Eurobank Ergasias SA plans to grow its 4.5% market share in Serbia and look for an acquisition opportunity there, Eurobank a.d. Beograd CEO Slavica Pavlovic told Reuters.
The Greek bank's Serbian unit expects in 2018 and beyond to maintain the 10% rate of lending growth it recorded in 2017, Pavlovic told Reuters on the sidelines of a business forum. Pavlovic noted that low interest rates and legislative changes tied to Serbia's EU candidacy would pose potential hurdles.
Pavlovic said Eurobank aims to be among the top five banks in Serbia — it currently ranks seventh — and said "opportunities for organic growth are limited." The country of 7 million has roughly 30 banks, Reuters noted.
Eurobank in January announced plans to hang on to its Serbian, Bulgarian and Cypriot subsidiaries after selling its Romanian unit at the behest of European authorities.
