Direktna Banka Kragujevac has officially bought 100% ownership in Greek-owned Piraeus Bank Beograd, the private bank said in a statement yesterday. As we reported, the acquisition deal was signed in Oct 2017. Direktna Banka said that a merger of the two banks is expected in Nov 2018, after which they will operate under the name of Direktna Banka and will have a unified network of branches throughout Serbia and assets of approximately EUR500m.
Direktna Banka, which bought also 100% ownership of Findomestic Banka Serbia last year, posted a profit of RSD1.9bn in 2017 and continues with the positive performance this year. Its profit in Q1 amounted to RSD118m, the bank said. Direktna Banka was ranked 19th out of 29 banks in terms of assets with a market share of 0.8% as of end-December.