Karanovic & Nikolic Advises on Sale of Cacanska Banka to Turkish HalkBank

Karanovic & Nikolic has advised the Deposit Insurance Agency, which represented the Republic of Serbia, the European Bank for Reconstruction and Development, and the International Finance Corporation on their joint sale of shares in Serbian Cacanska Banka.

This was the first joint sale of this type in Serbia, which the firm claims “may set a precedent for the privatization model for the upcoming sale of Komercijalna banka, one of the largest banks in Serbia [and which has] a sell-side structure similar to that of Cacanska Banka.”

Cacanska Banka has a 1.1 percent market share and assets of EUR 263 million. The bank has a network of 14 branches and 9 sub-branches throughout western and central Serbia. Halkbank purchased 28.49 percent of shares from the Government of Serbia, 24.9 percent of share from the European Bank for Reconstruction and Development, 19.9 percent from the International Financial Corporation, and the remaining share from bankrupt Beogradska Banka.

Karanovic & Nikolic Banking and Finance Partner Darko Jovanovic led the firm’s team on the matter.

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