Greek Investments in Serbia
The Hellenic Petroleum Company is a contender in the imminent privatization of the Serbian Petroleum Corporation-NIS. Hellenic’s CEO, Panagiotis Kavoulakos recently visited Belgrade and had extensive talks with the Serbian Minister of Economy. It is assumed that the Serbian government will sell 25 percent of NIS, plus management to a strategic investor, most probably during autumn.
The Hellenic Petroleum Company has also been in talks with the Austrian OMV and Hungary’s MOL, in order to make a joint offer. The successful bidder for NIS would have the obligation to restructure the company’s business model and offer capital for the upgrade of NIS installations, something that would be positive for the overall performance of Serbian industry.
A second investment on the horizon is the National Bank of Greece’s interest in the imminent privatization of Vojvodjanska Bank. The Greek chairman, Mr. Takis Arapoglou, was also recently spotted in Serbia having high-profile conversations with Serbian government officials. Should the investment go ahead, the NBG has earmarked around 700 million euros to buyout Vojvodjanska.
Update June 20 2006.
National Bank of Greece (NBG) was the only contender for Vojvodjanska bank to submit a binding offer for the acquisition of the 99,4 percent of the capital of this bank, news agency Beta quoted informed financial sources. According to the unofficial information, NBG has offered a total of about USD 500 million for a majority package of Vojvodjanska bank shares.
List of major Greek investments in Serbia:
Telecom Serbia: 370 million euros invested by the Greek telecom company
Yugopetrol Kotor (in Montenegro): 110 million euros invested by the Hellenic Petroleum Company
Post Banka: 30 million euros invested by Eurobank
EFG Eurobank: 20 million euros invested by Eurobank
National Stedionica: 80 million euros invested by Eurobank
Deljug: 32 million euros invested by the DELTA foods company
Super Vero: 30 million euros invested by the Veropoulos super market chain
National Bank of Greece: 30 million euro self-investment
Alumil YU: 17 million euros invested by the Alumil Corporation
ASCO Vidac: 8 million euros invested by ASCO
Eurosoles: 6 million euros invested by Mamadas Bros. Eurosoles
Yugolot: 4 million euros invested by the Intralot Corporation