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KOSTIC: We will continue investing in banks in the region
Source: Tanjug
Monday, 04.06.2018.
10:17
Monday, 04.06.2018.
10:17
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(Miodrag Kostic) MK Group, which has invested over a billion euros in Serbia in the past 20 years, primarily in agriculture, hotels and banking, according to Miodrag Kostic, its owner, will continue investing in the hotel business, the youngest branch of this holding, and they are also planning the purchase of banks in the region.
Among the latest investments of MK group is the takeover of the fifth biggest bank in Slovenia, Gorenjska Banka, Kostic says for Tanjug and adds that they now have a 33% stake, but 61% of the voting rights in the bank.
– At the moment, considering those rights, we own the majority of Gorenjska Banka – Kostic says.
When asked by Tanjug which banks in the region he is interested in, he says that it's still early to tell, but that it will certainly be those banks that are “in line with the capabilities of AIK Bank and the group as a whole”.
– On the other hand, we must take into consideration the offers in the market. We will make a choice based on both those factors.
He claims that, in the past years, many investors would rush to invest in hotels and banks in Serbia and the region and that those investments were made by those who “don't know what to do with them”, adding that the sources of finance were short-term, while, as he believes, such endeavors require long-term investments.
He says that the way business used to be done in banking and the hotel sector is no longer sustainable and that one needs to keep up with the digitalization.
– In banks, this is perhaps even more pronounced, as the digitalization brings the optimization of costs. Some are ready for it, while some aren't, and we see a lot of room there – Kostic explains.
He believes that, in southeast Europe, and especially in the former Yugoslavian states, the banking sector is currently undergoing a consolidation process.
– Banks will be consolidated, banks will be sold, and we are looking at several targets in the region at the moment, but that doesn't mean that we will necessarily choose to buy – Kostic says.
– Still, if there's an option for us to buy something at the price we expect, we believe it will happen – he points out.
Among the latest investments of MK group is the takeover of the fifth biggest bank in Slovenia, Gorenjska Banka, Kostic says for Tanjug and adds that they now have a 33% stake, but 61% of the voting rights in the bank.
– At the moment, considering those rights, we own the majority of Gorenjska Banka – Kostic says.
When asked by Tanjug which banks in the region he is interested in, he says that it's still early to tell, but that it will certainly be those banks that are “in line with the capabilities of AIK Bank and the group as a whole”.
– On the other hand, we must take into consideration the offers in the market. We will make a choice based on both those factors.
He claims that, in the past years, many investors would rush to invest in hotels and banks in Serbia and the region and that those investments were made by those who “don't know what to do with them”, adding that the sources of finance were short-term, while, as he believes, such endeavors require long-term investments.
He says that the way business used to be done in banking and the hotel sector is no longer sustainable and that one needs to keep up with the digitalization.
– In banks, this is perhaps even more pronounced, as the digitalization brings the optimization of costs. Some are ready for it, while some aren't, and we see a lot of room there – Kostic explains.
He believes that, in southeast Europe, and especially in the former Yugoslavian states, the banking sector is currently undergoing a consolidation process.
– Banks will be consolidated, banks will be sold, and we are looking at several targets in the region at the moment, but that doesn't mean that we will necessarily choose to buy – Kostic says.
– Still, if there's an option for us to buy something at the price we expect, we believe it will happen – he points out.
Tags:
Miodrag Kostic
consolidation of the banking market
consolidation of banks
digitalization of banks
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