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Serbia to shut down RVB bank, transfer assets, loans, official says

MNB

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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