BUSINESS

Greece's Alpha Bank to sell Serbian subsidiary

TAGS: Banking

Alpha Bank said on Monday that it had reached a deal to sell its wholly owned subsidiary Alpha Bank Srbija to Serbia’s MK Group, which is involved in a range of businesses.

Analysts say other Greek lenders could also pull out of Serbia as they restructure in the wake of Greece’s debt crisis.

“One may expect consolidation in the banking sector in Serbia, and some of the size-matter banks could potentially buy portfolios of those [Greek] banks that are about to leave,” Komercijalna Banka’s chairman of the board, Vladimir Krulj, told Reuters.

Serbia’s banking sector is dominated by foreign-owned banks.

[Reuters]

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