Belgrade Stock Exchange (BELEX) has imposed with immediate effect a temporary suspension of trading with the following issue:
- Razvojna banka Vojvodine a.d. , Novi Sad common shares, ISIN RSMETBE05070
The suspension comes into effect as of today, 8 April 2013 until further notice. Trade orders placed before the moment of suspension will remain inactive until the suspension is revoked.
Previously on 6 April 2013 the National Bank of Serbia revoked Razvojna banka Vojvodine’s (RBV) banking license in line with the Law on Assumption of Assets and Liabilities of Troubled Banks in order to protect RBV’s depositors from making a loss in addition to maintaining financial stability. The same day agreements were signed for the takeover of RBV’s assets and liabilities by Banka Postanska stedionica a.d., Beograd (BPS) and Vojvodina’s newly-established development fund (RFV). According to the signed agreements, BPS will take over all of RBV’s deposits, worth approximately RSD 17.5 billion with some RSD 6.3 billion worth of deposits to be covered by bonds, and 78% of which is to be issued by the autonomous province Vojvodina and 22% by the State. As a part of the agreement, the RFV will take over a portion of the RBV loan portfolio and some of its branch offices in the total amount equal to the newly issued bonds.
The solution came after several attempts were made by the government to save RBV, since it had a RSD 14.53 billion accumulated loss and its assets contracted by RSD 9.55 billion in 2012. Prior to acquiring assets of RBV, BPS in October 2012 took over Nova Agrobanka’s deposits in the same manner.
Impact on investors: Razvojna banka Vojvodine a.d. Novi Sad common shares (ISIN RSMETBE05070) are suspended from trading as of today 8 April 2013 until further notice. Trade orders placed before the moment of suspension will remain inactive until the suspension is revoked.