"Staiermekrishe" takes over part of the "Erste bank Novi Sad"

Austrian banks "Erste bank" and "Staiermekrishe bank" have agreed on joint arrangement on the Balkans, where most probably from September, 2006, "Staiermekrishe" would take over 26% of the "Erste bank Novi Sad" and would in return give in 3% of its share in its "Staiermekrishe bank Croatia" (ESB).

- After the successfull entrance to the market in 2003 over our business leasings, we wish to make a step forward and be present in Serbia as a servicing bank - explained Franz Kerber, member of the Management Board of "Staiermekrishe bank", in charge of international affairs.

He pointed out that Serbia was a little behind in the processed of transformation in comparison to the other countries of the region, but that commercial signs in the last 3 years are rather encouraging. According to his opinion, as Serbia gets closer to EU, all conditions of business would improve further on.

- In the banking sector there is still a lot of potential for development and we wish to participate in it - undermarked Kerber, without precising the height of transaction expanses with the "Erste bank".