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News/ Karanović & Nikolić Advises on Sale of Čačanska Banka to Turkish HalkBank
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27/03/2015
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Karanović & Nikolić has advised the Deposit Insurance Agency (DIA), who represented the Republic of Serbia, the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) on their joint sale of shares in Serbian Čačanska Banka. This was the first joint sale of this type in Serbia, which may set a precedent for the privatisation model for the upcoming sale of Komercijalna banka, one of the largest banks in Serbia having a sell-side structure similar to that of Čačanska Banka.

Čačanska Banka

Čačanska Banka has a 1.1 percent market share and assets of EUR 263 million. The bank has a network of 14 branches and 9 sub-branches throughout western and central Serbia. Halkbank has purchased 28.49 percent of share from the Government of Serbia, 24.9 percent of share from the European Bank for Reconstruction and Development, 19.9 percent from the International Financial Corporation and the remaining share from bankrupt Beogradska Banka.

Karanović & Nikolić Banking and Finance Partner Darko Jovanović led the legal team that advised on this sale.

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