Republic of Serbia to redeem shares in Postal Savings Bank

The Shareholders' Assembly of the Postal Savings Bank has made a decision on the compulsory redemption of all shares in the possession of remaining shareholders, except for those held by persons in connection with the majority owner of the Bank.

At the same time, the Republic of Serbia as a buyer has notified the remaining shareholders of this Bank that it has deposited funds to acquire the remaining 9,969 common shares (2.2 percent of the outstanding stock) and 5,105 preferred shares (96.7 percent of the total issue).

Common shares will be bought at the price of RSD 27,289 apiece, whereas the preferred shares in the Bank will be purchased at the price of RSD 10,429 per share.

The process of compulsory redemption of shares by minor shareholders of the Postal Savings Bank will be carried out on December 28th.

The Postal Savings Bank, which has recently assumed the assets and liabilities of Nova Agrobanka, had RSD 41.1 billion worth of assets and a 1.4 percent share in the domestic banking market at the end of September.