The Serbian troubled Razvojna Banka Vojvodine (RVB) will cease to exist next month, after it transfers its assets, clients and loans to another bank and loans to a special fund, Reuters reported citing an official. In January, the government of Serbia’s northern Vojvodina province which owns 62% stake in the bank and Belgrade agreed to transfer RVB’s deposits and clients to another bank. Its loans will be deposited to a fund, in which Vojvodina will own 78.11%, while the central government will control the remainder. “The bank will cease to exist on April 8 … after the completion of transfer of its capital to another bank on April 6 and 7,” Zoran Radoman, Vojvodina’c Secretary for Finance said in a TV broadcast. He did not specify which bank would take over RVB’s assets. The bank’s net loss rose to RSD 7.9 billion ($90.3 million) in the third quarter of 2012, up from RSD 163.6 million a year earlier.
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