"Sinapolo IMI" officially became majority owner of Panonska Banka

Italian banking group "Sinapolo IMI" has become the owner of 87.39% of assets of Novi Sad-based Panonska Banka.

The contract on sale of this bank was signed by the Government of Serbia and Italian bank at the end of July 2006, when "Sinapolo" obliged to pay agreed 122m EUR and to invest additional 11m EUR within next two years.

The price of 178 EUR per stock will be offered to the remaining minor stockholders.

At the end of August 2006, the decision was made on merging of two Italian banking groups, "Sinapolo IMI" and Banca Intesa, which would result in creation of the company whose market value would be about 65m EUR.