Piraeus Atlas banka has ambitious plans for expansion on the Serbian market and expects to increase its share to 5% at the end of 2007 through both organic growth and acquisitions, the general director of the financial institution Branimir Markovic announced. According to the figures of the central bank, the lender had CSD8.5 billion ($122.2 million) total assets at the end of 2005, which translates to a 1.1% market share. The parent of the Serbian financial institution, Greek Piraeus Bank, has submitted non-binding offers in the privatization for Vojvodjanska banka and Panonska banka, which have not been admitted to the next stages of the process in both cases. Greek Piraeus Bank will have to concentrate on the forthcoming privatization of some smaller lenders in the country or on acquisitions of the few banks that are still not owned by major regional players. As far as organic expansion is concerned, Piraeus Atlas banka plans to add another 10 branches to its network by the end of the year bringing their total number to 30. The number of employees will reach 240 at the end of 2006 from 130 at present. According to Markovic, the lender will consider making another capital increase by the end of the year.