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23. June 2002 |
Commercial bank acquires Yugoslav Bank
Commercial Bank on June 20 announced the signing of a contract to acquire
a 80 percent equity stake in Yugoslav bank Kapital Banka AD for an undisclosed
sum. Kapital Bank is a developing private sector bank operating a branch
network of 14 units in Serbia and Montenegro. Commercial Bank said it
was the first Greek bank to establish a strong presence in the neighboring
country and noted that it planned to immediately expand its network.
The official signing of all documents will take place in July in Belgrade.
Commercial Bank said the acquisition was part of its expansionary strategy
in the Balkans and Southeast European markets.
(ANA - ATHENS NEWS)
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