Turkey’s Halkbank close to taking over Serbian peer Cacanska Banka – report

By bne IntelliNews March 24, 2014

Turkish state-owned Halkbank has submitted all necessary documents for the takeover of Serb lender Cacanska Banka with the Serbian central bank and the central bank approval of the transaction is only a matter of days, daily Blic reported, quoting unnamed sources.

Halkbank has filed the sole bid in the tender for nearly 77% of Cacanska Banka, which was launched last year.

According to the report, the parties involved in the deal have not discussed the price yet. The Turkish bank is interested in acquiring the whole branch network of Cacanska Banka, which employs 392 workers.

In November, the Serbian deposit insurance agency invited investors to submit letters of interest in the acquisition of at least 76.74% in Cacanska Banka. The offered stake is made of the holdings of the Serbian government, the EBRD, the IFC and local Beogradska Banka, which has been in liquidation.

Potential buyers had to submit their letters of interest by December 24 and at the same time apply with the central bank for a preliminary permit to acquire a direct ownership in Cacanska Banka. The agency has not announced the results of the public invitation yet.

The Serb government is the largest single shareholder in Cacanska Banka with a 28.5% stake, followed by the EBRD with 25% and the IFC with 20%. Beogradska Banka controls a small stake of 3.27%.

Cacanska Banka's pre-tax profit tumbled 65% y/y to RSD 19mn (EUR 164,000) in Jan-Sep 2013 as its net interest income fell 4% y/y to RSD 808mn, latest available data showed.

Cacanska was the twentieth largest bank among 31 active in Serbia at end-Sep in terms of assets. Its net assets stood at RSD 33.7bn at end-Sep, up from RSD 32.8bn at end-2012. Its pre-tax profit nearly halved to RSD 57mn in 2012 from RSD 130mn in 2011.

Related Articles

Former Kosovan premier Ramush Haradinaj arrested in France on Serbia’s warrant

Ramush Haradinaj, a former Kosovan prime minister and the leader of the opposition Alliance for the Future of Kosovo (AAK),  has been taken into police custody in France on a Serbian arrest ... more

China’s Hesteel Group to invest $120mn in Serbia’s Smederevo steel mill

China's Hesteel Group, which acquired Serbia’s only steel mill in July, will invest $120mn in the Serbian company in 2017, ... more

Belgrade Stock Exchange joins SEE Link platform

The Belgrade Stock Exchange (BELEX) has become an active member of the regional SEE Link network, SEE Link announced on December 5. SEE Link is a project started by the Bulgarian, Macedonian and ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss