RBV ceases to exist April 8th

Provincial Secretary of Finance Zoran Radoman stated that the Development Bank of Vojvodina (Razvojna banka Vojvodine - RBV) would cease to exist on April 8th, before which a part of its capital would be transferred to the buying bank.

Radoman told the Vojvodina broadcasting corporation (RTV) that the funds should be transferred to the buying bank over the first weekend in April (April 6th-7th), but he could not say which bank had been chosen by the state, pointing out that the Postal Savings Bank was among those interested in taking over RBV.

Out of the total of about 500 workers of RBV, between 30 and 40 will be hired by the recently founded Vojvodina Development Fund, whereas certain number of them will stay at RBV in bankruptcy, Radoman said and stressed that all pregnant women and new mothers would be taken care of and offered a job either at the Development Fund or at the buying bank.

Based on an appropriate agreement, which was concluded by the republic and provincial governments late last year, part of RBV's property and liabilities will be transferred to the buying bank, and part will be assumed by the newly established Vojvodina Development Fund.