 1992-2001. Prilikom procene efikasnosti merdžera i akvizicija koristili su sledeće indikatore:• Prosečnu stopu prinosa po akciji pre

merdžera i dve godine nakon merdžera,• Racio likvidnosti,• Odnos ukupnih prihoda i ukupnih

troškova,

• Odnos kredita i depozita klijenata,• Odnos kapitala i ukupnih sredstava,• Odnos ukupne imovine ponuđača i ukupne

imovine ciljne banke.Za razliku od rezultata istraživanja u SAD-

u, autori su utvrdili da je došlo do poboljšanja performansi banaka nakon merdžera (povećanje efikasnosti poslovanja, povećanje depozita i plasmana, kapitalnih investicija i dr.).

Prilikom vrednovanja predloženog merdžera Evropska Komisija1 se rukovodi tržišnom dominacijom i zloupotrebom tržišne dominacije. Pre 1997. godine Komisija se primarno usredsredila na nekoliko nehorizontalnih aspekata, posebno na to da li će merdžer kao posledicu imati vertikalne efekte ili će kombinovanom preduzeću doneti komparativne prednosti koje mogu usloviti ili pojačati dominantnu poziciju. Zakonsku regulativu čine Direktiva 4046/89 i Direktiva 1310/97 po kojima je Evropska Komisija nadležna za merdžere u kojima je profit svake kompanije iznad 250 miliona EUR, ukupni prihodi prelaze 5 milijardi EUR i više od jedne trećine prihoda kompanija ostvaruje izvan domicilne države. Merdžeri koji obuhvataju navedene uslove prijavljuju se Komisiji najduže nedelju dana nakon potpisivanja ugovora. Evropska Komisija razmatra slučajeve u kojima postoji sumnja da će merdžer uticati na konkurenciju na tržištu, odnosno da će se merdžerom ostvariti monopolska pozicija.

Merdžeri i akvizicije u tranzicionim državama

Merdžeri i akvizicija u bankarskom sektoru važni su i za države u tranziciji. Prema Sobek (2000) potreba za konsolidacijom banaka u državama centralne i istočne Evrope proizilazi iz sledećih razloga:• Banke u centralnoj i istočnoj Evropi

imaju mnogo manje kapitala od banaka u razvijenim tržišnim ekonomijama samim tim one ne mogu biti konkurentne na svetskom tržištu.

• Privatizacija banaka je moguća samo putem akvizicija od strane stranih banaka.

1 Svi relevantni podaci o radu Evropske Komisije nalaze se na web sajtu: h�p://ec.europa.eu/comm/competition/mergers/

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bonds and the other aggressive expansion of commercial banking in the Asian and South American markets. In 1988 Algemene Bank Nederland acquired a Thailand Bank, and the same year became the first international bank in Kazakstan and the first Dutch bank licenced to operate in Beijing. It acquired the Banco Real, the fourth bank in Brasil in terms of the assets size for USD 2,1 billion. It also has a developed branch network in Costa Rica, Guatemala, Hungary and South Africa. In the USA it sold a New England based bank to Citibank (Banker, March 2001); and it possesses LaSalle Bank in Illinois and Standard Federal in Michigan

Most mergers in the EU countries, have been of defensive nature and took place within domestic borders (e.g. Italy and Spain). This was also the case in France. In March 1999, Banque Nationale de Paris (BNP) has announced acquisition of both Paribas and Société Générale.” Since Paribas was an investment bank, while the other two were primarily commercial banks, this merger offered the prospect of both cost cu�ing and product-line expansion. However, potential benefits were not realized, because Paribas had no branch network, and a mass exodus of personnel occurred on the investment-banking side.

The intensive consolidation processes in the financial sector caused the wave of bank mergers mainly within the national borders. In the most European Union countries a small number of larger banks accounts for two thirds of the national banking sector (in terms of bank deposits). Research of Carle�i et al. (2003) investigated potential consequences of intensive bank consolidations on competition, bank reserve management, and liquidity. Results suggested that a detailed control of bank concentration by monetary authorities as well as the monitoring of competition policies are needed.

Altunbas and Ibanez (2004) analyzed 262 mergers and acquisitions in the European Union during the period 1992-2001. The assessment of mergers and acquisitions’ efficiency was conducted using the following indicators:

• Rate of return on equity before merger, and two years a�er,

• Liquidity ratio,• Revenues/costs ratio,• Credits/deposits ratio,• Capital/assets ratio,• Total bidders’ assets/total target assets

ratio.In contrast to the results of the studies in

the USA, the authors claim that there was an improvement of bank performance a�er the merger (increase of efficiency, deposits, capital investment etc.).

During the assessment of potential merger, the European Commission1 considers the market domination and the abuse of market domination. Before 1997, the Commission primarily focused on a few non-horizontal aspects, especially on whether the merger should have vertical effects or bring comparative edge to the combined enterprise that may cause or enhance the dominant position. Legal frames consist of Directive 4046/89 and Directive 1310/97. Under these directives, the European Commission is responsible for mergers where the turnover of each company is above 250 million EUR, the total income of the company exceeds 5 billion EUR, and the income of each company outside its home country is more than one third of the total. Mergers that comply with these conditions must be reported to the European Commission within a week a�er the contract is signed. The European Commission considers cases in which there is some doubt that merger will affect the competition in the market, ie. the merger will create a monopoly position.

Mergers and Acquisitions in Transition Economies

Mergers and acquisitions in the banking sector are important for transition economies. According to Sobek (2000), the need for the consolidation of banks in the transition economies stems from the following reasons:• Banks in Central and Eastern Europe are far

behind the banks in advanced economies in

1 European Commission: h�p://ec.europa.eu/comm/competition/mergers/

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• Nakon 1990. godine najveći broj malih banaka u centralnoj i istočnoj Evropu više ne postoji.

• Merdžeri i akvizicije stvaraju uslove za transfer know-howa i upravljanja.Postojanje slabih banaka kojima se loše

upravlja vodi ka “produkciji” loših zajmova. U Slovačkoj je bilo pokušaja da se transformacija ostvari merdžerom domaćih banaka, ali zbog lošeg upravljanja i ekonomske pozicije ovi merdžeri su doživeli neuspeh.

Ulazak stranih investitora može da se realizuje na više načina. U Mađarskoj i u određenom obimu Poljskoj lokalne banke su prodavane stranim bankama i postajale su njihove filijale. U Češkoj i Slovačkoj prodate banke su ostale pravno nezavisne.

U Hrvatskoj je u 1998. godini, bankrotiralo 14 banaka, u maju 1999. poslovalo je 55 banaka, a do kraja 2004. broj banaka pao je na 37. U tom periodu u stečaj ili likvidaciju je otišlo 19 banaka. U navedenom periodu bilo je 16 merdžera i akvizicija. U 2005. godini broj banaka koje posluju na tržištu Hrvatske se smanjio na 34 sa tendencijom smanjivanja u budućnosti.

Od 2001. godine do danas u Srbiji je sprovedena reforma bankarskog i ukupnog finansijskog sektora. Od 115 banaka, danas u Srbiji rade 34 banke. Banke koje danas posluju kod nas uspele su da isčiste svoje bilanse i konsoliduju poslovanje, pa su spremne da rade i ozbiljnije poslove, jer ispunjavaju sve kriterijume bitne za kvalitetno obavljanje posla. Tome je u značajnoj meri doprinela konkurencija stranih banaka koje su došle na naše tržište. One su dopunile ponudu bankarskih usluga i učinile je raznovrsnijom, uvećale su ukupni kreditni potencijal i doprinele da se poboljša pozicija kapitalnog bankarskog sistema. Osam privatnih banaka je osnovano stranim kapitalom, po konceptu greenfielda: Raiffeisen, Societe Generale, ProCredit, Unicredit, Hypo Alpe - Adria, National bank of Greece, Volks i Alpha. Njihovo ukupno tržišno učešće je 42,64% i to: Raiffeisen sa 9,91%, Societe Generale sa 3,99%, ProCredit sa 3,77%, Hypo Alpe - Adria sa 7,51%, National bank of Greece sa 4,96%, Alpha sa 3,52%, Unicredit sa 4,78%, Volks sa 3,24% i LHB sa 0,96%. U međuvremenu, Unicredit, National bank of Greece i Alpha su pripojile

neke od domaćih banaka i to Unicredit Exim banku, National bank of Greece Vojvođansku banku i Alpha Jubanku.

Privatizacija banaka odvija se kroz prodaju državnog paketa akcija u bankama u kojima je Republika Srbija stekla vlasništvo po osnovu konverzije obaveza banaka prema poveriocima Pariskog i Londonskog kluba i konverzije obaveza po osnovu stare devizne štednje građana. Do prodaje akcija, Agencija za osiguranje depozita, u ime Republike Srbije, učestvuje u upravljanju ovim bankama i organizuje i prati prodaju akcija u vlasništvu Republike Srbije. Proces privatizacije je završen za šest banaka (videti prilog 1):

Jubanka, Beograd - prodata je u februaru 2005. godine. Alpha Bank S. A. (Grčka) je kupila 88,64% akcijskog kapitala za iznos od 152 miliona EUR.

Novosadska banka, Novi Sad - prodata je u julu 2005. godine. Erste Bank (Austrija) je kupila 83,28% akcijskog kapitala za 73,1 milion EUR. Preuzimanjem još 12,3% akcija za 10,8 miliona EUR, Erste Bank je u novembru 2005. godine postala vlasnik ukupno 95,6% akcijskog kapitala.

Continental banka, Novi Sad - prodata je

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terms of capital, and therefore they cannot be competitive in the global market.

• The privatization of these banks is possible only through acquisition by the foreign banks.

• A�er 1990, most of the small banks in Central and Eastern Europe do not exist any more.

• Mergers and acquisitions create conditions for the transfer of foreign expertise and forms of management.The existence of weak and badly managed

banks leads to the continued “production” of bad loans. In Slovakia, there were some a�empts to create larger banks by merging local banks, but these mergers were unsuccessful due to the bad management and their economic position.

The entry of foreign investors may be realized in various forms. In Hungary, and to some extent in Poland, local banks were sold and became subsidiaries of foreign banks. In Czech Republic and Slovakia, the sold banks remained legally independent.

During the 1998, in Croatia 14 banks went bankrupt, so in May 1999, 55 banks were operating, but by the end of 2004 number of banks are decreased to 37. In this period, 19

banks went bankrupt and were liquidated, and there were 16 mergers and acquisitions. In 2005, number of banks that operates in Croatia decreased to 34, with the tendency of further decrease in the future.

Since 2001, till today banking and financial reforms have been conducted in Serbia. From 115 banks, today 34 banks operate in Serbia. The banks currently operating have been successful in cleaning their balances and operations, and they are competent to perform serious operations as they meet all criteria required for such quality operating. This is to siginfikant extent contribution of the competition of foreign banks that came to our market. They supplemented the supply of banking services and rendered it more diversified, augmented the overall credit potential and contributed to enhancing the capital position of the banking system. Eight private banks were founded by foreign capital as greenfield investments: Raiffeisen, Societe Generale, ProCredit, Unicredit, Hypo Alpe - Adria, National bank of Greece, Volks and Alpha. Their total market share is 42.46%, Raiffeisen 9.91%, Societe Generale 3.99%, ProCredit 3.77%, Hypo Alpe - Adria 7.51%, National bank of Greece 4.96%, Alpha 3.52%, Unicredit 4.78%, Volks 3.24%, and LHB 0.96%. In the meantime, Unicredit, National bank of Greece, and Alpha acquired some domestic banks: Unicredit purchased Exim bank, National bank of Greece purchased Vojvodjansku bank, and Alpha purchased Jubank

Banks’ privatization was conducted through selling of Government packages of shares in banks in which Republic of Serbia had gained property through debt to equity swap of banks’ debts to Paris and London Clubs, and debt to equity swap of the old FX savings. Until the sale of the government stock in these banks, the Agency for deposits insurance,, on behalf the Republic of Serbia takes part in managing these banks, organizes and monitors the Republic of Serbia shares sale. The privatization process has been completed in six banks (see appendix 1):

Jubank, Belgrade - was sold in February 2005. Alpha Bank S.A. (Greece) purchased 88.64% bank’s equity for 152 million EUR.

Novosadska bank, Novi Sad - was sold in July 2005. Erste Bank (Austria) purchased

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u julu 2005. godine. Nova Ljubljanska banka (Slovenija) je kupila 98,43% akcijskog kapitala za 49,5 miliona EUR.

Niška banka, Niš - prodata je u martu 2006. godine. OTP BANK RT (Mađarska) je kupila 89,39% akcijskog kapitala za 14,21 milion EUR. Pored Niške banke OTP banka je kupila dve domaće privatne banke, Zepter i Kulsku banku.

Panonska banka, Novi Sad - prodata je krajem jula 2006. godine. San Paolo IMI (Italija) je kupila 87,39% akcijskog kapitala za 140 miliona EUR.

Vojvođanska banka, Novi Sad - prodata je u decembru 2006. godine. National bank of Greece je kupila 99,44% akcijskog kapitala za 385 miliona EUR.

Proces privatizacije otvoren je za još jednu banku u kojoj Republika ima većinsko vlasništvo, Credy banku, Kragujevac. Učešće Republike Srbije u ovoj banci je 60,5%, dok je učešće banaka u stečaju 12,79%. U ovoj banci je proces privatizacije u toku.

Krajem marta 2006. godine potpisan je ugovor između predstavnika IBRD i Vlade Srbije o dokapitalizaciji 25% kapitala Komercijalne banke, Beograd za 70 miliona EUR. Isto tako, krajem septembra 2006. godine potpisan je ugovor između predstavnika IBRD i Vlade Srbije o dokapitalizaciji 25% kapitala Čačanske banke, Čačak za 15 miliona EUR.

Preostale banke koje imaju obeležja nacionalnih - domaćih banaka imaju, sem AIK banke Niš sa tržišnim učešćem od 3,2%, marginalno tržišno učešće od 0,1% do 0,5%. Izvesno je da će u vremenskom periodu od 3-5 godina ove banke biti ili merdžovane ili likvidirane jer samostalno ne mogu opstati na tržištu.

U Srbiji su na kraju juna poslovale 34 banke, dve manje nego u istom mesecu prošle godine. To je posledica spajanja banaka. Od ukupnog broja, 26 banaka je poslovalo pozitivno, a osam je zabeležilo gubitke. Takođe, od svih banaka koje posluju u Srbiji 20 je u većinskom vlasništvu stranih deoničara, u šest banaka su vlasnici domaće firme i građani, a osam banaka je u vlasništvu Republike Srbije.

Kupci svih 12 srpskih banaka su strane banke i bankarske grupacije. Prema zemljama porekla, pet banaka je iz Grčke, po dve

italijanske i austrijske, jedna iz Francuske, jedna iz Mađarske i jedna iz Slovenije. Rangiranje 100 najboljih banaka nove Evrope je pokazalo da se OTP banka iz Mađarske nalazi na prvom mestu dok je Nova Ljubljanska banka osma.

Usled spajanja matičnih kompanija došlo je do merdžovanja Banca Intesa i Panonske banke. KBC banka iz Belgije ušla na tržište kupovinom privatne A banke. NLB Continental banka, Novi Sad i NLB LHB banka Beograd spojile su se i od 1. januara 2009. posluju pod nazivom NLB banka Beograd. Ukupan kapital iznosi 70 miliona EUR i ima 120 filijala u Srbiji.

Analiza realizovanih merdžera je pokazala da se koeficijent prodajna cena/kapital kreće od 0,77 (kod Niške banke) do 7,65 (kod Vojvođanske banke).

Posebnu grupu banaka čini četiri banke (Privredna Pančevo i Beograd, Credy i Agrobanka) čija će se kupoprodaja izvršiti korišćenjem modela privatizacionog tendera (Privredna Pančevo i Credy) i drugim oblicima za ostale dve banke (Privredna Beograd i Agrobanka). Tržišno učešće ovih banaka je 3,89% (Agrobanka sa 2,30%, Privredna Pančevo sa 0,34%, Privredna Beograd sa 0,77% i Credy sa 0,48%). Državni udeo je najveći u Privrednoj banci Pančevo i iznosi 95,5%, dok u Credy banci iznosi 60,5%, Agrobanci 25,1%, a u Privrednoj banci Beograd 19,4%. U Čačanskoj i Komercijalnoj banci izvršena je dokapitalizacija (videti prilog 1).

Analizom tržišnog učešća banaka koje posluju u Srbiji na dan 30.06.2008. godine možemo zaključiti da je najviše povećala tržišno učešće Eurobank EFG (sa 1,6% na 6,14%), zatim Banca Intesa (sa 10,8 na 13,15%) dok su ostale banke neznatno povećale svoje učešće. Izuzetak je National bank of Greece koja je kupila Vojvođansku banku i zadržala njeno ime, a njeno tržišno učešće je smanjeno (sa 7,2% na 4,96%). Tržišno učešće svih stranih banaka iznosi 76,43%. To nedvosmisleno ukazuje na zaključak da je srpsko bankarstvo sa aspekta strukture vlasništva, kao i bankarstvo svih država u tranziciji, u rukama stranih banaka.

Imajući u vidu da je 34 banke veliki broj za nerazvijeno tržište i s obzirom na efekte svetske finansijske krize, može se očekivati još jedna konsolidacija banaka u Srbiji. Male banke imaće problema sa finansiranjem, odnosno

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83.28% bank’s equity for 73.1 million EUR. In November 2005, Erste Bank purchased remaining 12.3% bank’s equity and became the owner of 95.6% of equity.

Continental bank, Novi Sad - was sold in July 2005. Nova Ljubljanska banka (Slovenia) purchased 98.43% bank’s equity for 49.5 million EUR.

Niska bank, Nis - was sold in March 2006. OTP BANK RT (Hungury) purchased 89.39% bank’s equity for 14.21 million EUR. Besides Niska bank, OTP bank also purchased two domestic private banks Zepter and Kulska.

Panonska banka, Novi Sad - was sold towards the end of July 2006. San Paolo IMI (Italia) purchased 87.39% bank’s equity for 140 million EUR.

Vojvodjanska bank, Novi Sad - was sold in December 2006. National bank of Greece purchased 99.44% bank’s equity for 385 milion EUR.

Privatization process is open for one more bank in which Republic of Serbia has majority ownership - Credy bank, Kragujevac. In this bank, the equity share of Republic of Serbia is 60.5%, and 12.79% that of the bankrupt banks. In this bank, the privatization is in process.

At the end of March 2006, IBRD and Government of Serbia signed the agreement on recapitalization for 25% capital of Commercial bank, Belgrade, in the amount of 70 million EUR. In addition, at the end of September 2006, representatives of the IBRD and the Government of Serbia signed the agreement on recapitalization for 25% capital of Cacanska bank, Cacak, in the amount of 15 million EUR.

The remaining domestic banks bearing the feature of national - local banks with an exeption of AIK bank Nis holding 3,2% of market share, have marginal market shares from 0.1% to 0.5%. It is evident that in the next three to five years these banks will be merged or liquidated because they cannot sustain independently in the market.

At the end of June 2008, there were 34 banks operating in Serbia, two less compared to the same month of the previous year. This is the consequence of bank mergers. Out of all banks, 26 banks recorded profit, and eight recorded loses. Also, out of all banks operating in Serbia 20 banks are with foreign majority capital, six

are with local capital majority and eight are owned by the Republic of Serbia.

The foreign banks and banking groups that purchased 12 banks in Serbia come from the following countries of origin:. 5 banks are from Greece, two are from Italy, two from Austria, one from France, Hungary, and Slovenia. The ranking in the top 100 banks in New Europe shows that OTP bank, Hungary holds the first position, and Nova Ljubljanska banka the eighth position.

Due to the merging of parent banks, Banca Intesa merged with Panonska banka. KBC’s from Belgium entered into market by purchasing the private “A” bank. NLB Continental merged with NLB LHB bank Belgrade, and since 1 January 2009, they have been operating under the name NLB bank Belgrade. The total capital amounts to 70 million EUR, and bank has 120 branches in Serbia.

The analysis of mergers shows that purchase price/capital ratio is ranging from 0.77 (Niska bank) to 7.65 (Vojvodjanska bank).

There is a group of four banks Privredna Pancevo and Belgrade, Credy, and Agrobank) that will be privatized by tender (Privredna Pancevo, and Credy), and by other forms in case of the two remaining banks (Privredna Belgrade, and Agrobank). Total market share of these banks is 3.89%. Privredna bank Pancevo is state owned with 95.5%, Credy 60.5%, Agrobank 25.1%, and Privredna bank Belgrade 19.4%. Do capitalization is completed in Cacanska, and Commercial bank (see appendix 1).

On June 30 2008, by analyzing the market share of banks that operate in Serbia, we can conclude that the highest market share increase was achieved by Eurobank EFG (from 1.6% to 6.14%), followed by Banca Intesa (from 10.8% to 13.15%). The exeption is National bank of Greece purchased Vojvodjanska bank and continued to exist as Vojvodjanska bank, with decreased market share (from 7.2% to 4.96%). Total market share of foreign banks is 76.43%. It indicates to conclusion that Serbian banking, in the terms of ownership, just like banking in all transition economies, is in the hends of foreign banks.

Given the fact that 34 banks is a lot for an undeveloped market and considered the effects of the global financial crises, further

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nedostatkom sredstava za kreditiranje. Likvidacija bilo koje od malih banaka u Srbiji može da uslovili porast nepoverenja građana u finansijski sistem.

Zaključak

Postoje različite forme merdžera i akvizicija u zavisnosti od glavnih aktera i ciljeva koji se žele ostvariti. Koristi koje se očekuju od merdžera i akvizicija banaka su: povećanje tržišne snage, povećanje profitabilnosti i povećanje tržišne vrednosti banaka.

Tehnološke inovacije i procesi deregulacije uslovili su talas merdžera u bankarskom sektoru koji se u SAD-u pojavio ’80-ih godina, a u Evropi ’90-ih godina XX veka. Nakon analize karaktera i obima izloženosti banaka merdžerima i akvizicijama, došlo se do zaključka da je to uticalo na povećanje finansijske krhkosti bankarskog sektora u SAD-u. Rezultati su pokazali da je primarni motiv za navedene merdžere i akvizicije smanjenje troškova poslovanja i konsolidacija banaka.

Za razliku od rezultata istraživanja u SAD-u, autori su utvrdili da je došlo do poboljšanja performansi banaka nakon merdžera (povećanje

efikasnosti poslovanja, povećanje depozita i plasmana, kapitalnih investicija i dr.). Postoje i posledice intenzivnih konsolidacija banaka na konkurentnost, upravljanje rezervama banke i likvidnost. Rezultati empirijskog istraživanja su pokazali da je neophodna detaljna kontrola procesa koncentracije banaka od strane monetarnih vlasti kao i praćenje konkurentskih politika.

Merdžeri i akvizicija u bankarskom sektoru važni su i za države u tranziciji. U ovim državama merdžeri i akvizicije realizovane su prodajom udela države u bankama stranim investitorima. Takođe, došlo je do smanjenja broja banaka, likvidacije nesolventnih banaka i dominantnog učešća stranih banaka na tržištima zemalja u tranziciji. Trendovi u procesima privatizacije banaka odnose se pokušaje kontrole jednog tržišta ili više tržišta u zemljama u tranziciji.

S obzirom na svetsku finansijsku krizu i još uvek nerazvijeno tržište može se očekivati smanjenje broja banaka u Srbiji. Ovo se posebno odnosi na male banke koje nisu u vlasništvu stranih banaka i koje će imati problema sa kreditiranjem, osiguravanjem profitabilnosti i likvidnosti.

Literatura / References

1. Altunbas, Y., Ibanez, D. M. (2004): “Mergers and Acquisitions and Bank Performance in Europe: The Role of Strategic Similarities”, European Central Bank, Working Paper Series, No. 398.

2. Bhaumik, S. K (1999): “Mergers and Acquisitions what can we Learn from the “Wave” of the 1980s? ”, Money and Finance, Oct-Dec, str. 39-53.

3. Carle�i, E., Hartmann, P., Spagnolo, C. (2003): “Bank mergers, competition and liquidity”, European Central Bank, Working Paper Series, No. 292.

4. CEE Banking Sector Report, Raiffeisen Zentralbank Österreich AG, Vienna, October 2007.

5. Dymski, G. A. (2002): “The global bank merger wave: implications for developing

countries”, The Developing Economies, XL-4,

str. 435-466.6. Focarelli, D. Fabio Pane�a, F., Salleo, C.

(2000): “Why do banks merge? ”, Allied Social Science Associations - Association of Financial Economists, Boston, January 2000.

7. Houston, J. F., James, C. M., Ryngaert, M. D. (2001): “Where do merger gains come from? Bank mergers from the perspective of insiders and outsiders”, Journal of Financial Economics, 60, str. 285-331.

8. Kontrola poslovanja banaka, Izveštaj za drugi kvartal 2008. godine, Narodna banka Srbije.

9. Ljubaj, I. (2005): “Indeksi koncentracije bankarskog sektora u Hrvatskoj”, Pregledi, 21, Hrvatska narodna banka, Direkcija za izdavačku djelatnost, Zagreb

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banks’ consolidation can be expected in Serbia the smaller banks will have problems with financing activfunding, i.s. the lack of loanable funds. The liquidation of any smaller bank may bring the loss of citizens’ trust in the financial system.

Conclusion

There are various forms of mergers and acquisitions, depends on main actors and desired goals. The potential benefits expected from mergers and acquisitions of banks are: improving market position, increasing the profitability, and market value of merged banks.

Technological innovations and processes of deregulations initiated a wave of mergers in banking sector, that emerged in the 1980s in the USA, and the 1990s in Europe. A�er analysing the nature and extent of the exposure to mergers and acquisition, it was concluded that mergers and acquisition had influenced the increase of the of the financial fragility of the US banking sector. The results have indicated that th main motive for mergers and acquisitions was reducing the costs, and to consolidate the banks.

In contrary to the results of empirical

studies in the USA, authors claim that there is an improvement in the bank performance a�er mergers (increase of efficiency, deposits, capital investment etc.). In addition, there are the consequences of intensive bank consolidations on competition, bank reserves management and liquidity. Results of the empirical studies suggested that it was necessary to have in place a detailed control of bank concentration by monetary authority, as well as the monitoring of competition policies.

Mergers and acquisitions in banking sector are important to transition economies. In these countries, mergers and acquisitions take place mostly through the sale of banks in full or part state ownership, to foreign owners. In addition, a decrease in the number of banks, liquidation of non-viable banks, and the dominanat share of foreign majority capital banks in the markets of the transition countries are evident. Trends in privatization relate to a�empts to control one or more markets in transition economies.

Regarding the global financial crises and undeveloped market, it can expected further decreasing number of banks in Serbia can be expected. In particular, this means that the smaller banks not owned by foreign banks, may have problems with lending, profitability, and liquidity.

10. Peristiani, S. (1997): “Do Mergers Improve the X-efficiency and Scale Efficiency of US Banks? Evidence from the 1980s”, Journal of Money Credit and Banking, 29 (3), str. 326-337.

11. Pilloff, S. J., Santomero, A. M. (1996): “The Value Effects of Bank Mergers and Acquisitions”, Working Paper No. 97-07, Financial Institutions Center, The Wharton School.

12. Rhoades, S. A (1994): “A Summary of Merger Performance Studies in Banking, and an Assessment of the “Operating Performance” and “Event Study” Methodologies”, Working Paper No. 167, Board of Governors of the Federal Reserve System.

13. Ristić, Ž. (2006): “Privatizacioni procesi u bankarstvu - motivi i modeli”,

PANOECONOMICUS, 2, str. 191-22114. Sobek, O. (2000): “Bank mergers and

acquisitions”, BIATEC, ročník 8, 12, Narodna banka Slovačke, str. 29-31.

Internet linkovi / Internet links

1. h�p://www.nbs.rs/export/internet/cirilica/50/50_5.html

2. http://ec.europa.eu/comm/competition/mergers/

3. h�p://www.nbh.hr

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Naziv bankeAktiva (u mil. EUR)

Osn. Kapital (u mil. EUR)

Prodajna cena

(u mil. EUR)

Prodajna cena/

Kapital

% učešća države

Kupac

Tržišno učešće na dan

kupovine

Tržišno učešće na

dan 30.06.08

Jubanka ad Bgd 230.6 108.2 152 1.40 88.6Alpha bank S.A.

Greece3.6% 3,52%

Continental banka ad NS

92.4 28.6 49.5 1.73 98.4Neue Ljub. bank

Slovenien1.5% 1,44%

Novosadska banka ad NS

130.7 26.4 73.1 2.77 83.1Erste bank AG

Wien2.1% 2,63%

Nacionalna štedionica ad Bgd

99.3 14.4 41.2 2.8736.4

(63.6) Eurobank EFG

Greece1.6% 6,14%

Niška banka ad Niš

38.6 19.1 14.7 0.77 99.7OTP bank RT

Hungary0.6% 2,73%

Atlas banka ad Bgd

63.4 14.1 19.5 1.390

(83%) Pireus bank S. A. Greece, 83%

1.0% 1,94%

Meridian banka ad NS

45.2 14.0 42 3.000

(71%) Credit Agricole

bank Paris0.7% 1,74%

Delta banka ad Bgd

685.6 112.3 333 2.950

(86%) Banka Intesa Italien, 86%

10.8% 13,15%

Exim banka ad Bgd

160.0 13.6 24.8 1.820

(81%) Bank Austria o.

g. 81%2.5% 4,78%

Centro banka ad Bgd

54.5 16.1 41.5 2.580

(90%)

Laiki Bank o. g. 90% (Marfin

bank) 0.9% 1,09%

Nova banka ad Bgd

31.0 11.3 23.7 2.10

(95%) Findomestic

Bank 95%0.5% 0,63%

Panonska banka ad NS

118.0 41.8 140 3,35 87.3San Paolo IMI

(Italija) 1.9%

Merdžovana sa Intesom

Vojvođanska banka ad NS

457,0 50,3 385 7,65 99,4National bank

of Greece7,2% 4,96%

Komercijalna banka ad Bgd

652.8 82.5 40.1

Ugovor sa IBRD o

dokapitalizaciji 25% kapitala za

70 mil. EUR.

10.3% 9,46%

Čačanska banka ad Čačak

32.3 17.1 45.8

Ugovor sa IBRD o

dokapitalizaciji 25% kapitala za

15 mil. EUR.

0.5% 0,95%

Prilog 1. Pregled merdžera i akvizicija banaka u Srbiji

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Bank’s nameAssets (mil. EUR)

Capital (mil. EUR)

Selling price (mil. EUR)

Selling price/

Capital

State share (%)

Buyer

Market share on day of

purchase

Market share

30.06.08

Jubanka ad Bgd 230.6 108.2 152 1.40 88.6Alpha bank S.A.

Greece3.6% 3,52%

Continental banka ad NS

92.4 28.6 49.5 1.73 98.4Neue Ljub. bank

Slovenien1.5% 1,44%

Novosadska banka ad NS

130.7 26.4 73.1 2.77 83.1Erste bank AG

Wien2.1% 2,63%

Nacionalna štedionica ad Bgd

99.3 14.4 41.2 2.8736.4

(63.6) Eurobank EFG

Greece1.6% 6,14%

Niška banka ad Niš

38.6 19.1 14.7 0.77 99.7OTP bank RT

Hungary0.6% 2,73%

Atlas banka ad Bgd

63.4 14.1 19.5 1.390

(83%) Pireus bank S. A. Greece, 83%

1.0% 1,94%

Meridian banka ad NS

45.2 14.0 42 3.000

(71%) Credit Agricole

bank Paris0.7% 1,74%

Delta banka ad Bgd

685.6 112.3 333 2.950

(86%) Banka Intesa Italien, 86%

10.8% 13,15%

Exim banka ad Bgd

160.0 13.6 24.8 1.820

(81%) Bank Austria o.

g. 81%2.5% 4,78%

Centro banka ad Bgd

54.5 16.1 41.5 2.580

(90%) Laiki Bank 90% (Marfin bank)

0.9% 1,09%

Nova banka ad Bgd

31.0 11.3 23.7 2.10

(95%) Findomestic

Bank 95%0.5% 0,63%

Panonska banka ad NS

118.0 41.8 140 3,35 87.3San Paolo IMI

(Italy) 1.9%

Merdžovana sa Intesom

Vojvođanska banka ad NS

457,0 50,3 385 7,65 99,4National bank

of Greece7,2% 4,96%

Komercijalna banka ad Bgd

652.8 82.5 40.1

Agreement with IBRD to do

capitalization 25% capital 70

mil. EUR.

10.3% 9,46%

Čačanska banka ad Čačak

32.3 17.1 45.8

Agreement with IBRD to do

capitalization 25% capital 15

mil. EUR.

0.5% 0,95%

Appendix 1. Review of bank mergers and acquisitions in Serbia