Laiki buys Serbia bank

Laiki Bank has made its first acquisition of a foreign bank, by purchasing the capital of Belgrade based Centrobanka for EUR 38 mln, according to Serb newspaper reports.

A Laiki Bank spokesman said the acquisition is part of the Bank’s stated policy of expanding abroad, especially the Balkans describing Centrobanka as a small, neat, efficient and modern bank, that fits perfectly with Laiki’s plans.

Centrobanka had until August 2005 some 8.000 legal and 40.000 personal accounts while by end of September 2005 its deposits amounted to 3 bln dinars.

A detailed announcement is due from Laiki before the stock market session of Tuesday.