Halk Bank pays EUR 10.1 million to take over Cacanska Banka

By paying the amount of EUR 10.1 million on 27 May 2015, Halk Bank officially became majority owner of Cacanska banka.

An agreement on the purchase of shares in Cacanska banka dated 20 March 2015 made Turkey's Halk Bank (Turkiye Halk Bankası A.Ş) the owner of 139,680 shares, that is, 76.75 percent of shares that give the stockholder voting rights. Halk Bank acquired shares from the four biggest shareholders of Cacanska banka: the Republic of Serbia, the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), and Beogradska banka in bankruptcy.

Short history of Cacanska banka

1956 – establishment of the bank under the name of Komunalna banka za srez Cacak (Communal Bank for Cacak County)
1973 – merger of economic and financial organizations results in the change of the bank's name to Udruzena beogradska banka – Osnovna banka Cacak (United Belgrade Bank - Core Bank Cacak)
1991 – transformation of the bank into a joint-stock company that operates as part of Beogradska banka under the name of Beogradska banka – Cacanska banka a.d. Cacak
2000 – the bank changes its name again and starts operating under its current name – Cacanska banka a.d. Cacak, as an independent juristic person
2006 – the European Bank for Reconstruction and Development becomes a significant stockholder of Cacanska banka with a stake of 25%
2010 – the International Finance Corporation becomes a shareholder of Cacanska banka with a stake of 20%
2015 – Halk Bank from Turkey becomes majority owner of Cacanska banka by acquiring 76.75 percent of shares with voting rights.

Halk Bank was founded in 1933. It takes a high position in the Turkish banking sector - it has the sixth largest assets of all banks in Turkey. Its business network in Turkey consists of 886 affiliates and over 15,000 employees.