Alpha Bank, the main shareholder of Serbian bank Jubanka A.D with a 88.64% stake, successfully concluded the purchase of the minority shares it did not own.
This was effected in accordance with the provisions of the relevant agreement at the date of initial acquisition of Jubanka, which set out the obligation of Alpha Bank to effect a public offer of the minority shares with similar financial terms as the ones agreed in the initial acquisition of the 88.64% stake in February 2005.
Regarding the remaining minority shares, which represent 2.86% of the total shares of Jubanka, Αlpha Bank will use the ?squeeze out? clause, stipulated by Serbian corporate law, and will expect to conclude the acquisition before year end.
The cost for the acquisition of the 11.36% stake of the minorities is 19.5 million. Following that, the total acquisition cost of Jubanka will be 171.5 million. Αlpha Bank, following the acquisition of Jubanka, has substantially strengthened its presence in Serbia, a region of strategic importance for its expansion. Alpha Bank aims to become one of the largest banks in Serbia.