National Bank aims to become the leading financial group in Serbia, the bank’s chairman and chief executive Takis Arapoglou said on Monday.

Speaking to reporters during a news conference held on the occasion of the opening of merger procedures between National Bank and Vojvodjanska Banka, the Greek banker said the new bank will be the second largest in Serbia (based on its branch network), while he did not exclude the possibility of new acquisitions in the local market. He noted, however, that there were no targets currently in Serbia.

National Bank has invested more than five billion euros so far in southeastern Europe, with 40 percent of its proceeds coming from international activities and 10 percent from the Balkans. The bank aims to raise revenue participation in the region to 13 percent.

Arapoglou said National bank will invest an additional 40 million euros over the next three years in Serbia, as part of a plan to restructure the bank, focusing on vocational training and new technology systems.

National Bank is the 24th largest bank in European Union, based on its capitalisation, and amongst the 500 largest enterprises in the world.

Source: Macedonian Press Agency

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