Živković Samardžić, one of the Serbia’s leading full-service independent law firms, has advised MK Group, a leader in the agricultural and sugar industry in Serbia, and its subsidiary AIK Banka, on the acquisition of Alpha Bank Srbija A.D.
As reported on 11.4.2017, following the provision of the relevant regulatory approvals, AIK Banka A.D. Beograd completed the acquisition of 100.0% stake in the share capital of Alpha Bank Srbija A.D. Alpha Bank Srbija A.D. shall continue to operate as Jubanka A.D. Beograd, the name it held since the mid-twentieth century and up to its privatization in 2005.
MK Group, founded in 1980, with its 40 subsidiaries and 7,000 employees, in addition to the agriculture and the sugar industry, also operates in the field of meat processing and renewable energy sources, financial and IT services, real estate and tourism.
AIK Banka is the winner of the 2016 International Banker Awards in the Best Commercial Bank of the Year in Serbia and the Best Customer Service Provider of the Year in the Eastern Europe categories.
The seller, Athens-based Alpha Bank, who entered the Serbian market in 2002 and expanded its presence in 2005 through the privatization of Jubanka A.D. Beograd, announced that the transaction contributes towards, and is fully consistent with, the execution of its EU-backed restructuring plan.
“The deal is crucial as it represents the first significant transaction that is part of the upcoming consolidation of the domestic banking market,” said Jelena Galić, AIK Banka CEO.
MK Group and AIK Banka were advised by the international law firm Holman Fenwick Willan and Živković Samardžić. The Živković Samardžić team which advised on the transaction was led by partners Branislav Živković and Miloš V. Milošević, with support from associate Sava Pavlović.