Banka Poštanska Štedionica Acquires Jugobanka Jugbanka a.d. Kosovska Mitrovica
At its meeting today, the NBS Executive Board passed the decision to delicense Jugobanka Jugbanka a.d. Kosovska Mitrovica. All necessary measures have been taken to ensure that the bank’s payment operations continue smoothly and that depositors have unimpeded access to their funds at the acquiring bank – Banka Poštanska štedionica a.d. Beograd.
Before the decision was passed, Jugobanka Jugbanka’s assets and liabilities were acquired by Poštanska štedionica, in accordance with the agreement between the two banks and based on the conclusion of the Government of the Republic of Serbia which is the majority ultimate owner of both banks. The acquisition ensures the continuity of operations within the network of branches and other organisational parts of Jugobanka Jugbanka, and the protection of interests of Jugobanka Jugbanka’s clients and employees.
The NBS Executive Board also passed the decision on the fulfilment of conditions to launch bankruptcy proceedings against Jugobanka Jugbanka. The Commercial Court in Niš will conduct the proceedings and the Deposit Insurance Agency will act as the receiver.
As ascertained by the NBS Executive Board, the delicensing was preceded by activities concerning the harmonisation of Jugobanka Jugbanka’s operations with the Law on Banks, including, among other, the provisions on capital. Given that the previous attempts at finding a strategic partner to ensure the continuity of Jugobanka Jugbanka’s operations failed and that the bank had been undercapitalised for a longer period of time, facing liquidity problems, it was assessed that its financial condition would not allow it to continue to operate. In addition, conditions to launch the resolution procedure in Jugobanka Jugbanka were not fulfilled.