The Direct Bank a.d. Kragujevac today officially bought 100% of the ownership of Piraeus Bank a.d. Belgrade from the Piraeus Banking Group, with the aim of expanding its business and strengthening its position on the Serbian market, it was announced.
Direct Bank as a diverse bank, aimed at providing services for individuals, as well as small and medium-sized enterprises, is constantly expanding its offer of banking products and services in accordance with the requirements of the local market.
Integration with Piraeus Bank a.d. Belgrade will provide better accessibility of the Bank to its clients, as this integration will increase the sales network of the bank by as much as 50%, the bank said.
Following the merger, the banks will operate under the name of Direct Bank and will have a unified network of branches throughout Serbia and assets of approximately 500 million euros, by November 2018.
In the previous year, Direct Bank a.d. bought the Findomestic bank a.d. Belgrade, and recorded a profit of 1.9 billion dinars, and continues positive trend of business in 2018, as showcased by the first quarter bank profit this year, in the amount of 118 million dinars.