The Greek Alpha Bank plans to merge its Serbian subsidiaries – Jubanka and Alpha Bank Beogradska afiliacija – by early May at the latest, Panagiotis Vlasiadis, the general manager of Jubanka, announced. The new entity will be called Alpha Bank and will consist of 90 branches. The expansion strategy of the lender envisages that the number of outlets will be increased to 135 by 2008.
The combined market share of Jubanka and Alpha Bank Beograd was 4.2% at the end of 2005; their total assets amounted to CSD32.46 billion (US$456.2 million). According to Vlasiadis, Jubanka recorded 170% year-over-year growth in the credits extended to retail clients in 2005, while the growth of corporate lending was 87% y/y.
The rise in deposits in the retail and corporate segments was 83% y/y and 63% y/y, respectively. Jubanka recorded very strong financial performance last year and posted CSD408 million in profit last year, according to preliminary figures released by the central bank. The profit of Alpha bank was CSD203.7 million in 2005.