Acquisition of Novosadska banka by Erste Bank completed - Vladimir Medan at the head of new business team

Republic Agency for Insurance of Deposit, Insurance, Rehabilitation and Bankruptcy of Banks (BRA) with headquarters in Belgrade transfered 83.3% of stocks of Novosadska banka a.d. Novi Sad to Erste Bank der oesterreichischen Sparkassen AG (Erste Bank) on the basis of payment of selling price of €73.2m.

After satisfying of all preconditions from the Contract on procurement of stocks of July 15, 2005, signed between Erste Bank and BRA, which refers to acquisition of Novosadska banka a.d., the parties finished the transaction on August 9, 2005, by carrying out transfer of 83.3% of stocks of Novosadska banka, which Erste Bank paid €73.2m.

Novosadska banka is now officially member of strong international group that is the leading company in offering of financial services related to work with population. It has some 12 million clients in middle Europe.

At the meeting of stockholders, which was held on August 9, 2005, new management and supervisory board of the bank were selected. Through its Administrative and Supervisory Board Novosadska banka will get support from certain number of high-rank directors of Erste Bank, among which are mr Reinhard Ortner – main financial director and member of the Administrative Board, dr Manfred Wimmer (executive director of strategic organization), dr Andreas Klingen (executive director of strategic development of the group), mr Peter Nemschak (executive director for international risk management works). New management team of Novosadska banka will be led by Dr Vladimir Medan, present director general of the bank, who successfully led the bank through the privatization process.